Press Release: SWEDISH AUTOMOBILE UPDATE ON SAAB AUTOMOBILE

Zeewolde, The Netherlands, 26 August 2011 – Swedish Automobile N.V. (Swan) is aware of certain reports in Swedish media related to a possible filing by Saab Automobile AB (Saab Automobile) for a voluntary reorganization under Swedish law.

Swan confirms its earlier announcements that it is in discussions with several parties to secure the short and medium term funding of Saab Automobile to restart and sustain production. In order to secure the continuity of Saab Automobile, Swan and Saab Automobile are evaluating all available options. Swan will update the market in case of new developments.

You may also like

28 Comments

          1. Doesn’t sell papers though. What I’m surprised about is that Volvo isn’t under the same pressure, despite having some vehicles more than 10 years old in their fleet (I’m looking at you S40).

    1. And does that surprise you? Management would hardly be being prudent – or legal – in ignoring that option, not just now but over many months.

      Right now they can’t rule anything out. I agree with other posters; we must wait and see. I would add, however, that the more negativity that is posted by the alleged supporters of the brand, the less likely potential investors are going to see those supporters as a valuable asset.

      As the old wartime posters used to say, “careless talk costs lives”.

  1. I understand that Saab’s situation creates some degree of uncertainty.  But surely the whirlpool that’s surrounding this company in the press happens – in the press and at their instigation.  

    There are reports all over the place about the things that “might” happen to Saab.  We’re not the ones writing them but we’re the ones who have to deal with the fallout.  We’re doing the same things we’ve said all along – negotiating and trying to get the right deal done and finished.  This was serious, so we responded.  But if we respond to every specific allegation about what “might” happen to us then you get a crazy game of back-and-forth that the press will keep playing until they hit a desired target.

    Expect this whirlpool to continue until a deal is done.  Why?  Because it sells papers.  It gets views.  We take our share of the blame about our situation.  I don’t think we can shoulder all the blame over the public’s perception of it because we can’t outrun the press and we can’t report on things that aren’t done and finalised.

  2. Yellow journalism seems to lean more towards brown every day that I live.  I truly feel for you and others at Saab.

    I guess that I don’t understand why it seems so easy for some (most?) to believe the worst about companies and government agencies in the news.  These organizations are full of people like you and me, why would one easily believe that the motives are negative?

    1. No sir, not to be argumentative, but government agencies are NOT full of people like you and I – that is why it is both easy AND prudent to believe the worst about them. And usually, the truth turns out to be worse than you believed!

      Saab Up!

  3. I’m sure SWAN has to be considering reconstruction, or even bankruptcy as future options.  Any company in this current situation would be prudent to do so.  To blindly ignore all available options would be stupid.  Management must be hoping for the best – to get a deal done in the next few days, but they have to prepare for the worst case too.  Whatever happens, we, the readers, have no control over.  We just have to sit back and hope for the best case – that Saab survives and is able to sell cars again.  In the meantime, let’s try to stay as positive as possible and support the company.

  4. Here in the US, a reogranizational bankruptcy allowed General Motors to restructure and subsequently post a profit and go through another IPO in the stock market. Perhaps this will give Saab the lifeline it needs!

  5. Media & journalists play against Saab.
     So the public opinion dooes be very dangerous for Saab today. They speculate only and so it’s happend – bad image of Saab. Saab is living very bad times at all. All problems started from the beginning as like Amis didn’t like to allow the investment from Russia. I trust in VM (he knows what’s to do) and all steps which Saab has done work in direction to goes on. Let management and people work. They will do their work! 

    At least VM is very seriously men and if it should be going bad he would be first who will say: it’s over. But he trust than it doesn’t happend.

    Wake up Sweden, “Flying Dutchman” need your help. Why didn’t the Government pay to the people the drivers of Saab to beside their old cars (all brands)? Small regulation but it works very well. So they would be capable to purchase new ones and it should be Saab at all!!! So they could win more and both parties would be satisfied. It’s easy. Sweden => Abba, Volvo and Saab. No another brand.

