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Discussion starter · #21 ·
Cash-Strapped Saab Finds Sympathy In Wealthy Pebble Beach ​

By Chris Woodyard, USA TODAY
August 22, 2011

As dark as things are looking for Saab, the automaker's team was right in the thick of things yesterday at its tent at the Pebble Beach Concours d'Elegance.

A few of the thousands of car fanciers passing by stopped to check out some of the recent Saab models in display, like the 9-5 sedan and 9-4X SUV. Saab shared the booth with Spyker, the high-end sports car maker that acquired Saab when the brand was jettisoned by General Motors as part of its bankruptcy proceeding two years ago.

Those trying out the cars say they will miss Saab is the brand goes under.

"I think there is an element of creation and emotion" to Saab, said Marc Wendorf of San Francisco. "Who doesn't like the cheer for the little guy?"
 
Discussion starter · #22 · (Edited)
Saab Says May Not Have Funds In Time For August Wages​
AMSTERDAM, Aug 23 8:35AM EDT(Reuters) -

Cash-strapped Swedish car maker Saab said on Tuesday it might again not get funds from investors in time to pay its August wages and it was continuing talks to get additional short-term funding.

Saab owner Swedish Automobile , which bought the company in early 2010 and saved it from closing down, has been scrambling to find new sources of financing since March, when car production was halted as unpaid suppliers refused to deliver parts.

"There is a risk of delayed payment of August wages to Saab Automobile employees as some of the funds that were committed by investors may not be paid in time," Saab and Swedish Automobile said in a statement.

Dutch-listed Swedish Automobile shares extended losses, and traded down 9 percent at 0.65 euros by 1209 GMT after falling as much as 23 percent.

Analysts have said Swedish Automobile, which reports half-year results on Friday, needs a long-term investor to solve its liquidity problems.

Two weeks ago, Saab managed to stave off a bankruptcy threat from unions by finding money to pay July wages to white collar workers, but Sweden's state debt collector started seizing assets from Saab last week in an attempt to recovery money owed to suppliers. (Reporting by Gilbert Kreijger and Will Waterman)
 

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Discussion starter · #23 ·
August Wages Delayed

Saab August Wages Delayed, Carmaker Seeks Cash​

STOCKHOLM | Thu Aug 25, 2011 3:00am EDT

STOCKHOLM Aug 25 (Reuters) - August's wages for Saab's blue-collar workers have been delayed, the carmaker's Dutch owner Swedish Automobile said on Thursday, and there is a risk white-collar employees will not receive salaries as planned on Friday.

Saab had said earlier this week there was a risk the salaries would not be paid out due to a cash crunch.

"We are working very intensively on getting the necessary funding in but there is no definite date for when the salaries will be paid," Saab spokeswoman Gunilla Gustavs said.

Saab, whose production lines have been at a standstill since April, has been scrambling for short-term cash to pay suppliers and employees.

Sweden's state debt collector started to seize company assets last week, as debts pile up by the day.

Asked if the carmaker planned to file for bankruptcy, Gustavs said: "We are working intensively on fixing the situation with the aim to pay all the short-term costs and get back to production as soon as possible."

Gustavs said Saab was holding talks with the Enforcement Agency which has seized some assets and with unions.

Saab unions have said they will demand bankruptcy if they were not paid within seven days of formally demanding wages. If bankruptcy was approved, a state guarantee on salaries kicks in.

"They have to follow the process to act in the best interest of their members," Gustavs said. "We have an active dialogue with them." (Reporting by Mia Shanley)
 
Discussion starter · #27 ·
Saab To Seek Court Protection From Creditors​

STOCKHOLM (Reuters) Fri Aug 26, 2011 7:37am EDT - Troubled Swedish carmaker Saab, owned by Dutch group Swedish Automobile, (SWAN.AS) is to apply for court protection from its creditors, public radio quoted sources as saying on Friday.

Saab, rescued from bankruptcy last year by Swedish Automobile as former owner General Motors (GM.N) prepared to shut it down, has struggled to raise funds to restart production, pay wages and settle suppliers' bills.

Public radio quoted what it called several different sources as saying the company would apply for court protection from creditors. It did not say when this would happen.

It has once before been under a court-appointed administrator when GM was looking for buyers for it in 2009.

A spokeswoman for Saab declined to comment on the report.
 
Discussion starter · #28 ·
Saab is Supernatural​

Eric Mayne August 22nd, 2011

Detroit and Pebble Beach, CA were the places to be last weekend for automotive journalists and aficionados.

