bankruptcy

  • 2012 Lotus Evora GTE live photos

    Following recent reports that Lotus was ending sponsorship of the Lotus F1 team and, of more concern, could possibly be put into administration by its new parent, Malaysian conglomerate DRB-Hicom, Lotus has gone on the defense with an extensive Facebook rant addressing many of the various allegations. In particular, Lotus hits out at rival F1 personalities Tony Fernandes, the owner of the Caterham F1 team, and Mike Gascoyne, the team’s technical director. Lotus also reveals for the first time its new deal with Genii Capital, the current owner of the Lotus F1 team. Under the agreement...

  • Spyker's propeller logo.
    Swedish Automobile Changes Its Name To Spyker

    In what is arguably the shortest corporate press release ever written, Swedish Automobile has announced it will change its name back to Spyker, pending approval from its shareholders, effective April 18. It’s unclear what, if anything, the move has to do with former subsidiary Saab’s...

  • 2013 Lotus Esprit Concept
    Lotus In Trouble, May Be Sold To China’s Youngman: Report

    Following yesterday’s news that Group Lotus was ending its sponsorship of the Lotus F1 team while leaving the team’s name unchanged, a new report suggests that the automaker’s troubles run far deeper and that its ambitious five-year sports car program could be on the skids...

  • 2011 Saab PhoeniX Concept
    Youngman Prepared To Invest $1.8 Billion In New Saab Models

    The fate of Swedish automaker Saab is now in the hands of the receivers appointed to oversee the company’s post-bankruptcy asset sell-off. While there are bids in house to buy the former automaker in its entirety, parting Saab’s assets out may prove to be far more lucrative. One of the...

  • Pininfarina logo
    Pininfarina Reaches Debt Deal With Banks

    Riddled with debt, legendary Italian coachbuilder and design house Pininfarina has announced that it has reached a debt restructuring deal with its lenders that provides the firm with additional time to pay back its loans. Through a series of meetings with its lenders, Pininfarina has reached a new...

  • 2012 Saab 9-3 Griffin range
    Youngman Reportedly Rebuffed In Bid To Acquire Saab

    There may be one final sad truth to the history of Saab: in bankruptcy, the pieces that once made up the whole of the brand are worth more than the brand itself. Saab’s receivers see more profit in parting out the automaker than in selling it intact, and profit is what the creditors want...

  • saab badge

    Sweden has stepped in to repay a loan between the European Investment Bank (EIB) and Saab, making it the single largest creditor of the now-defunct automaker. The loan, in the amount of 400 million euros (then, $600 million), was issued in October of 2009, shortly after the deal to sell Saab to Koenigsegg collapsed. At the time, the loan was seen as necessary to fund Saab’s ongoing operations, as well as to keep the automaker based in Sweden. According to Automotive News Europe (subscription required), the remaining debt totals 2.2 billion Swedish crowns, or roughly $325 million...

  • 2006 Saab Aero-X Concept
    Saab Museum Saved By $4 Million Pledge: Report

    Last week we brought you the grim news that a prized collection of classic Saabs sitting in the official Saab museum in Trollhattan, Sweden, was going to be divvied up and sold to the highest bidder. The collection, which included some of the most important Saabs ever built, including the very...

  • 2011 Saab 9-5
    Saab Cars North America To Be Liquidated

    Following in the (likely) footsteps of Sweden’s Saab Automobile, the brand’s North American distribution company, Saab Cars North America (SCNA) has been marked for liquidation. Creditors have been advised, and the bulk of SCNA’s employees were laid off on January 13. As quoted in...

  • 2011 Saab 9-4X Aero
    Turkish Private-Equity Firm Looking To Bid On Saab: Report

    Yesterday we brought you news that Chinese auto giant Youngman, one of the original bidders for Saab before it went bankrupt, was still interested in buying what’s left of the Swedish automaker. Now we have news that Turkish private-equity firm Brightwell is also interested in making a bid...

  • 2011 Saab 9-5 Aero
    China's Youngman To Take One Last Shot At Saab: Report

    In December 2011, Saab was forced into bankruptcy when pending deals between its parent, Swedish Automobile (Swan), and Chinese suitors Pang Da and Youngman fell apart. The sticking point was GM, whose preferred shares of stock allowed the automaker to shoot down a deal between Swan and the...

  • 1946 Ursaab Prototype
    More Than 100 Cars From Saab Museum Listed In Bankruptcy Sale

    In what’s sure to be both fulfilling and sad news for Saab fans all around the world, a Swedish law firm involved in the liquidation of Saab following last month’s bankruptcy announcement has posted for sale a list of more than 100 classic models belonging to the Saab Heritage Museum in...