    Fingers crossed. 

  6. Sometime speculation is the fun part. Like: Steve Jobs just quit as CEO from Apple, apparently for health reasons, but the truth is (my speculation only) that VM talked him into saving Saab by investing 3 billion SEK and running the company with his left hand for a while. If only the thinnest slice of Apple fallout would land on Saab I would be happy…..

    Hey guys, it’s late Friday night over here…….

  7. Bankruptcy an option? or reorganization?  Where does that leave people with older Saabs, does this mean no more parts?  Not good news for any of us.

    1. SAAB parts are plentiful just check http://www.saabusaparts.com/specials.php  so this shouldn’t be a concern. I’m in South Florida, and I bought my new 9-5 from a dealer in Ft Lauderdale, sales have been slow so they didnt take new orders ..the problem is lack of advertising.. people say wow is that the new SAAB,,, they never seen the car..out of sight is out of mind…I keep seeing Apple references with SAAB geez Apple spends a fortune to launch a new Phone or IPAD during Prime time…the best Million dollars SAAB can spend is during the SUperBowl or other major Media events…

  8. If this reconstruction, helps Saab to survive, as it chapter 11 did GM. Then I think that is what is needed. No one person is bigger than Saab. VM helped Saab without doubt, but if Saab is to continue, let others how carry the load.

  9. Hey, whatever it takes to make Saab profitable again! The potential is there, the cars are there, the technology is there. Saab just needs capital to get started. The rest will take care of itself. Griffin up!

  10. Steven,

    SAAB did the right thing, Responding now is the right thing to do, even though there is no denial.
    Shoot the ”sh*t” down in flight

  11. What if all Saab owners would just wire a small amount to Saab? If there was some sort of concerted effort to raise money, collect that in a trusted account and then pay Saab… I would gladly pay € 100,= without anything in return if that would help Saab to solve it’s cash problems. Saab makes me happy, I’d like them to stay around so that I, at a certain moment in the future could buy a second-hand Saab 9-5 (2011 model)….

  12. REALLY ! i have now had enough – worked for saab for 14 years ,now cant any longer > i know you guys love the brand and I do too but i love my family are more important !! i need to pay bills . i cant stand by this anymore and it breaks my heart but my advice is that it looks like this is going down and its now time to be a hero , look after youselves now

    1. I can’t imagine the amount of stress that Saab employees have (and had) to endure  for years. And I can fully understand that at some point you simply give up. Time for the rest of the Saab community to put the money where the mouth is. If every Saab enthusiast would donate just a small amount of money – the amount that you would spend – say, on a night in the pub with friends or the amount you spend on one tank of fuel – we could accumulate an enormous sum that would probably resolve the immediate cash problem. We would need a trustworthy party to set this up. What if the Saab community could commit to raise money to pay the Saab employees? If there is a Saab workers union, that would be an entity that could start such an initiative.

      1. Mikeve, Saab factory employees have received wages in June and July.  August is still outstanding but they are able to get help via the unions.  I’m not sure where Abel works but if it’s here in Sweden then he’s aware of this.  Of course, it’s a hardship on families and shouldn’t happen, but the vast majority of people here are hanging on because they want Saab to make it.

        In dealer-land it’s a tougher story, of course, because they’re not paid by Saab, they’re paid by their employers and we know that they’ve been doing it tough.  It’s a big concern for us.

        As to donations, such a scheme wouldn’t work.  It’s been historically proven back when Saab were being sold by GM (the amount of pledges received by ‘Rescue Saab’ wouldn’t have covered one mont’s wage bill) and would be unsustainable in any case.

  13. This may sound unusual, I most certainly understand. I would like to have a secured telephone conversation with CEO Victor Muller.Do not sell controlling interest. There is an overwhelming answer to save these fine vehicles, and this historic company, very quickly.Can you assist?Richard McBride Toronto, Ontario,Canada416-463-6233Eastern Standard Timestartdefinitely@gmail.comRespectfully,Richard McBride

Leave a Reply

Your email address will not be published. Required fields are marked *