bankruptcy
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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 company Swedish Automobile in view of the fact that Pang Da and Youngman failed to confirm their commitment to a previous share subscription agreement made back in June. Additionally, the Chinese partners also failed to meet explicit and binding agreements made earlier this month in relation to...
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Administrator Asks Swedish Court To Terminate Saab Reorganization
Guy Lofalk, the court-appointed administrator of Saab’s reorganization process, has revealed that he’s sent a letter to the Swedish court on Thursday requesting that the whole process be terminated. The revelation comes less than 24 hours after Saab announced it would be receiving some...
Viknesh Vijayenthiran -
Saab Receives Funding From America’s North Street Capital
Saab has announced today that it has received a commitment from American private equity firm North Street Capital for a cash payment before the October 22 deadline to pay off part of its bridge loans, once again helping the struggling automaker stave off bankruptcy. The cash will be awarded to Saab...
Viknesh Vijayenthiran -
Saab Receives Cash But Chinese Deals May Still Be Blocked
Update: Earlier this week news broke that Saab's Chinese partners would be blocked from their bid to give the Swedish automaker a much-need cash infusion. Today, Saab has responded with a statement that says the reports were misinformed, and that it has received a first payment by China's Youngman...
Nelson Ireson -
Saab Sister Brand Spyker Sold To U.S. Private Equity Firm, CPP Still Interested
It wasn't so long ago that talk of Spyker buying, and thereby saving, Saab was the hot news. Since then, the Dutch supercar company has reorganized things, keeping Saab and Spyker separate, while setting the whole thing up under the umbrella of Swedish Automobile. Things haven't gone all that well...
Nelson Ireson -
Saab Bankruptcy Hearing Just Days Away
Saab’s cash crunch is nothing new, but the matter is finally coming to a head. The car maker’s first bankruptcy hearing is scheduled for September 26. In the meantime, it’s business as usual for Saab. Lately, that has been less about turning out autos or paying its workers than it...
Thomas Bey -
Saab is in trouble. That's been clear for a long while now. Just how much trouble has come into focus in the last few weeks. Now, Saab has decided to license its core next-generation sedan architecture to a "special purpose" vehicle company called Swedish Automobile coöperatief U.A. (SPV). The Phoenix architecture is what Saab had been planning to build its next 9-3 on, eventually moving its 9-5 and 9-4X crossover to the platform as well. Even the proposed 9-2 could be built, should Saab survive, on a smaller version of the architecture. Based loosely on GM's Epsilon platform, which is...
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Saab Denied Bankruptcy Protection By Swedish Court, Attempting Appeal
After months of failed funding negations and ceased production, Saab, along with its Saab Powertrain and Saab Tools subsidiaries, announced this week that it had filed for voluntary bankruptcy protection with the District Court in Vanersborg, Sweden. However, the court has rejected Saab’s...
Viknesh Vijayenthiran -
Saab Posts $322 Million First Half Loss
Saab has taken yet another step, this time a major one, towards what’s shaping up to be an inevitable bankruptcy, with news coming out today that the struggling Swedish automaker posted a $322 million loss for the first six months of 2011. The latest figure is four times the amount Saab lost...
Viknesh Vijayenthiran -
Saab Seeking Bankruptcy Protection: Report
Saab is said to be seeking a court order to protect it from creditors, and will likely enter into a reorganizational bankruptcy according to reports from Swedish public radio.
Kurt Ernst -
Swedish Debt Agency Advancing On Saab Assets
Despite its best efforts to raise funds, the death knell is ringing for Saab, with news coming out today that Sweden's Debt Enforcement Agency has commenced collection proceeding against the automaker following Tuesday’s deadline for payments to suppliers. The agency is in the process of...
Viknesh Vijayenthiran -
Saab Gains New Investor, Promises To Pay Workers
Saab has issued a new allotment of shares, roughly 17 percent of the company, to investment group GEM Global Yield Fund Limited.