While the Motor City reveled in its blue-collar roots with its annual Woodward Dream Cruise, the oceanfront west-coast community staged its yearly genuflection to the industry bluebloods. (I once heard Ford global platform guru Hau Thai-Tang describe the events in these terms. Thanks, Hau!)

But my thoughts were with a small group of car enthusiasts gathering in Parsippany, NJ.

Located just west of Newark, the smallish township is home to the U.S. headquarters of Swiss cough-drop maker Ricola AG and once was mentioned in an episode of Seinfeld. There, some 500 Saab owners congregated to commiserate as their world collapsed around them.

I envisioned brand loyalists huddling in quiet circles, vigil-like, as they pondered the financial crisis that threatens to wipe Saab from the automotive landscape. But that's not how it was.

"Very funny," observes Len Lennart, a former Saab executive who addressed convention attendees. "Nobody really seemed concerned."

He adds, with affection: "They're nuts."

That same defiance is demonstrated on the event's Facebook pages.

"Enjoyed the swap meet," says Jeff Shore. "Got some good parts I needed for my '86 9000!"

Adds Scott Hutchings: "Great event! … Iowa next year!!!"

Next year? Saab is headed for the history books and he's talking about the future?

And then it hit me. These people know Saab's secret. The brand is possessed of an unholy power.

The signs have always been there. Consider that Saab is based in Sweden, which is part of Scandinavia, which is home to fairies and trolls and changelings and all things supernatural.

What really inspired the brand's original griffin logo?

And how else to explain the period spanning October 1981 and March 1985, when Saab recorded 42 consecutive monthly gains in year-over-year sales, according to Ward's data.

Only Chrysler has duplicated this performance. Hyundai has actually exceeded it with 45 straight months of sales increases.

Come to think of it, how much do we really know about Chrysler and Hyundai?
 
#31 ·
The fat lady hasn't sung yet!

Saab near loan to avoid bankruptcy | Investing | Financial Post

Bloomberg News Aug 31, 2011 - 9:23 AM ET

Saab Automobile, the cash-starved Swedish carmaker, is close to securing a loan of about 1 billion kronor (US$157 million) to pay overdue salaries and avert a looming bankruptcy, three people familiar with the matter said.

The loan would be provided by one of the five biggest European banks, said one of the people, who declined to be identified because the talks are private. The loan will likely be announced as early as tomorrow, the person said.

The carmaker, which General Motors Co. sold in 2010, first suspended production in late March amid a cash crunch, and the main factory in Trollhaettan, Sweden, has been shut since early June. Saab delayed paying wages last week, the third consecutive postponement in as many months, prompting labor leaders to start a process that may lead them to seek a bankruptcy declaration against the carmaker if wages aren't paid.

"They need the money immediately," Tom Muller, an analyst at Theodoor Gilissen Bankiers NV in Amsterdam, said today by phone. "I hope they solve it this week, otherwise I think it's over for Saab. It's a very dire situation."

Saab owner Swedish Automobile NV rose as much as 20¢, or 29%, to 88¢ and was up 10% as of 3 p.m. in Amsterdam trading. The shares have dropped 78% this year, valuing the Zeewolde, Netherlands-based company at 17.5 million euros (US$25.3 million.)

"We're working intensely to find financial solutions," Gunilla Gustavs, a Saab spokeswoman, said by phone today, declining to comment further.

Restarting Production

With the new financing Saab aims to pay suppliers and then restart production in a few weeks, the people said. Saab likely owes suppliers around 800 million kronor, Svenake Berglie, head of Swedish auto-supply group FKG, said earlier this month.

Saab is betting that the funds will hold it over until Chinese regulators approve Zhejiang Youngman Lotus Automobile Co. and Pangda Automobile Trade Co. as investors.

Swedish Automobile agreed in June to sell a 29.9% stake to Zhejiang Youngman for 136 million euros. Pangda, China's biggest dealer by market value, offered to pay 109 million euros for a 24% stake. Regulators and GM must still approve the deals.

Saab will report its second-quarter earnings today after the close of trading in Amsterdam, Gustavs said.
Click to expand...
 
#32 ·
The shit seems very very close to the fan at the moment. Let's hope they can pull one out of the hat like your article above, Hirsch.

From Swade's blog today:

(...) Financial reports are not what's foremost in my mind this week. In fact, the financial reports are not even on my personal radar. What's important right now is the next 36 hours or so.

