Last Holdouts Admit: "Saab Is Dead"
According to media reports and TTAC, all kinds of high-powered parties are interested in sucking the last bone marrow out of the corpse of bankrupt Saab. China’s Youngman supposedly is ready to plunk down a billion Euro (or $1.3 billion) for the carcass. In Turkey, Brightwell Holdings “will make a bid very shortly, there’s no question,” as Brightwell board member Zamier Ahmen told Bloomberg. The trouble is: Nobody is bidding.
“There have been no formal bids,” receiver Anne-Marie Pouteaux told Reuters. Her colleague Hans Bergvist added that they “ have had discussions with a number of interested parties. Some of them are interested in the factory as a whole and some of them are interested in parts of it.” But no, no bid.
It would be folly to place a bid, because even the receivers don’t know yet what that bid will buy. In a press conference on Saturday, receiver Hans Bergvist said:
“Everything that was possible to pawn in Saab has been pawned. The work to identify Saab’s assets is not yet complete, but we have come a long way.”
Anybody who had lent Saab money recently, did so with assets pledged. In July, just as a for instance, Saab sold 50.1 percent of its real estate holdings to a consortium led by Hemfosa Fastigheter AB, for about $40m. They leased it right back, with the proviso that the rest is security for the rent. Should Saab default on the rent, the contract allegedly said, then the consortium will say tack så mycket and owns the whole thing.
Even in a bunker in Sweden, from which the last faithful had been sending blog posts in support of the zombie brand, defeatism makes the rounds.
“The headline everywhere is “Saab is dead”, which actually, right now, is true.”
This amazing revelation comes from Saabsunited, which continues:
“The fact that Saab has not even had money to buy toilet-paper since march is a fact that not a lot of people knew about. We’ve heard horror story after horror story from Saab employees and suppliers describing how a company has to act when it is completely out of money and saving up on absolutely everything! But despite having to clean the offices, toilets, kitchens and even buy supplies themselves for their own money the employees stayed at their post! They did not leave which is the biggest evidence of how great Saab actually was.”
They said it: Was.
And the reaction from the peanut gallery?
“+1!”
“+2!”
“+3!”
“Griffin up!”
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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If you wander back over to The Church Of The One True Saab and have a look at the thread titled Developing A Saab Portfolio to see that they are making amends for last nights doubts. It is truly the most deluisional piece of writing I have seen a very long time. It is quite incredible and the replies are even more insane. They really don't understand that its ended, the brand is dead. Bizarre.
News late yesterday that Saab Cars North America is going to be liquidated. Thats now the two biggest markets for the 'brand' without dealer networks. Someone at The Church has posted; "With the time its taking them to put in a bid, I'm beginning to think that Youngman don't want to build Saabs in Europe and only want to manufacturer vehicles for China," Really? You think?