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…)
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…)
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…)
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.
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…)
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’.”
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…
“We will try to get clarity about what the decision from GM means and if there is any way ahead,” court-appointed administrator Guy Lofalk told Reuters. “I hope that I will know more before the end of the week.”
For the time being, Lofalk will not recommend to the court to end the bankruptcy protection process. He said it could happen though.
On Monday, GM said they would yank all licenses and oppose the deal if Saab would be sold 100 percent to China’s Pangda and Youngman.
Both Victor Muller and his mouthpiece Saabsunited now say they knew that all along.
We are in rare agreement on that. Last Friday, Sweden’s national publicly funded radio broadcaster Sverigesradio reached me and asked what I think of the deal. (Read More…)
While the flagwavers at Saabsunited wallow in the good news that the Swedish king announced at an annual moose hunt near Trollhättan that Victor Muller is a great guy, far away in Detroit, GM spokesman Jim Cain issued to Reuters what sounds like the death sentence to the sale of Saab to China’s Youngman and Pangda:
“GM would not be able to support a change in the ownership of Saab which could negatively impact GM’s existing relationships in China or otherwise adversely affect GM’s interests worldwide.”
The exactly same statement was sent to the Wall Street Journal, and GM will send it to anyone who asks what GM thinks of the deal. If Muller would have asked before announcing the sale, he most likely would have received the same answer.
Translation: (Read More…)
Pangda, one of Saab’s presumptive white knights, could itself be facing financial difficulties. Both the staid government-owned China Daily and the more outspoken Taiwan-based China Times report strange financial going-ons at PangDa. Says China Times:
“Shareholders and securities analysts are scratching their heads over how a top automobile marketing group in China managed to “burn” a huge fund of 6 billion yuan (US$944 million) in just six months. Many have speculated that Pang Da Automobile Trade Co has shifted to financial leasing services to cope with stalling car sales caused by the government’s credit-tightening regulations.”
According to China Daily, $659 million had been “used to repay bank loans and supplement working capital.” China Times reports a lot of the money as lost and says: (Read More…)
Today, Saab creditors met in a packed-beyond capacity courtroom on Vänersborg. After a short deliberation, the district court approved the reorganization plan, Göteborg’s Posten reports. It will cost 500 jobs in Trollhättan. On Friday, China’s Youngman and Pangda had agreed to take over Saab 100 percent – in a Memorandum of Understanding, which isn’t worth much, and which is littered with caveats.
Guy Lofalk, the administrator of Saab’s reorganization, will ask the court in Vänersborg to terminate the reorganization process. Before, Saab expressed “doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011.” Finally something we can agree on.
What happens if the court accepts Lofalk’s recommendation? Stockholm News explains it:
There was no better place to clear up some questions about Saab than in Chengdu. After all, nowhere can you find the CEOs of all major Chinese carmakers and government officials all under the same roof, or even at your dining table. There also was no better place to get entangled in the messiest web of facts and fiction. Here is some local color: (Read More…)
Pangda’s Chairman Pang Qinghua was not in Stockholm as reported. He was in Chengdu. At least today. As you can see above, he smiled into TTAC’s camera. At the sidelines of the conference, Chairman Pang had told Fang Yan of Reuters:
“Now that it’s in bankruptcy protection, all previous pacts are invalid. It’s up to the court to decide. It can also find a new partner.”
Talking to Fang Yan again, Pang qualified the statement:
“What I meant was that during restructuring, the court is authorised to adapt any restructuring plans, including vetoing previous agreements. It’s up to the one handling the reorganisation to decide whether previous agreements are valid or not. I am sticking to the commitment. Yes, I am confident about it.”
Saab calls the initial comments a “misunderstanding,” and Victor Muller apparently texted Reuters to say the deal with both PangDa and Youngman are “on track.” But, as Bertel reported yesterday, the real issue is whether or not Saab has any intellectual property to bring to the table. If not, the Chinese government will not approve the deal, regardless of how optimistic Muller, Pang, or the Swedish bankruptcy administrator who controls Saab’s fate are. The furor over Pang’s comments have provided a temporary smokescreen for that issue, but it won’t last…