It was good to have a weekend to get away from things, to recharge a little and come back ready to tackle all the things waiting to be done. Monday morning is upon us and it’s a new week, and another big week for Saab Automobile.
Our Memorandum of Understanding with new prospective owners Youngman and PangDa was signed just last Friday and today that MoU will see its first test – a creditors meeting at the Vanersborg district court. This hearing is a standard part of our reorganisation process and it will see our business plan presented by our Administrator, Guy Lofalk.
We need the approval of 75% of our creditors to see the plan proceed and if that it achieved, our reorganisation will continue.
That will be a good first step. There are a number of other steps to be taken and approvals to be gained before our future is set in stone. There are several Swedish authorities that need to approve this deal, as well as the European Investment Bank, our former owner, General Motors, and of course there is still Chinese approval required from the NDRC.
All of these bodies will be dealt with methodically and in due course. Each represents a hurdle of a different size, however we’re confident that we can present a workable case to all of them.
I started working at Saab at the beginning of April this year and the story of this company has had so many twists and turns since that time. ‘Twin Peaks’ creator David Lynch couldn’t have come up with a more twisted storyline if he tried. It would be a little bit naïve to think that absolutely everything was tied up neatly right now, but hopefully the remaining curves on this road are gentle ones.
Already, there have been some good stories coming into my inbox. Signs of a ‘Saab Spring’, if you don’t mind the metaphor.
A dealership in the US happily reporting their first Saab 9-4x sale over the weekend, calling it ‘the first of many’.
Saab of North Olmsted embarking on the biggest dealership promotion I’ve ever encountered with the Snap Up a Saab campaign that will run throughout November.
A guy I’m familiar with from my old website, Saabs United, writing to me for wheel and tyre advice for the 9-4x he’s importing from the USA into his home country.
And the continuation of the Saab Dealer Tour through Germany, which I’m desperately disappointed that I can’t participate in personally, and which I’ll share some more photos from shortly.
We have so much to do, and so much to share. We’ve got so many good things on the horizon. I can’t wait to have this deal put to bed so that we can get back to building some absolutely fantastic vehicles once again.
It’s a new week. The ride isn’t over yet. It’s just beginning.