By on December 5, 2011

Rumors that the Bank of China would be taking a role in the “rescue” of Saab turn out to have been something of a miscommunication. Saab explains the situation as it currently exists.

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. [emphasis added]

As always, you can read about the proposed new structure (which has PangDa out of the picture) and why it will solve all of Saab’s problems over at Saabsunited.com. But far more interesting is the English-language interview with Victor Muller, found here (skip ahead to the 38:40 mark), in which Muller explains that GM can block any deal in which an automaker takes a 20% or larger stake in Saab, and that he is essentially Vladimir Antonov’s front man. After all, trying to understand Muller is far more compelling than this latest deal, which can be approved by GM (because it keeps automakers below 20% ownership), but won’t actually solve Saab’s basic problems (for precisely the same reason).

Get the latest TTAC e-Newsletter!

19 Comments on “Our Daily Saab: Banking On A Chinese Bank, Not Bank Of China...”


  • avatar
    Keith_93

    You really should send the Saab blog, Saab, Muller and all Christmas gifts. The endless supply of entertaining material eclipses any other car maker.

  • avatar
    MrWhopee

    Indeed Saab has never been talked about in the media so much until now. Other automakers would kill to have their name mentioned in the media this much. Too bad the news has generally been negative. If only the old saying “there’s no such thing as bad publicity” were true…

  • avatar

    I think that GM can block any deal, simply because of its IP rights. And starting from scratch is way too expensive. The Chinese would only buy the Saab styling. Even securing the Saab brand may not be sure. Then again, the Swedes may grow tired of Saab and let the Chinese have it, if the price is right. Cheap Chinese cars will then carry the Saab logo. That’s a ‘strategy’ no one will buy, not even the Chinese.

  • avatar
    Jasper2

    A little off topic, but here goes:
    So yesterday I noticed that someone actually dropped the “F BOMB” on Saabsdisunited and that comment was NOT deleted by them. All I did a couple of weeks ago was criticize GM, saying that we should attack and not be fearful. That comment was of course deleted with the comment that I “Should Brush Your Teeth”. Are they crazy? A comment without profanity, without vulgarity, that is perfectly articulate and non-threatening is deleted, yet they let the F BOMB comment remain? They are truly A-Holes and hypocrites (and yes, liars) of the greatest order. They should brush there teeth, floss and gargle too.

    • 0 avatar
      Robert.Walter

      Careful what you say against the sovereign territory of Saabs United, else you may get a visit from an Antonov associate equipped with a polonium-tipped umbrella.

    • 0 avatar
      moosex

      The problem with dear people at the ‘SaabsUnited’ is that they are truly religious. As true believers, whenever there is someone who’s opinions contradict with the realm which they have built (and believe in), the “treat” must be neutralized. Whether the the arguments would be perfectly articulated, and well founded, makes no difference.

      In short: a classical case of fanboyism.

      The Saabsunited crew even tried to close the door to the church from me by banning the my IP :). The reason? I made a “claim” that in the light of recent events (=Antonov arrested) when Säpo/FBI/EIB blocked Antonov’s investment they did better job with their investigations than NDO (who would have allowed the investment).

  • avatar
    dejal1

    Jasper2,

    It has been changed to

    “**** this s##t.” over there.

    They took care of **** but left s##t as is. I’m self editing s##t over here.

    Took them awhile.

  • avatar
    tparkit

    Nothing has changed in the way I size this up. The lure of the China market is boob bait for the Big Dumb Money. The Chinese players are window dressing, to make the opportunity look real. The chain would be:

    1. a theatrical exercise, conjuring up prospects for Saab in China.

    2. outside investors hoping to get rich in the fabled Chinese market take the bait, either through initial participation or an IPO.

    3. the players, including the Russian mob, leverage the company and then suck it dry of invested and borrowed cash.

    4. Saab goes belly up, and the outside investors are left with a hollowed-out husk.

  • avatar

    In the meantime not all is well with Saab internally too, to say the least. “Swedish Automobile is stating that it might want to get rid of the administrator since he is working against the ownership process with Saab. This is made clear in a letter that TTELA has gotten hold of. SWAN is also willing to meet with the Swedish government. The letter that was sent to Saabs administrator Guy Lofalk yesterday as well as to people within the finance-department and National Debt Office contains stark criticism against the administrator. Swedish Automobile’s chairman, Hans Hugenholtz explains that they are willing to come to Stockholm at moments notice and discuss the ownership questions surrounding Saab.”