Viknesh Vijayenthiran -
Saab has delayed payments to white-collar employees, sparking rumors that company is in trouble again.
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Saab To Restart Production In August, Finalizes Real Estate Deal
Saab looks to be almost back in business, with the automaker announcing this week the finalization of yet another cash injection deal as well as a tentative August date for the restart of production at its main plant in Trollhattan, Sweden. Saab has announced that it has obtained final approval...
Viknesh Vijayenthiran -
Saab Gets Additional $40 Million By Selling Off Property
Yesterday we reported that Saab would receive $18.4 million by the end of this week from a mystery Chinese firm that ordered a total of 582 of its cars, allowing the financially stricken automaker to pay its employees’ wages and stave off a potential bankruptcy. Today, we have news that Saab...
Viknesh Vijayenthiran -
Mystery Chinese Buyer Orders 582 Saabs, Helps Stave Off Bankruptcy
Late last week it was revealed that Saab couldn’t afford to pay its workers’ salaries and without any hope of a sudden inflow of cash would be forced into bankruptcy. Now, just several days on since that grim report it has been revealed that yet another Chinese party, this time...
Viknesh Vijayenthiran -
Saab Can’t Pay Workers, Bankruptcy Looming
Saab’s recent announcements of partnerships with Chinese firms Zhejian Youngman Lotus Automobile and Pang Da Automobile has done little for its money woes, with the automaker announcing this week in a formal statement that it won’t be able to pay its employees’ wages due to a lack...
Viknesh Vijayenthiran -
Saab Rescue Deal With China’s Hawtai Terminated
The last we heard, production at Saab’s plants back home in Sweden had come to a halt due to a lack of funds and fears that the automaker’s new parent, Spyker Cars, was also close to being bankrupt. In response, the CEO of Spyker, Victor Muller, set out on a quest to acquire desperately...
Viknesh Vijayenthiran -
Vladimiar Antonov, the Russian banker and businessman whose involvement in Spyker caused a delay in the sale of Saab from GM while investigations into rumored mafia ties were held, has said in an interview with Sweden's Dagens Industri that Saab could be bankrupt in as little as five days. Antonov also pronounced gloomy sales projections: 60,000-65,000 total cars will be sold this year, he thinks. That's well short of the 80,000-car goal the company has set itself. Despite the rough financial situation, the Russian backer says he has a half-billion Swedish Kronors (about $80 million) to put...
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New Jersey Motorsports Park, Host of Inaugural U.S. RallyCross, Bankrupt
New Jersey Motorsports Park (NJMP) isn't a headlining NASCAR venue or even one of America's great road courses, but it was the site of the inaugural U.S. RallyCross event, and it plays host to dozens of motorcycle and car track days each year--as well as the occasional vehicle launch. Today, NJMP...
Nelson Ireson -
Bristol Cars Bankrupt After 65 Year Run
The U.K.'s Bristol Cars may not be on the tip of every wagging social media tongue these days, especially here in the U.S., but it has produced some remarkable cars over the years. Unfortunately, unless it finds an angel to keep it going, it may be going under. Bristol has entered administration...
Nelson Ireson -
GM Releases First Post Bankruptcy Financial Results
GM has confirmed that it intends to start making payments for the respective U.S., Canada, Ontario and Germany government loans next quarter.
Viknesh Vijayenthiran -
GM gets 5 new board members appointed by U.S., Canadian governments
General Motors' recent bankruptcy proceedings have seen the company transformed as it leaves behind failing assets, and according to the company these changes have also been reflected through a restructured board of directors. Five new members have been added to the board following the bankruptcy...
Ralph Hanson -
There's a new carmaker in town, and its name is...General Motors
Lighter, smaller, quicker and more responsive to customer needs - that's how the new General Motors Company is comparing itself to the now-defunct General Motors Corporation it replaces. Today's emergence from bankruptcy - just 40 days after it went in - marks the start of what the new GM hopes...
Nelson Ireson