This week we have a hard, tight deadline from our employees' unions. Our management team must find money for wages and salaries or the unions are likely to commence actions in the Swedish courts. This is a fast-closing situation and one that has real and immediate consequences. (...)
Click to expand...
 
#33 ·
saw a navy 9-5 aero today. regardless, i dont see a future here.
didnt victor get a huuuge loan with the purchase of saab? where did that money go? and if saab goes chapter 11, who keeps the name? who keeps the millions the chinese paid for that bunch of saabs?
i'm smelling a rat.
 
Discussion starter · #34 ·
Saab Warns May Not Get Funding As Losses Mount​

By Greg Roumeliotis

AMSTERDAM, Aug 31 (Reuters) - Swedish Automobile (SWAN.AS), the Dutch parent of cash-strapped carmaker Saab, warned on Wednesday it could lose the battle to stay afloat as losses mounted, cash dwindled and time was running out.

The famous Swedish car manufacturer has lurched from one cash crisis to another in recent months, scrambling to fend off bankruptcy, pay its workers, and restart production. Its car plant has been mostly idle since April because suppliers refused to deliver parts until their bills were settled.

As a result of the production stoppage during most of the second quarter, Swedish Automobile said its first-half operating loss widened to 201.5 million euro, from a 21.9 million euro operating loss in the first half of 2010, and that it expects a substantial net loss for 2011.

On Friday, Swedish Automobile had said it was "evaluating all available options" after Swedish public radio quoted sources saying that the company was to apply for court protection from its creditors.

"Right now, the focus of Saab management is on working as hard as possible to bring the company back into calmer waters by significantly strengthening our financial position, reaching agreement with all our suppliers on payment and delivery terms and restart production as soon as possible," Swedish Automobile Chief Executive Victor Muller said in a statement on Wednesday.

PREPARING FOR THE WORST

The firm prepared investors and employees for the worst, saying it was not clear whether funding could be raised to restart production in the short term, or whether funds that have been negotiated for the long term could be secured in time.

On July 4, Saab signed a final agreement for Zhejiang Youngman Lotus Automobile Co. to take a 29.9 percent stake in the company and for Pangda Automobile Trade Co Ltd (601258.SS) to take a 24 percent stake for a combined 245 million euros.

But these deals are still subject to regulatory approval, and Swedish Automobile warned that the deals with the Chinese firms as well as additional short-term funding had to be secured in time or it would not be able to carry on "as a going concern."

"We know that we can't look too far into the future just yet," said Muller, adding that there was still investor interest in Saab given its long-term potential. He reiterated that the company's business plan was under review.
The company's net debt swelled to 284 million euros by the end of June from 209 million euros at the end of March, its total cash dwindled further to 100 million euros from 130 million euros, while its net working capital position plunged to a negative 379 million euros from 255 million euros.

With a market capitalisation of just 18 million euros, Swedish Automobile is now a play only for those investors with considerable appetite for risk such as hedge funds. The shares have lost more than three-quarters of their value since the start of the year.

Swedish Automobile said it was still in talks with CPP Global Holdings, an investment vehicle owned by Russian businessman Vladimir Antonov, about the sale of its luxury car business. The deal, announced in February, has been suspended and it added it may consider alternatives for the division.
The Dutch-listed parent, formerly named Spyker Cars for its luxury marque, had said the deal could raise up to 32 million euros.

Overall the company sold 12,871 cars wholesale and 15,194 cars retail in the first half of 2011, a year-on-year increase of 26 percent and 44 percent respectively. It is currently in the process of rolling out its new Saab 9-4X crossover model.

_________________________________________________________________

NORDIC STOCKS: Factors To Watch On September 1​

HELSINKI, Thu Sep 1, 2011 2:20am EDT

(Reuters) - The following stocks may be affected by newspaper reports and other factors on Thursday:

SWEDISH AUTOMOBILE, SAAB

The two Chinese companies that have agreed to buy a stake in Saab have agreed to guarantee a loan to the company, daily Dagens Nyheter wrote on Thursday, quoting unnamed sources.

The paper said the decision by Zhejiang Youngman Lotus Automobile Co. and Pangda Automobile Trade Co Ltd had been motivated by Chinese authorities easing the process for the two to take stakes in Saab. The chance of quick decision by the authorities and therefore of Saab getting new money, has risen, one source said.

Late on Wednesday, Saab parent Swedish Automobile reported a first-half operating loss of 201.5 million euros ($290.1 million) and warned it could lose the battle to stay afloat.
 