  • avatar
    jeff_vader

    Breaking news..

    Lofalk has announced that unless some serious funding finds its way into SWANs bank accounts VERY shortly, he is going to pull the plug on the Re-Organisation. This could even happen overnight.

    Funnily enough, there is no sign of the prinicpal cheerleader of all the most recent schemes “Jeff” on The Church Of The One True Saab tonight. I wonder why that might be?

  • avatar
    plattform

    Because I have a day job, jackass.

    • 0 avatar
      jeff_vader

      Then I hope you’re good at it because it looks like you haven’t got a career writing about Uncle Victors pipe dreams anymore. Hopefully your final paycheck from him won’t bounce. I’d get it made out to cash if I were you.

      Oh and by the way, if you really are “Jeff” I’d head back over to The Church Of The One True Saab. The believers are getting restless and want to know where you’re hiding.

  • avatar
    dejal1

    Hey plattform, got any info you can share about North Street Capital? Sorry, had to ask. But I Had to ask that question here as it could get me banned over at your place. Got anything to say about the possibility that NSC is a fraud and its head has had “issues” with the law?

    Also why the “I know something I won’t tell” attitude? You guys laid out this big “DEAL” but very hush-hush, no specifics because of the inside track you folks have. You folks presented it as a done deal. The rank and file swooned. How did that work out? Looks like some true believers are falling from their faith now.

    There was no deal. There was a plan or proposal on 1 side. It’s not even known if GM even saw it.

  • avatar
    jeff_vader

    “Jeff” or “plattform” has now turned back up at The Church Of The One True Saab and is rewinding quicker than a Walkman with fresh batteries:

    “I announced news that an agreement on structure had been reached between the parties last week as a sign that there was positive movement. I specifically cautioned that a deal was not final but had a much greater chance of being approved than the others floating around at the time, since a third party was involoved”

    “What was disclosed over the weekend is evidence of the deal, which as far as I can tell gives everyone except Guy Lofalk something to be happy with.”

    “I can’t predict the speed at which the parties sign, only that we’ve been told that this is the best chance for anything to happen.”

    “My piece was meant to give our readers hope that there was a viable plan B,”

    Nice bit of newspeak there “Jeff”, ever thought of a career in politics? If you’re going to put yourself up as a cheerleader on the internet, my friend, make sure that you’re cheering on the winning side. Then make sure that you don’t start arguing with people who have a better grasp of the situation than you & don’t look it at through the eyes of a disciple. Plus if you are going to start banning people from your domain for no good reason (like myself) don’t be surprised if people then vent their feelings towards you on another site.

    • 0 avatar
      moosex

      Seems like ‘The church of Saab’ is closing it’s doors from all non-true believers. I also got my IP banned from the site :). Bit stupid way of building your own North-Korea as it takes 20 secs to type “hide IP” to Google…

      The reason? I “claimed” that in the light of recent events Säpo/FBI/EIB did better job in their investigations than NDO when they blocked Antonov’s investments (NDO would have granted permission to Antonov to pour in embezzled money).

      I don’t think that Jeff is an a** – he is just sad. The guy finally thinks that he has ‘top secret insider’s information’ and can see the future better than anyone else. What makes it sad is that he cannot stop boasting about it like a 13-year old seriously lacking any class or style.

  • avatar

    Saab administrator Lofalk reportedly wants to call it quits. SWAN board (Saab holding) wants to have Lofalk replaced, arguing that he intervenes with new ownership talks. After Pang Da was written off, the company now says it is still negotiating partnership. Sources are not sure the Chinese bank that was talked about refers to the Bank of China. Despite promises, salaries still not paid.


Back to TopLeave a Reply

You must be logged in to post a comment.

Subscribe without commenting

Recent Comments

New Car Research

Get a Free Dealer Quote

Staff

  • Contributing Writers

  • Jack Baruth, United States
  • Brendan McAleer, Canada
  • Marcelo De Vasconcellos, Brazil
  • Vojta Dobes, Czech Republic
  • Matthias Gasnier, Australia
  • W. Christian 'Mental' Ward, Abu Dhabi
  • Mark Stevenson, Canada
  • Cameron Aubernon, United States
  • J Emerson, United States