Saab crisis: news ticker - filing for bankruptcy

Update 09: 28 / 09: 33 / 10: 31 / 10: 50 / 11: 12 / 11: 49 / 13: 08 / 14: 08 / 15: 02 / 16: 58

In order to better follow the events in Sweden, this article is now listed as a news ticker. It could be that we and Saab do not even get to Vänersborg today and that the trial will not take place.

Information from the Swedish press, including Dagens Industri, says Saab Automobile AB will file for bankruptcy today at 10: 00. It is not yet confirmed, but fits the facts that no funds have flowed and Saab CFO Rob Schuijt has resigned on Friday his office.

That would be sad news, even the negotiating marathon of Victor Muller would have been in vain.

09: 28 Clock

First media in Sweden confirm Saab Automobile's filing for bankruptcy

09: 33 Clock

The press release from Saab Automobile. Bankruptcy filing for Saab Automobile AB, Saab Automobile Tools AB and Saab Powertrain. Youngman provides after the GM statement of yesterday no means available to continue the reorganization.

Zeewolde, The Netherlands, 19 December 2011 - Swedish Automobile NV (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.

Saab Automobile said that Saab Automobile could not be completed. The Saab Automobile did not complete the reorganization of Saab Automobile. The Board of Saab believes that the company will not be financially viable. It is expected that the court will approve of the filing and appointing receivers for Saab Automobile very shortly.

Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.

10: 31 Clock

Bankruptcy trustee of Saab could become Mats Emthèn, lawyer at the law firm Carler in Stockholm. Saab's assets are estimated at approximately 330 million. Saab himself suggested Emthèn. Victor Muller is devastated. He was furious and sad, he told the press. Understandable. For Muller, the Saab bankruptcy is also a very big personal tragedy and a huge financial loss.

10: 50 Clock

Lars Holmqvist, CEO of the supplier association CLEPA, sees Saab at the end. He does not think anyone would take over the car manufacturer. GM's announcement yesterday kills the cause, according to the supplier's boss.

11: 12 Clock

For the suppliers and the location Sweden the Saab bankruptcy is a bad blow. 800 has Saab, including 75 national in Sweden. Some companies will not survive this, others close the Swedish branches. Now suddenly the press notices that the innovations did not come from Gothenburg but from Trollhättan for decades.

11: 49 Clock

Paul Akerlund, the mayor of Trollhättan commune, continues to believe in the Saab future. He expects the company to continue and now expects government intervention. In a few days, he says, there will be a solution from the Ministry of Industry in Stockholm.

That there are interest groups around Saab, we know. Swedish investors want to take over the plant and expand it into a supplier company and a think tank. Without vehicle.

13: 08 Clock

The Saab staff will receive 14: 00 at the factory information about the current development, at 14: 45 will hold a press conference. We will see.

14: 08 Clock

For Saab employees, the state wage guarantee now applies. The November salary is expected within the next 5-7 working days. With luck, the money will arrive in time for the Christmas party, which will not be particularly happy.

We await the decision of the court ordering the bankruptcy trustee. This will be the case during the day, but not later than Tuesday. Then we will see, which prospective customers show up for Saab.

15: 02 Clock

Victor Muller still sees some hope for Saab at his press conference. However, the bankruptcy trustee has to have the last word in the future who has to negotiate with the interested party. To the consequences of the Saab bankruptcy and the possible opportunities, there will be more later.

16: 58 Clock

The government in Stockholm regrets the Saab bankruptcy, but has no way of helping the Trollhättan region or the car manufacturer. Nothing else was to be expected from Industry Minister Annie Loof and Labor Minister Hillevi Engström. In the next few days, the duo want to travel to Trollhättan to get an overview of the situation on site. Politicians, whether in Sweden or Germany, make no difference.

Updates follow.

Text: tom@saabblog.net

47 thoughts on "Saab crisis: news ticker - filing for bankruptcy"

  • Shame about Saab, where the best cars are.
    I know that since 1986, because before in Munich a Saab 9000 at the Town Hall Square (there was no pedestrian zone) at a traffic light (where red had) in the back of a Mercedes S-Class, the bumper of the Mercedes was behind the back seats to find and on the Saab, except for the bumper, bent slightly outwards, there was nothing to see; I was 16 years old and knew there was something better than Mercedes.
    After several German cars it was 2003 as far as I could afford my first Saab 9-3 convertible, which I then replaced in October 2011 with 140.000km, by a Saab 9-3 convertible Aero.
    And here it came out now I've never experienced such good quality, I think it's a pity that this will probably be my last Saab, he is now covered in the garage and is moved only in the nice weather, I hope he then survived for so long.
    Oh and a little more the German carmaker make really thick advertising for aluminum body parts, my Saab has just an aluminum body, he has so much where at Saab was always natural, where others have always made thick wind around it.
    I would also buy registered shares if there were any to buy, so that would give a chance to save the company, my email you have now.
    I just hope I'll get spare parts for my “Saabine” for a long time to come.
    Many greetings from Switzerland
    Thorsten Pohl

  • Hello Achim, you talk to me from the bottom, I've always seen it that way, SAAB is too big a competitor and one was only interested in the last few years to destroy this competitor. Is is always always ahead of everyone else?
    Of course, I hope for a turnaround in this history and especially for all employees in all industries.
    Erika

  • Now the hope is a very tough guy and it would be really nice if the commitment of many who have recently been committed to SAAB would still be worthwhile

    For the time being, however, I am prepared to increase the mileage (previously 120 tkm) of my 9-3 by a good deal of care. And if you really should not be able to rate good cars anymore (see above) you can rate the next 20 years bad cars from bad companies.