#37 ·
I went to the SAAB dealership near Tacoma, WA two days ago and it was a sad sight. The lone 9-4x (a gorgeous car!) was covered in dust. A row of almost 10 brand new 9-5 sat together in a corner gathering dust too. The SAAB showroom had its lights turned off and no salesmen around the Cadillac showroom was brightly lit and had buyers. A few new 9-3s had huge discounts but no buyers. I talked to the SAAB service manager and he told me he has four 9-3s on the service bay that need new transponders and therefore won't start, and he can't get new transponders. Once car has been there for four weeks awaiting parts.

I sure hope SAAB survives this and gets the money from the Chinese soon, it will be a sad sight if the automotive world has no SAAB...
 
#38 ·
I think another huge problem is their marketing failure. They've done next to nothing in advertisement. Ive yet to see a SAAB ad on TV. I know some of you have seen it, especially the east coast. But if they get some money, they need to stick it into their marketing aspects. Get people to come to the dealership. Half the reason people dismiss SAAB is cause they arent aware of what is there. 9-4 is out....ok well get the word out and over kill on it! Same thing on the 9-5!

It just irritates me.....
 
Discussion starter · #39 ·
Saab To Apply For Creditor Protection -- Report​

STOCKHOLM, Sept 6 (Reuters) - Ailing Swedish car maker Saab will apply for protection from creditors on Wednesday, a newspaper quoted sources as saying -- the second time a report has said the company was set to make such a move.

The new report, in Dagens Industri newspaper on Tuesday, also said one of Saab's potential Chinese investors, Youngman Zhejiang Youngman Lotus Automobile Co, would not get official Chinese approval for a deal and that state-owned BAIC was seen as a more likely candidate.

No one at Saab was immediately available to comment.

Saab, rescued from closure by General Motors Co (GM.N) in early 2010 by Dutch group Swedish Automobile NV (SWAN.AS), has run up debts to suppliers and production has been shut almost continuously since April. The company also failed to pay salaries in August.

Dagens Industri reported that an application to the court for creditor protection would be made by Saab on Wednesday. It quoted sources with knowledge of Saab as saying that, in the short term, the company needed 2.5 billion crowns ($386.5 million) and that, in the long term, some 5 billion crowns was needed to persuade suppliers to start shipping to the company again.

It also said several sources told it independently that Youngman, with which Saab has a preliminary investment and manufacturing agreement, would not get the necessary Chinese official approval to take part in the deal.

Instead, state-owned Beijing Automotive Industry Holdings Co (BAIC) or sport utility vehicle maker Great Wall Motor, were seen by Chinese officials as being more suitable partners, the newspaper said. A source told Reuters in May that Great Wall had been talking with Saab's owner about a possible tie-up.

The main unions representing workers also have the legal right to seek Saab's bankruptcy to activate a state scheme that pays salaries for workers at troubled companies. Dagens Industri said court protection from creditors would also activate the scheme.

Swedish public radio reported on Aug. 26 that Saab planned to apply for bankruptcy protection. Saab owner Swedish Automobile said at the time it was aware of the radio report, that it was continuing to seek funding and was looking at "all available options."

If the company obtains creditor protection it would start a process of corporate restructuring under which it gets temporary protection while an administrator and management try to rebuild a viable business. Saab entered this process in 2009 after GM made pulled its funding and it exited later that year.

Chief Executive Victor Muller has signed investment deals with Chinese car distributor Pangda (601258.SS) and Youngman. He has raised more than 100 million euros in loans and car sale agreements since the start of the year, but that has not been enough to get production going again. ($1=6.468 Swedish Crown) (Reporting by Patrick Lannin; editing by Andre Grenon)
 
#40 ·
Made official and explained this morning.

Saab Auto Seeks Protection From Creditors - Bloomberg

[quote="Bloomberg News]Saab Automobile, the 64-year-old Swedish carmaker that halted production in June, applied for court protection from creditors in a bid to raise money to restart operations and avoid a bankruptcy petition by unions.

"The reorganization is a move to stabilize the company in this tremendously rocky period," Chief Executive Officer Victor Muller said in an interview today at the company's headquarters in Trollhaettan.

The carmaker is seeking a court administered voluntary restructuring for the second time in as many years after previous owner General Motors Co. (GM) began liquidating Saab Auto at the beginning of 2009. GM eventually sold Saab to Spyker Cars NV in February last year for about $400 million in cash and shares.

