Saab press review: The Saab crisis in the German press

Not appropriate ? British slogan in the fight against Germany, published yesterday on the Saabsunited blog. "Shocking," found Vogel Verlag from Würzburg
Not appropriate ? British slogan in the fight against Germany, published yesterday the blog on Saabsunited. "Shocking," found Vogel Verlag from Würzburg

Bad news are good news. For publishers. Bad news increases the circulation. In the German press there are now 600 articles about the current situation at Saab. However, very few are worth reading, because they are based only on the default texts of the agency reports.

We would have liked such a media presence for the Saab 9-5 or the new 9-4x.

Interesting is the GM theme. Currently no topic in Sweden, more current in Germany. GM gives emergency relief to Saab. It would be possible for many reasons. Saab is GM Licensing, GM sits on a large mountain of non-voting Saab preference shares.

And our friends from the blog “saabsunited” are unpleasantly noticed in the German press. Hmm.

The most interesting articles in the abstract:

Financial Times Germany:

Saab owner begs American

Looking for donors for Saab, Victor Muller gets to know the world. He recently worked with the Chinese. But they adorn themselves, and Saab is so clammy that no more wages are paid. Now Muller lets the rifle circle in America.

The heavily battered Swedish automaker Saab hopes for last-minute help from the US. Dutch Saab boss and principal Victor Muller is currently negotiating with General Motors on emergency aid, a spokesman for the Swedish company said on Friday. Saab once belonged to GM.

The traditional Swedish company had announced on Thursday that wages and salaries for the 3700 employees at the main Trollhättan plant could no longer be paid. The speaker did not want to give any details. An insolvency or bankruptcy filing by the company itself is “out of date,” he added. The Swedish metalworking union may want to file for bankruptcy by the end of next week if wages for its 1500 members at Saab are not by then

Saab had emailed the employees on Thursday that they could no longer pay them. Negotiations with 800 suppliers on a debt deferral had failed the previous evening. "You should never give up hope, but at the moment it looks extremely bleak," said Veli-Pekka Säikkälä from the IF Metal.Saabs union, which would come as no surprise. The belts have been standing still for weeks at the traditional Swedish company - with only a few interruptions. Parts suppliers had ended their business relationships because Saab was no longer able to pay outstanding bills. According to the Swedish media, the claims amount to EUR 50 million.

Saab cannot expect political help. The government categorically ruled out a bailout. Saab must find a solution itself, the Swedish Minister for Economic Affairs Maud Olofsson told the press. Marita Vesala of the social unit of the city of Trollhättan, Saab's headquarters, tried to calm down: "Nobody has to go hungry," she said. For weeks, the Dutch owner of Saab, Swedish Automobile, formerly Spyker, has been desperately looking for investors. Its chief Muller recently signed letters of intent with two Chinese companies for Saab. Zheijang Youngman Lotus and the car wholesaler Pang Da want to get a share of 245 million euros.

A Saab spokeswoman had described the situation on Thursday as “unfortunate and sad”. But keep fighting. The company emerged from the aircraft and armaments company of the same name at the end of the 40s and made a name for itself with aerodynamic and safe cars. The Swedes never wrote black numbers during the ten-year GM direction. The US automaker gave the new owner Muller a completely new car with the Model 9-5. This dowry alone exceeded the purchase price of $ 74 million plus $ 326 million in shares that Muller paid to GM. A Saab bankruptcy would possibly lead to further bankruptcies among suppliers. The technical consultant i3Tex announced earlier this week that it would have to restructure due to the defaulting Saab payments. The BMW Group would also lose a business with the disappearance of Saab: From 2012, the Munich engines for the new generation of the mid-range model 9-3 should deliver to Sweden. This will probably not happen now.

Car Operation Online

Saab: Muller's whereabouts unknown

In Sweden, the belief in salvation is dwindling

Saab seeks last minute help from China and the US. Company spokesman Eric Geers told broadcasters SR Friday that Dutch Saab chief and principal Victor Muller has negotiated short-term funding in the United States.