  • One cannot understand this destructive blockade attitude of General Motors (or whatever ... Motors). It is possible that they cannot cope with the fact that others can build much better cars than they can by using their parts and licenses (just look at the ranking of SAAB, Opel and Chevrolet in this year's ADAC customer satisfaction survey!).

    Kay

  • Politicians jokes ……. In the next few days they want to travel to Trollhättan to get an overview !! ?? !! ?? That's incredible. I would have expected from the responsible ministries that they not only have an overview, but also have a full perspective and in-depth insider knowledge, and have done so since the beginning of the Saab problem. But presumably these people were primarily preoccupied with self-administration and covering up their intrigues and wrongdoings.
    I would rather not say anything about this financial entity GM (it would be terribly polemical), but these people have already disqualified themselves.
    Ok, now we see further, maybe a clever investor from the industry has already recognized the technical potential of the small, exclusive HightTech forge Saab and is now waiting for his chance.

  • .... Attention there is a gap in the market, for suppliers - produce Saabteile (nobody wants anything from GM)

  • The behavior of the Swedish government is nothing new.
    Already earlier, for example in the "Estonia" case, America's affiliation showed very strange features.
    The "Röde Orm" and his specialists would be ashamed.

  • Unfortunately, one has to fully agree with that - on a political level everything is very strange there.

    We have canceled our trips to Sweden planned for the coming year (and other years) for these reasons. We will not exhibit this behavior alone - other SAAB drivers already have such “plans”!

    It's a shame about the entire region there in Sweden - but all politicians have their hands tied. It doesn't get any stranger!

    Joachim

  • You can see it as a sign or not, today 500 Km driven on German highways and the only Saab I've seen stood on the ADAC tow truck. Shortly thereafter, the message came on the radio.
    Because of the spare parts, I'm not worried, is your own company. Because of the Swedish government, I'm not upset, they had written off Saab for a long time.
    Because of “NEVER BUY A GM PRODUCT.” it won't be so easy, because every time my Saab comes to the inspection, GM products will be installed. At least when you come to Saab Service and we should all do that too, because the guys now need at least loyal customers.

  • When I read the Saab News this morning, the day had passed.
    Verse 2 from Fool's Garden - Lemon Tree sums it up:
    Driving around in my car (TurboX)
    I'm driving too fast, I'm driving to far
    I'd like to change my point of view
    I feel so lonely, I'm waiting for you
    But nothing ever happens - And I wonder

    Nevertheless, to Tom and all other Saab fans a nice Christmas.

    Guy

  • Lo and behold: the Swedish government still exists! Now that everything is in ashes, they hold a press conference on SAAB and even want to come to Trollhättan. Great. It hardly gets more hypocritical.

  • If I see that correctly, GM has only claims to this common platform.
    Of course they especially don't want to give up the 94x.
    It runs quite well in the US and is guaranteed to be built under other names.
    Saab would only have a chance who to use the 900 I and 9000.
    Only as a beginning.
    Later then another chassis. in my opinion, the platform with GM was anyway a step backwards.

    Maybe someone has a clue what the GM has rights to.
    I do not believe in personality in the Swedish state.
    They are far too afraid of the Americans.

  • Maybe it has something good, if VM and hopefully GM are now finally out?

  • “It's very good news,” says Guy Lofalk, who obviously has zero confidence in Victor Muller:

    The thing with optimism is rather difficult for me at the moment ...

  • “In Sweden there are special regulations regarding bankruptcy which would allow a company to be completely reborn and re-started. And I'm happy to announce that a possible solution was hinted during the market call ... ”

    Hm…

    via saabsunited

  • Well it's a sad day, but life goes on. Maybe a bankruptcy is also a new beginning? Already possible that the Swedish state intervenes now, but why did not he do that a year ago? Maybe we just have to accept that the only character brand that has stood out from the crowd, especially before the GM takeover, now definitely disappears from the scene. My heart is bleeding but we still have Volvo who also build very nice cars. OK it is not the same but still better than a German mass car. I'm less worried about the spare parts. For the 9-3er it has certainly enough, because some cars are on the way, the new 9-5er becomes more critical. Well, I will drive my 2007 9-3er for many years to come, and our beloved cars will not disappear from the streets so fast.
    Who knows, maybe a miracle will happen and that with the Swedish state will still be true?
    I wish all Saab drivers, all employees in Trollhättan, all Saab dealers and all those who have something else to do with Saab, a merry Christmas and a happy new year in 2012!
    Greetings from Switzerland
    Thomas F.

