With Saab in administration, the European Investment Bank (EIB) has called in the Swedish Government guarantee on Saab’s loan. In the midst of Victor Muller’s efforts to restructure Saab, Saab received access to a European Investment Bank loan of €400 million, of which it accessed some €217 million. But just like any less than credit worthy individual Saab needed [...]
Despite falling victim to Saab’s bankruptcy, the Saab Museum has been saved by Trollhatten City, Saab AB and the Marcus and Amalia Wallenberg Memorial Fund. When we reported that the Saab Museum – and all its cars – was up for sale last week to try and bring in a few coppers to fill the black [...]
Despite its bankruptcy, it seems China’s Youngman and Turkish equity form Brightwell Holdings ar planning on staging a bid. Saab may be bankrupt – and its car heritage from the Saab Museum up for sale – but that hasn’t stopped interest in Saab as a viable car maker from prospective suitors. And it seems the front-runners [...]
The bankruptcy of Saab has resulted in the entire Saab Museum collection of 120 cars being offered for sale by the liquidators. The final demise of Saab has meant much heartache for Saab’s employees, and lovers of the marque around the world, as more than 60 years of Saab’s history is consigned to the remnants bin – and [...]
With Saab now in receivership, what’s going to happen to the Saab 9-4X. Could it become the new Vauxhall / Opel Antara? Saab is now in receivership despite the best efforts of Victor Muller, and mainly because GM won’t let their technology fall in to the hands of the Chinese. But what’s to become of [...]
It’s reported that a representative of a ‘Large Indian Car Maker’ has been rebuffed by the Saab receivers. Victor Muller finally gave up the task of trying to keep Saab in business just before Christmas and filed for bankruptcy. Now, the task of finding a buyer for Saab is in the hands of the receivers, [...]
It looks like Victor Muller’s dream of saving Saab is over with Saab shares suspended and the company filing for bankruptcy. Saab has produced nothing since April and has lurched from crisis to crisis ever since. Victor Muller has pulled every trick he knows – and some he didn’t know he knew – to keep Saab [...]
Victor Muller is seeking a €600 million loan from a Bank in China to allow Saab to survive and circumvent GM’s objection to Chinese ownership. We’re not sure if this is ‘Plan B’ or whether we’re way beyond that now. But the latest ‘Save Saab’ pitch from Victor Muller is to acquire a €600 million [...]
Court Administrator for Saab – Guy Lofalk – says they have reached the end of the road with Saab with no money and no prospect of GM agreement. The death knell for Saab has been proclaimed more times in the last year than a ‘journey’ from an X Factor contestant. But, according to the Swedish [...]
It’s reported that Victor Muller has now put together a new deal to ‘Save Saab’, involving Youngman and Saab plus the Bank of China. In yet another new deal for Saab, it’s reported this morning that Victor Muller has now put together a new deal to try and save Saab from its (still) imminent desire. [...]
Victor Muller has told Swedish TV that the money he used to buy Saab was funded by alleged fraudster Vladimir Antonov. In a revelation that will surprise no one, Saab ‘owner’ Victor Muller has revealed that the $74 million paid to GM when Spyker (as they then were) bought Saab was supplied to one of [...]
Saab Great Britain Ltd (Saab GB) has filed for administration in the High Court as Swedish Automobile N.V. (Swan) fails to conclude a deal with China. It’s a wonder it’s taken so long. But finally, after having almost no new product to sell for most of 2011 – and car buyers running scared of Saab – [...]
General Motors has said it will not allow its technology used by Saab to be sold to the Chinese. That means no Saab 9-4X or Epsilon Platform. Last week we had the first reaction from GM to the announcement that Saab was to be sold to China’s Youngman and Pang Da. And it wasn’t positive. [...]
Only days after Saab announced it had accepted a takeover offer from China’s Youngman and Pang Da, GM casts doubt on its viability. Selling Saab to China was always going to be fraught with difficulties. The initial deal Victor Muller seemed to have brokered with Youngman and Pang Da was to sell a majority stake in Saab [...]
With the deal for China’s Youngman and Pang Da to take control at Saab outlined, the Chinese Government now says the approve of the deal ‘In Principal’. Yesterday we had the news that Pang Da and Youngman – the Chinese companies seeking to buy Saab – have outlined the investment they propose to make in [...]
What appears to be the first image of a new Saab 9-3 has leaked out on the day the Chinese reveal plans for Saab’s future. It makes a change to have a Saab story that isn’t more doom and gloom and financial meltdown, but it does seem a bit of a coincidence that an image of the [...]
Reports from Sweden this morning claim that the new Chinese owners of Saab – Pang Da and Youngman – plan to invest $7.5 billion in the coming years. Update: We have now been told by Saab that Pang Da and Youngman are to provide €50 million immediately and €600 million for short to medium finance. Funding for [...]
Reports from Sweden this morning are claiming that Victor Muller has agreed to sell Saab outright to Pang Da & Youngman for €100 million. Update: Just minutes after publishing this story we’ve heard from Saab confirming this report is correct and that the administrator - Guy Lofalk – has withdrawn his application for Saab’s court protection [...]
Saab has announced overnight that the deal with Youngman And Pang Da in China is terminated. Did we expect anything different? Saab has announced that the deal for Chinese companies Youngman and Pang Da to take a €245 million stake in Saab has been terminated. Saab say that they have terminated the agreement because Pang Da and Youngman have failed [...]
As the Saab Saga gets sillier by the day, we wonder if Victor Muller is the destroyer of Saab, rather than its saviour? And of Spyker too? Victor Muller is a charming and charismatic man, as evidenced by the endless stream of seemingly sensible business people he’s persuaded to invest in Saab, and other Muller [...]
The administrator of Saab’s court protection to allow it to reorganise its finances – Guy Lofalk - is seeking to end the protection. It’s a day and a half for Saab. But then, they are used to it. It’s been revealed that the administrator of Saab’s court protection in Sweden – Guy Lofalk – is to [...]
Saab has revealed it doubts the funding from China will arrive on time and has taken a loan from Spyker buyers North Street capital. Last week we had Saab and their Chinese ‘backers’ getting in a bit of a muddle over funding. Which is what we’ve come to expect. Saab were adamant that the quote attributed to the Pangda [...]
Yesterday the Pangda Chairman said the Saab deal was no longer viable. Today, Saab confirms it has received the first payment from China’s Youngman What on earth are we going to do once the Saab Saga is resolved? The machinations and misunderstandings surrounding Victor Muller’s increasingly desperate quest to keep Saab alive has probably provided more stories [...]
Saab is waiting for a deal with Chinese companies Pangda and Youngman to save them. But Panda’s chairman says the deal is no longer valid. Update 10 am 12/10/11: Saab & Pangda have issued a statement about this story and say that the reports of the Saab deal with Pangda and Youngman as being no [...]
The day before Saab managed to get court protection from its creditors this week, Swedish bailiffs visited the Saab Museum and sequestered the historic cars to pay Saab’s debts. Just like every other car maker with a lineage, Saab likes to make the most of its car-making history. So it has a museum with everything from [...]