Saab Auto traces its roots to aircraft company Svenska Aeroplan AB, founded in 1937 to secure production of Swedish warplanes, and is based in Trollhaettan, a cradle of the country's 19th-century industrialization. GM bought one half of Saab in 1990 and took full ownership a decade later.

"Everyone here is rooting for Saab to succeed but this time it seems to be over," said Martin Johansson, a 21-year-old cashier at a Trollhaettan gas station who has family friends working at the carmaker. "It would be wonderful if they make it but I don't think they will."

Saab ran into a cash crunch as sales suffered last year after it took longer than expected to restore production and roll out the new 9-5 sedan after GM had emptied the factory of equipment in January 2010 amid the planned shutdown.
Plant Silent

The carmaker, which aimed to become profitable in 2012 and sell 120,000 autos, first suspended production in March as funding dried up. After brief restarts, the Trollhaettan plant has been silent since early June. Saab delayed paying wages last month, the third consecutive postponement, prompting labor leaders to start a process that could have led to a bankruptcy declaration. They said today they'll hold off.

The filing, made at the Vaenersborg District Court, will lead to a voluntary reorganization that will last from three months to a year, Saab said today. The manufacturer plans to present a restructuring plan to its creditors within three weeks, it said. The court will rule on whether to accept the reorganization filing tomorrow, it said on its website.

Swedish Automobile, Spyker's new name, has dropped 79 percent this year, valuing the Zeewolde, Netherlands-based company at 16.7 million euros ($23.5 million). Trading in the shares was suspended in Amsterdam at the request of the regulator, NYSE Euronext said.
Aerodynamic Design

"A reorganization makes sense because it buys Saab some time," said Tom Muller, an analyst at Theodoor Gilissen in Amsterdam. "But they absolutely still have to come up with a lot of new funds very quickly."

Saab entered the U.S. market in 1957 with the 93 model and became internationally known for aerodynamic design that gave a nod to its aviation history. The brand gained a reputation for being offbeat, practical and safe. Features and innovations that defined Saab for decades included headlight wipers, self- repairing bumpers and side-impact door beams.

Saab during the last two decades lost much of the quirkiness that had defined the carmaker as GM pushed it to share parts, engines and chassis with Opel and other brands in the group. In 2009, crisis-hit GM put Saab on the block as one of four brands marked for sale or liquidation.
Another Chance

Saab today proposed Guy Lofalk, the Swedish lawyer who oversaw its reorganization under GM two years ago, to handle the restructuring. The administrator can apply for state guarantees to pay workers and Saab expects wages to be paid shortly after court approval, it said.

"A reorganization would be much quicker than a bankruptcy process in ensuring that our members get their state salary guarantee," said Darko Davidovic, counsel at the IF Metall union, which represents about 1,500 Saab workers. "It also gives Saab another chance."

Saab owes suppliers about 150 million euros, Muller said, adding that the carmaker is "pretty" close to securing a bridge loan. The CEO has vowed to pay back 100 percent of the money, Lars Holmqvist, president of Clepa, the European auto supplier group, said at an industry conference in Gothenburg, Sweden.

"I'm still skeptical about Saab's chances but am actually more optimistic than I was a week ago," Holmqvist said in an interview.
Sales Peak

Saab sales peaked at 133,000 vehicles in 2006 and have been on a downward trajectory since then. Last year it sold 31,696 cars, below an original target of between 50,000 and 60,000.

"We have done everything we can, given that we have to safeguard taxpayers' money and not risk it in very insecure businesses," Swedish Finance Minister Anders Borg told reporters in Stockholm.

Financing to exit reorganization would be provided by agreements with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. if they receive approval, the carmaker said.

Swedish Automobile agreed in June to sell a 29.9 percent stake to Zhejiang Youngman for 136 million euros. Pang Da, China's biggest dealer by market value, offered to pay 109 million euros for a 24 percent stake. Regulators and GM must still approve the deals.

" We don't want to see them go bankrupt," Huang Zhiqiang, head of Zhejiang Youngman's sales unit, said in an e-mail. "If they do so, they'll suffer major losses to their assets, especially to their brands."

Ally Financial Inc., Saab's financing partner in the U.S. and Europe, said it would continue to provide loans to Saab dealers and consumers during the reorganization process, the company said today.

"We still have some hopes, but when they can't pay salaries you know it's near the end," said Maria Salo, who runs a cleaning firm in Trollhaettan and whose husband works at Saab doing equipment maintenance. "I'm just glad we both don't work there."

To contact the reporter on this story: Ola Kinnander in Stockholm at okinnander@bloomberg.net [/quote]
 
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