  • You can say what you want ... It's just a shame that it has to end like this and that all parties are hoisting the sails ...

    Thus, probably the old saying applies:
    "SAAB is dead, long live SAAB!"

  • Then they finally made it to Detroit.
    Whether Saab would ever get back on his feet or not is in the stars. GM never gave Saab a chance. On the contrary, they were never interested in a solution. It was only about the destruction of a competitor.
    The perverse thing is that GM is now apparently playing the same game at Opel. The approach has a system: Buy a company - exploit it as long as it generates profit - invest as little as possible - tap into know-how and then drop it like a hot potato and trample it. Opel is already restricted by withholding sales markets. At the same time, GM accuses Opel that the sales targets are not being achieved. The result: Opel has to save and can invest less in new models and technology. It's easy to imagine how this will continue.
    Considering that GM was recently rescued by billions of US investments, GM's behavior is simply inhumane and antisocial.

    Achim

  • A really bad day.

    The decision to save SAAB, not against resistance from Detroit, is understandable. There's just not enough time to fight a lawsuit with Detroit, even if you know the contracts on your side.

    I just hope that you are similarly disappointed in China and more than annoyed by the appearance of GM. If China wants, GM is history soon. That does not help SAAB, but it would be good for my nerves.

    FYGM

  • Hi all,

    would never have thought that the Chinese side of GM would be intimidated in such a way that the sails would be completely canceled here (as it now seems - especially since a lot of money has already flowed) - or is there another possible solution?

    Mr Akerlund seems to be a little more optimistic when he speaks of a SAAB future - that cannot mean the interest group (without vehicle construction)….

    Further information urgently requested!

    Joachim

  • That is exactly my opinion.

    A few days ago, GM stated in an interview - I'll put it in my own words - that in principle they are active worldwide and do not want any competition in their markets. For me the matter was clear from the start; SAAB never had a chance.

  • GM probably also charges fees for naming rights for the use of the abbreviation “GM”… .hmm?!

  • UNFORTUNATELY …. I'm really sad - and you see again that selfish capitalism and controlled politics destroy the beautiful and good things in this world - for selfish, selfish and stupid reasons. Although it is still not clear to me what GM wants or wanted to achieve with this? Only this much is certain, I want to have as little to do with GM as possible, even if it won't be easy because 50% of my SAAB GM is made up of parts. NEVER BUY A GM PRODUCT.

  • ... I also take 10 pieces ... "Fuck GM" or something ...

  • I am in!
    Stickers ... 10.000 in every city

    I'm in berlin..

  • I already have it on a t-shirt!
    But I already thought about a sticker!

  • Hmm, a sad day for all fans and especially all those involved who still had hope for work, wages and bread ...
    I do not want anything generally going against the misery, but that is their declared capitalism.
    I just hope for a quick takeover-even if it does not look that good at the moment.
    Head up and never buy a GM Product !!!!

  • This “Never again GM…” graphic… does someone have it on a sticker, where can I buy it?

  • Well, I'll be happy for a long time with my newly acquired 2006 9-5 Aero estate car. It's a pity that it did not work, Saab did not deserve that! I wish all Saab employees in Trollhätten and wherever good luck and success for the future.

  • Speechless.

  • So and now I buy myself an occ. 9-3 combo.
    Thumbs up.

  • Even if Saab is gone, GM does not have any of it. On the contrary, their only think tank have destroyed them, because what autotechnical GM so far was rarely of little value. But also Opel depends on it, and also Opel will get that in the medium term still felt to be able to counterfeit the wrong decisions of GM.

  • Such a verfxxxx Sxxxxx. It spoils my day.
    My only glimmer of hope is to think of the first three words of the old GDR anthem ...

  • I was hoping to the last, already get tears in my eyes

  • Which French?

  • What are the speculations as to how things will go on? Are the French coming now?

  • For me the website goes ...

  • The website can not be reached anymore.
    This is a pity. Is there a fresh start again?

  • I lost my bet; provisionally; Would GM still have claims to an existing bankruptcy estate? Would an investor now provide a fine sum, could the creditors be met and restarted?
    Is that so, as already mentioned opener?

    VM also had bought the company at that time, but not from bankruptcy.

    What does the bankruptcy filing for the Saab Parts mean? Will we not get any more parts and stock up on parts donations?

    Many question, I hope there are answers.

  • Well, they get in and fuck it too

  • I'm just afraid that few people will remember this footnote of automotive history. Unfortunately.

  • The only thing that makes me really happy about it: GM has wonderfully shown its ugly grimace and will go down in automotive history as a SAAB killer. (It doesn't matter what VM could actually have moved.). That's what I call professional marketing and exemplary codes of ethics.

  • Damn. 🙁

Comments are closed.