Swedish Automobile Press release – 23 June 2011

Zeewolde, The Netherlands, 23 June 2011 – Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that Saab Automobile AB (Saab Automobile) will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding. Swedish Automobile and Saab Automobile are in discussions with various parties to obtain short-term funding, including via the sale and lease-back of the real estate of Saab that was announced previously, and with their financiers in connection with current financing arrangements. These discussions are ongoing. There can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.

Saab Automobile has ongoing negotiations with suppliers in reaching agreement on the terms of payments in order to resume an orderly inflow of parts and components.

Swedish Automobile will update the market of any new developments.

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8 Comments

  1. While I sympathize very strongly with all the Saab employees who had to learn of it just before Midsummer, I must say my first thoughts on learning that went to you, Steven. I hope all in all your commitment and emotional involvement will be rewarded.

    1. Thanks for your thoughts, Jeremi.  I’ll be fine.  I’m stuck in Oz at the moment because of the ash cloud and hate being away from the team, especially in a time like this.  Will be back in THN next week and can’t wait to get there.

      1. SAAB is going to be fine, although people are saying otherwise, a brand like SAAB is not just going to fall to the ground. I have a lot of hope. As a long time customer, neally owning 9 new SAABS over the years, i know they are the best and i know that they will overcome this situation. 

  2. Big sentiments to all in Trollhattan (including you Swade even if geographically far), do not give up … and fingers crossed !!!

  3. Tough times.  Thoughts to everyone at Saab who has to endure this uncertainty and gloomy background. I’m sure its not fun. From the outside looking in, its great to see SAAB have so much promise and so many amazing new cars. I hope the finances can be sorted quickly and effectively for all the employees sakes and then we customers can continue to enjoy the cars you build. 

    All the best.

    PT

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