Tag: Sweden

By on December 23, 2011

 

If you are worried that you may have to live without daily episodes of the Saab Soap, now that the company is bankrupt, worry no more. Or in the words of Saabsunited: “never ever give up!” The show will go on.

Today, Automotive news China [sub] reports:

“Zhejiang Youngman Lotus Automobile Co. says it has purchased Saab Automobile’s Phoenix architecture despite its failure to acquire the automaker itself. Youngman already has set up a company in Sweden to develop new models based on the architecture, said Rachel Pang, Youngman’s spokeswoman and daughter of Youngman President Pang Qingnian.”

The trouble is, nobody in Sweden or elsewhere has heard about it. (Read More…)

By on December 20, 2011

After delegations of Pangda and Youngman had travelled to Trollhättan to inspect the factory, one returning Chinese traveler mentioned to a contact of mine that the factory is great, but it’s in the wrong place. In Sweden, workers would earn way too much and go home early, contrary to the Chinese worker, who would have a much higher work ethic for less money, the traveler opined. If all goes well (for the Chinese,) the Trollhättan factory will come to China. Usually well informed Sveriges Radio reports that Youngman is interested in buying the Saab assets in a bankruptcy sale.

Updated with Victor Muller’s press conference.
(Read More…)

By on December 19, 2011

Sweden’s Aftonbladet reports that Victor Muller filed for bankruptcy of Saab this morning at the court in Vänersborg.

Dagens Industri writes that with Saab having declared bankruptcy itself, the matter will be resolved quickly. A bankruptcy order is expected during the day. (Read More…)

By on December 18, 2011

Tomorrow is he day when the court in Vänersborg will decide whether to lift creditors’ protection, thereby throwing Saab to the circling wolves. Even a bankrupt Saab wold have a slim chance of survival. However, there is a higher court that holds Saab’s fate in its hands. That court sits in Detroit and is called GM. That court has spoken. The verdict is:

No. (Read More…)

By on December 13, 2011

Yesterday was a very tumultuous day in a tumultuous year at Saab. As it has become customary, the hectic became strongest when money was due. On Monday, payroll and social security taxes had to be paid in Sweden, and the government wants to see cash, not idle promises. That’s what created rumors of bankruptcy. It also caused Martin Larsson to step down from the board, in an apparent attempt to avoid liability.

Later in the day, the red knight from China rode to the rescue:  The mysterious €3.3 million are now allegedly on their way from China, honestly now. Sweden’s Dagens Industri heard “from an industry source” that  the money is now coming, to be used to pay the taxes. According to DI, “The money from Youngman had already been paid on Friday, but was stuck in the Chinese banking system and was therefore delayed.”

We had told you that you better have all your paperwork ready to expedite a bank wire from China. (Read More…)

By on December 12, 2011

Swedens’ Dagens Industri has it from “several independent sources” that Victor Muller is ready to throw in the towel, and that Saab-owner Swedish Automobile NV will declare bankruptcy this afternoon at the court in Vänersborg. Dagens Industri has not reached Muller. (Read More…)

By on December 10, 2011


Actually, we shouldn’t even mention Saab before the court in Vänersborg renders its verdict on Dec 16. The court will decide whether it follows the suggestion of the court appointed administrator Guy Lofalk to lift the creditors protection on Saab.  But it’s a slow newsday, and Saab is always good for a story.  No, we don’t mean the €3,322,993.13 allegedly transferred by Youngman. No, we are not referring to the latest round of hamfisted censorship at Saab’s enthusiast site. We are talking about a story that is making the rounds on websites that specialize on the activities of the Russian mob. They insist that Saab’s darling Antonov “has been involved in a number of financial scams before.” The mobster tracking site Rumafia says:

A few years ago Antonov moved almost all Snoras’ liquid assets, $400-500 million worth, to foreign accounts. He disguised the fraud under a series of loans which the bank allocated to front companies with no real asset backing.”