  • 2009 Saab 9-3

    A potential consequence of Saab’s bankruptcy filing is that owners of relatively new (or brand new) Saabs may be left without warranty coverage. Saab North America has announced that it’s suspending warranty coverage on current vehicles and inventory left in dealer showrooms in the wake of Monday’s bankruptcy filing by Saab Automobile AB. General Motors may offer some relief, but only to Saab owners who purchased their vehicles before February of 2010, when the brand was sold to Spyker. GM is actively notifying these Saab customers that it will offer warranty coverage in the...

  • 2011 Saab 9-5
    Saab Kills Warranties On All New And Used Cars: Report

    Saab filed for bankruptcy just yesterday, and already the fallout is hitting owners: all warranties on new cars sold or leased are suspended, as are all claims currently in process on already-owned Saabs. The report, by way of Detroit News, cites Saab North America representative Michele Tinson...

  • 2008 Saab 9-3 Sedan
    Saab Files For Bankruptcy: Official

    It’s official. Saab, along with its Saab Powertrain and Saab Tools subsidiaries, has filed for bankruptcy with a Swedish court this morning. Following previous owner GM’s recommitment over the weekend to block any deal for the purchase of Saab, Chinese firm Youngman has finally thrown...

  • 2008 Saab 9-3 Aero
    Last Minute Youngman Payment May Help Stave Off Saab Bankruptcy

    Saab miraculously managed to stave off bankruptcy yet again after receiving a last minute cash payment from Chinese investor Zhejian Youngman Lotus Automobile. The payment, believed to be around $5 million, will be used to cover immediate tax expenses, Swedish business daily Dagens Industri first...

  • 2011 Saab 9-5
    Chinese Bank Looking To Buy Saab Stake

    Just when it seemed all hope of saving Saab from bankruptcy has failed, news of yet another potential Chinese savior has surfaced. This time it’s an unnamed Chinese bank that's interested in buying up a stake in Saab, with fellow Chinese firm Zhejiang Youngman Lotus Automobile also expected...

  • 2011 Saab 9-5
    Saab's Agreement With Chinese Buyers Expires Today

    There hasn’t been much of a change in Saab’s situation since we brought you news that GM will oppose a sale of the Swedish automaker to Chinese buyers Pang Da and Youngman. The agreement (officially, a memorandum of understanding) between Saab’s parent, Swedish Automobile (Swan)...

  • 2011 Saab 9-5

    Just last Friday we told you that GM might object to Saab’s sale to Chinese companies Pang Da and Youngman, and now we have confirmation that the American auto giant will move to block the sale. At issue are two things: the continuation of existing technology licenses (for GM components used in Saab vehicles) and the ongoing supply of Saab 9-4X crossovers that GM builds for Saab in Mexico. GM, through a series of joint ventures and partnerships, is the largest automaker in China, and has expressed concerns about intellectual property currently licensed to Saab falling into the hands of...

  • 2011 Saab 9-4X
    Will GM Shoot Down Saab's Deal With The Chinese?

    Swedish automaker Saab has been knocking on heaven’s door since summer, with its imminent demise nearly occurring on several occasions. With last week’s announcement that Chinese partners Pang Da and Youngman would step in to buy Saab, it almost seemed like the worst was over. Granted...

  • 2009 Saab 9-5 SportKombi
    Saab Production Chief Quits After 30 Years On The Job

    Saab’s shaky recovery has come up against another major hurdle, with the automaker’s head of manufacturing and purchasing, Gunnar Brunius, calling it quits after 30 years on the job. While it’s unclear what the main reason was for Brunius’ departure, we can confirm that he...

  • 2011 Saab 9-5
    The Long Road Ahead For Saab

    Late last week the parent company of Saab, Swedish Automobile, agreed to sell 100 percent of the struggling automaker to Chinese firms Panga Da and Youngman for approximately $142 million. Where just a few months ago those same Chinese firms were willing to pay $350 million for just 53 percent of...

  • 2008 Saab 9-3 Sedan
    Saab To Be Sold To China’s Pang Da And Youngman: Official

    Swedish Automobile has confirmed today that it has made an 11th-hour deal with Chinese firms Pang Da and Youngman for the sale and purchase of 100 percent of the shares in struggling automaker Saab for 100 million euros (approximately $142 million). So far only a memorandum of understanding has...

  • 2008 Saab 9-3 Convertible
    Saab’s Alliance Deals With Pang Da And Youngman Terminated

    Saab has taken one step closer towards what’s shaping up to be a possible bankruptcy with news coming out over the weekend that the struggling Swedish automaker has terminated its tentative alliance deals with Chinese firms Pang Da and Youngman. The decision was made by Saab’s parent...

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