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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D-Day?

It’s Monday here in Australia as I write this. Later today, in Sweden, there will be a court hearing to determine whether Saab’s reorganisation should continue. To say there’s a lot hanging in the balance would be the understatement of the year. Here’s the scenario, as seen from someone on the other side of the world and somewhat out of the loop*: The outcome of that hearing will depend largely on the future plan that Saab has developed to carry the business forward. Details about that plan will no doubt be forthcoming at the time, but all indications are that […]

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Watching the Saab reorganisation reports

Tis the season to be jolly nervous….. The Examiner is posing some Dear Santa questions from various stakeholders in the car industry: Saab Owners: A glimmer of hope for the future of their beloved, quirky sport sedan. Actually, I think most people are wishing for a future hatchback, but that aside…. Yes, people are indeed looking for hope for Saab Automobile. This weekend’s going to be a crucial one as we have a very important court hearing on Monday afternoon and some key events leading up to that hearing will go a long way in determining the short term future […]

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We at Saab intend to survive

Yesterday the newspapers had stories of impending doom, predicting a bankruptcy filing by Saab some time later that day. This journey we’re on is quite literally hour-by-hour at the moment, so I’m sure there were reasons for the papers to believe that the story was feasible at some point. But please don’t believe for a moment that anyone here at Saab wants to throw in the towel. As you’ve seen via today’s news, our Chinese partners, Youngman, have transferred some funds to our accounts to help us fulfil some of our obligations. We are still working on securing vital funding […]

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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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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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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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The 'why?' of Saab staying alive

We’ve all been hanging on the ‘what?’ for so long. We’re all fatigued due to the lack of visible, tangible progress in the potential sale of Saab Automobile. I’d like to take a moment and think again about the ‘why?’ Why should the sale of Saab be allowed to proceed? Why doesn’t the company, like so many analysts out there, acknowledge that the light at the end of the tunnel is actually a train coming at 200mph? Why do we want to live, rather than pack our collective bags and move on? Because we have a valid place in this […]

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Saab delay submission to creditors in order to continue negotiations

Re-posted As the day in question is tomorrow and there are still a few headlines going around about this, I thought it wise to bring it back to the top of the page. —— Despite the sound of the headline, this is not a press release. The purpose of this posting is two-fold: to talk of the delay in the submission to creditors that was planned for November 22, and to clarify what was going to happen on that date. As has been mentioned in the media already, Saab/Swan and Guy Lofalk have taken a decision to delay submitting their […]

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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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