Saab Delays Payments to White-Collar Employees

When it comes to Saab, it seems that for every dollop of good news that trickles out from Sweden there are multiple bad news.
On Tuesday, the cash-strapped Swedish automaker said that its white-collar workers will not receive their next payment (at least not on time) because the company has not yet been paid by its investors.
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Update: Saab Subsidiary Resolves Bankruptcy Threat

This just in; only a few hours after it was made known that one of Saab’s suppliers submitted a bankruptcy petition against the automaker’s affiliate company Saab Automobile Tools, the Swedish firm issued a short statement saying that it has resolved the issue with Swepart verktyg AB.
Follow the jump to read the official statement from Saab's parent company Swedish Automobile N.V., formerly known as Spyker Cars N.V.
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More Troubles: Supplier Files for Bankruptcy of Saab’s Tool Division

New troubles are brewing for the never-ending roller-coaster that is Saab. On Friday, one of Saab’s many unpaid suppliers, SwePart Verktyg AB, lost its patience and applied for the Swedish automaker’s Saab Tools subsidiary to be declared bankrupt.
This is the first time that one of Saab’s suppliers has made such a move. The Swedish automaker’s parent company, Netherlands-based Swedish Automobile (SWAN), issued a short statement saying that it will try to resolve the problem as soon as possible:
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Saab Further Delays Production Restart Due to Lack of Parts

Saab announced today that it is still in discussions with its suppliers over supply and delivery terms in order to restart production at its Trollhattan factory.
Yet, as the Swedish automaker tries to secure short-term funds, it isn't able to guarantee that production will commence on August 9 as Saab's new plan had initially called for, postponing the date to the end of August.
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Saab 9-6: Subaru-Based Crossover Prototype Comes out of the Closet

Back in the corporate heydays of GM, before the Detroit automaker went bust, the General would re-badge just about anything it could get its hands on if it were to make a fast buck without breaking a sweat.
This lazy corporate mentality was not only limited to GM’s American products but it spread throughout the entire company. Saab and even Subaru were subjected to this crude process, which was mostly limited to swapping badges and grilles.
When GM controlled the fate of Saab and held a 20 percent share of Subaru, the Detroit company's executive gurus came up with the bright idea of re-badging Subaru models as higher-end Saabs and selling them for a premium.
Read more »Source URL: https://jameellamellannyes.blogspot.com/search/label/Saab
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New Saab 9-4X SUV Arrives in the US, First Model Delivered in Ohio

Saab is still trying to work through its problems, but the Swedish carmaker has some good news from the States. The first examples of the firm’s new crossover, the Cadillac SRX-based 9-4X, have just arrived at US showrooms.
“Our first vehicles are just hitting retailers and our first customer sale took place last weekend at Saab North Olmstead in Cleveland, Ohio” said President and COO of Saab Cars North America, Tim Colbeck.
Read more »Source URL: https://jameellamellannyes.blogspot.com/search/label/Saab
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EIB Approves Lease of Saab’s Real Estate

The European Investment Bank has finally approved the lease of 50.1% of Saab Automobile’s property to a Swedish Consortium led by Hemfrosa Fastigheter AB for a period of 15 years. The deal is expected to net Saab Automobile 25 million Euros ($41 million). Read more »Source URL: https://jameellamellannyes.blogspot.com/search/label/Saab
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Saab Finalizes Deal with Panga Da and Youngman, Announces New 9-1, 9-6X and 9-7

Saab’s parent company Swedish Automobile NV said on Monday it converted the non-binding memorandum of understanding with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co into a final agreement. However, the deal is still subject to regulatory approval from Chinese and Swedish authorities as well as the European Investment Bank.
In addition to the above agreement, Saab announced the formation of a Sweden-based joint venture company between itself and Youngman called NPJV, which will focus on the development of three new product models.
Read more »Source URL: https://jameellamellannyes.blogspot.com/search/label/Saab
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More Good News for Saab as Swedes Receive €25 Million Loan

Another day, another new story for Svenska Aeroplan Aktiebolaget –or, as you might know it, Saab. The Swedish company announced on Wednesday that it has entered a €25 million convertible bridge loan from Gemini Investment Fund Limited.
The loan’s annual interest is 10% and the conversion price is €1.38 per share, while Saab can at any time repay the loan, presumably when the expected Pang Da and Youngman Lotus funding is received, without a penalty.
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Saab Secures Further Funding by Leasing its Property

Another day, another chapter in the ongoing saga that is the survival of Saab. After yesterday’s order from a (yet unnamed) Chinese company, which temporarily solved its cash-flow problem, today the automaker announced that it has reached an agreement with a consortium of Swedish real investors led by Hemfosa Fastigheter AB, for the sale of 50.1% of Saab Property for a period of 15 years.
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New Chinese Order Provides Saab with a Temporary Lifeline

Maybe the future of Saab isn’t as dark as it looks, and the voluntary bankruptcy proposed by suppliers isn’t the only solution. Well, at least for now. That’s because the Swedish automaker announced today that an unnamed Chinese company place an order to buy 582 cars, with a total value of € 13 million.
The pre-payment is to be received this week, giving Saab a much needed funding to pay its workers and suppliers. This, however, is only a short-term lifeline for the ailing company and the efforts to secure funds that will guarantee the brand’s future and restart production, which has been halted again since June 8, are ongoing.
Read more »Source URL: https://jameellamellannyes.blogspot.com/search/label/Saab
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Saab Says it Can’t Pay Workers, Company’s Survival in Doubt

New clouds are forming over Saab as the automaker’s parent company, Swedish Automobile N.V., formerly known as Spyker Cars N.V., said on Thursday it will be unable to pay its 3,800 employees their wages because it has not yet obtained the necessary short-term funding.
Swedish Automobile said it and Saab “are in discussions with various parties” to secure short-term funding, including through a sale and lease-back of Saab’s real estate assets.
Read more »Source URL: https://jameellamellannyes.blogspot.com/search/label/Saab
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