He said nothing about the result and continued, "I'm not sure where Muller is now." But he was sure the Dutchman was "working around the clock". The long-established company had told its 3.700 employees in Trollhättan, western Sweden, the day before that there was no money left for the June wages and salaries.

A spokeswoman for the Chinese auto wholesaler Pang Da told the Stockholm radio that Muller was in "direct contact" with possible emergency aid from Beijing. Pang Da and the automaker Zheijang Youngman Lotus want to enter the market in the long term as a part owner with a total of 245 million euros. So far, however, there are only declarations of intent.

"Arrived at the end of the way"

In the Swedish media, the chances of survival for the long-established company on Friday were consistently considered minimal. The business daily «Dagens Industri» said: «Muller has arrived at the end of the road with Saab.» The government in Stockholm has rejected emergency aid.

As a possible last-minute option was the long Swedish midsummer weekend nor the sale of the factory, which then wants to continue using Saab on leasing. This is one of several possibilities, said the Saab spokesman on the radio. Geers continued, "It looks good anyway. But we have to wait a bit. "

A bankruptcy or insolvency petition by the company itself he called "not up to date". The Swedish Metalworkers Union may want to petition for bankruptcy by the end of next week, when wages for their 1.500 members at Saab have not yet been paid.

Absurd slogans

The persistence slogans on saabsunited.com meanwhile become more and more absurd. The site published a picture of a blonde woman wearing a sweatshirt on "Keep calm and carry on" on Thursday. With this phrase, the British originally made 1940 courage when the German Wehrmacht threatened to overrun the island.

Reuters

Saab again before leaving - workers get no money

Stockholm (Reuters) - Sweden's automaker Saab is threatened with insolvency after months of survival.

The company rescued about two years ago by the carmaker Swedish Automobile - at that time still under the name Spyker - declared on Thursday that it could no longer pay its employees wages. The necessary short-term financing could not be secured. Negotiations with potential donors continued. However, there can be no guarantee that the talks can be concluded with a financing commitment. Swedish Automobile stocks fell more than 34 percent.

"There are no guarantees, but we don't give up," said a company spokeswoman. Saab is currently negotiating a financing agreement with several donors. Among other things, this involves the sale of company real estate that is to be rented afterwards. This would free the company in the short term.

At the factory in Trollhättan, western Sweden, where 3700 employees are employed, work has been resumed since April because suppliers do not supply components out of concern for their pay. In its fight for survival, 2010, the parent company of Spyker, plans to sell the majority of the company to the Chinese car dealer Pangda and the Zhejiang Youngman Lotus Automobile group. The agreement still needs to be approved by the authorities in China and Europe.

With the release Spyker expects only in two to three months. Meanwhile, important time could pass in which Saab runs out of money, experts fear.

Spyker had previously tried to get a Chinese company on board for the Saab rescue. But the deal with Hawtai Motor failed. The Dutch sports car maker Saab 2010 X had bought the Opel parent company General Motors and thus prevented an end to the Swedish cult brand for the time being.

Auto Gazette:

Saab negotiates with GM on emergency aid

Saab boss Victor Muller is to negotiate according to statements of his spokesman with GM in the USA over immediate assistance for the financially ailing Swedish car manufacturer. Saab is currently unable to pay wages for its employees.

The heavily battered Swedish automaker Saab hopes for last-minute help from the US.

Company spokesman Eric Geers said on TV channel SVT that the Dutch Saab boss and principal Victor Muller negotiate with General Motors on emergency aid. Saab had said on Thursday that wages and salaries for the 3700 employees in Trollhättan headquarters could no longer be paid.

The Saab spokesman did not want to give details. He further said that a bankruptcy or bankruptcy filing by the company itself is "out of date". The Swedish Metalworkers Union may want to petition for bankruptcy by the end of next week, when wages for its 1500 members at Saab have not yet been paid.

In the Swedish media, the chances of survival for the long-established company on Friday were consistently considered minimal. The government in Stockholm has rejected emergency aid.

Compilation: tom@saabblog.net