Press Release: SAAB AUTOMOBILE FILES FOR BANKRUPTCY

Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning. After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its […]

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Saab 9-4X Crossover and Saab 9-5 Sedan Earn IIHS Top Safety Pick 2012

Some good news from the US, to follow on from the 2011 Top Safety Pick awards previously given to these vehicles….. —— Trollhättan, Sweden: The Saab 9-4X crossover and the Saab 9-5 Sedan have both earned a ‘Top Safety Pick’ for 2012, the highest rating for crashworthiness awarded by the Insurance Institute for Highway Safety (IIHS) in the United States for a second consecutive year. “Saab Automobile prides itself on its ability to create vehicles which focus on the safety of the driver and its passengers in real-life situations,” said Per Lenhoff, Head of Safety Development at Saab Automobile. “It […]

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News: Payment transferred

News from the front office in Trollhattan: — Saab confirms that the first payment of the funding, which was promised by Youngman, now has been transferred to Saab’s account. The efforts to secure the remaining funding, needed to pay salaries and continue the voluntary reorganization, continue and the work is moving progressively forward. —

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Work continues on Youngman deal and reorganisation in Stockholm

So you’ve seen the press release – Our administrator, Guy Lofalk, will file documents today, to end the reorganisation process that we’re currently involved in. The District Court has registered Lofalk’s application, which has now been posted on their website. Saab, as well as the creditors who were present at the creditors’ meeting and those included in the Creditors’ Committee, will have the opportunity to express their views before the District Court announces a decision. On their website, the Court writes that Saab’s deadline expires on December 15, at 1 pm. The District Court intends to issue a decision on […]

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Press Release: SWEDISH AUTOMOBILE INFORMED BY ADMINISTRATOR OF APPLICATION TO TERMINATE VOLUNTARY REORGANIZATION

Zeewolde, The Netherlands, 7 December 2011 – Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries with the District Court in Vänersborg, Sweden. Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding […]

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Press Release: Swedish Automobile Continues Discussions With Youngman

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China about an equity interest in Swan. The discussions include a short term solution to enable Saab Automobile to pay the November wages and continue reorganization. The outcome of the discussions is still uncertain. Any possible transaction would be subject to the approval of the relevant stakeholders. Swan will keep the market informed of any developments.

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Swedish Automobile 3rd quarter report

For those who are interested in the finer details…… You can download a copy of Swedish Automobile’s 3rd quarter report at Saab Media. —— The basics…… • Saab Automobile AB (Saab Automobile), Saab Automobile Powertrain AB and Saab Automobile Tools AB entered voluntary reorganization under Swedish law • Continued discussions underway with key Saab Automobile stakeholders, Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) and Pang Da Automobile Trade Company Ltd (Pang Da) about a transaction which will allow for the necessary investments and secure the longer term future and stability for Saab Automobile • Conditional agreement reached on sale of […]

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Press Release: Saab GB Files For Administration

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) announce that Saab Great Britain Ltd (Saab GB) filed for administration with the High Court in London today. The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until the required funding for the company has been secured. The appointment of the administrator is effected by the directors of Saab GB. Once appointed, the administrator will take on the management powers of the directors. Swan received a conditional funding commitment from Youngman for the payment of the wages […]

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TRADING UPDATE SWEDISH AUTOMOBILE N.V. – THIRD QUARTER 2011

TRADING UPDATE SWEDISH AUTOMOBILE N.V. (including SAAB AUTOMOBILE AB) THIRD QUARTER 2011 Zeewolde, the Netherlands, 18 November 2011 – Swedish Automobile N.V. (Swan), a holding company that owns subsidiaries which produce and sell premium automobiles under the Saab and Spyker brands (together referred to as the “Group”), today issues a trading update for the third quarter of 2011 ended 30 September 2011. The Group is listed on NYSE Euronext Amsterdam (ticker symbol SWAN). KEY DEVELOPMENTS • Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB (together Saab Automobile) entered voluntary reorganization under Swedish law • Longer term […]

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Press Release – Swedish Automobile N.V.: INFORMATION ON EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

I know we have some shareholders in SWAN and other interested parties who visit here, so this is important information for them. It’s also interesting for those business-watchers following developments with regards to the sale of Saab. —— Zeewolde, The Netherlands, 11 November 2011 – Swedish Automobile N.V. (Swan) provides further information regarding the sale of the Saab Auto Group and the Spyker business, including the further consequences for Swan. 1. Sale of the Saab Auto Group On 28 October 2011, Swan entered into a memorandum of understanding (the MOU) with Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman) and Pang […]

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