Hmmm. No real asset backing? (Read More…)

By on December 7, 2011

December 16 is the day Saab’s fate will be decided. Court appointed administrator Guy Lofalk, who yesterday was ready to pull the plug, pulled it today. Currently, Saab is under creditor protection. However, Lofalk asked the Vänersborg District Court to lift the protection, opening the door to final bankruptcy. In a statement cited by Reuters, Lofalk said:

“Since the required funding has not been received and the stated schedule not been kept, the (Saab) companies lack the ability to pay upcoming liabilities.”

Lofalk also named General Motors’ unwillingness to approve proposed deals. GM had driven what looks like the final nail in the coffin, by denying the deal that was proposed a few days ago: (Read More…)

By on December 4, 2011

The Church of The True Saab reports rather breathlessly that a YADTFSS (yet another deal to finally save Saab) has been found. The organ that prides itself to have knowledge of insider information (which it usually never releases) relies on Sweden’s TTELA, which says (translation courtesy Church of The True Saab : ) (Read More…)

By on November 29, 2011

 

Saab’s supposed saviors in China have not sent any money (not that this is surprising). Saab’s other savior Vladimir Antonov is out on bail, had to surrender his passport and report with the coppers in West London three times a week. Which adds new revs on Saab swirling down the drain. (Read More…)

By on November 26, 2011

For more than two weeks, Saabhuggers have taken over GM’s Facebook page, plastering “Let Saab go!” all over the site. Yesterday, the occupation has been officially endorsed by Saab.

GM sources which requested anonymity, citing possible legal implications, mentioned to TTAC that the attacks have “all signs of a coordinated campaign.” That is putting it mildly. (Read More…)

By on November 24, 2011

 

It has become a tradition at the „iconic” Saab: For the sixth month in a row, former carmaker Saab can’t make payroll. Saab employees did read the familiar note on their website today that salaries are “delayed.” Their head of HR, Johan Formgren, told them that sadly, he cannot “confirm any exact date when the salaries will be paid.” Saab spokesman Eric Geers told the media that he also does not know when wages will be paid. And who is to blame? Victor Muller? Fugitive Valdimir Antonov? All-around-whipping post GM?

No way. It’s the Chinese.

In a text message cited by Göteborg Expressen, Victor Muller writes: (Read More…)

By on November 17, 2011

While Saab in Sweden is in the emergency room with wires and drips attached, Saab will be back from the dead at the  Guangzhou Auto Show. This is when  BAIC will show what they have produced from the Saab tooling that they had bought at fire-sale-prices when Saab had gone bust before. (Read More…)

By on November 16, 2011

Vladimir Antonov, the Russian “financier” who was feted by the acolytes of the zombie Saab as the second (after Victor Muller) coming of the dear Jesus, had his bank taken away from him.

More than $392 million of assets of Antonov-controlled Snoras Bank may be unaccounted for, central bank Governor Vitas Vasiliauskas told Bloomberg. Snoras’s operations were halted, and a state administrator was appointed by the Lithuanian government after the bank ignored recommendations to reduce its credit risk.

As a precautionary measure, government and bank traded accusations of felonious conduct. Reports Reuters:

“The government and central bank said they had found a risk of insolvency and possible criminality. The bank meanwhile has accused the government of ‘robbery’.”

Just to be sure, Swedish Radio mentions that “Antonov lent a large sum to Victor Muller which allowed Spyker to buy Saab.” (Read More…)

By on November 15, 2011

Over the last couple of weeks we traveled in space through ColombiaChina and South Korea, and in time through the USA in 1975. This week we are getting icy and hop onto Sweden.

If you are not in for a snowstorm, you are going to struggle through this article I’m afraid! But hey, I’ve also prepared 159 additional countries for you to visit in my blog, and I can tell you it is super good, so click away!

Volvo is still the king of Swedish roads, placing 4 models in the Top 8 last month, while there was no Saab model in the Top 50…

(Read More…)

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