Our Daily Saab: Could Be Done By Tuesday

Bertel Schmitt
by Bertel Schmitt

That’s not us making the prediction. Stockholm News says that “Saab’s fate could be decided on Tuesday.” On Monday, the Court of Appeals will meet and will deliberate whether Saab will be allowed to appeal the District Court’s denial of a reconstruction.

Stockholm News does not expect a decision until Tuesday. But it predicts:

“If the Court of Appeals does not grant a reconstruction will the trade union IF Metall most likely call for bankruptcy on Tuesday afternoon.”

In the meantime, other bankruptcy petitions are piling up. The Japanese supplier Takata-Petri is the first foreign subcontractor to file bankruptcy petitions against Saab. For good measure, they filed two petitions from Takata-Petri companies in Germany, and one each from Romania and Poland. Before, two unions already filed for bankruptcy. One supplier filed and withdrew.

And weren’t there €70 million on their way from the sale of the license for the PhoeniX platform? All quiet on that front.

Bertel Schmitt
Bertel Schmitt

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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8 of 9 comments
  • Seanx37 Seanx37 on Sep 17, 2011

    Am I the only one that wants this to drag on for months? Who else wants the entertainment of a long protracted slow motion horror show?

    • Herb Herb on Sep 17, 2011

      Some Saab fans, perhaps, waiting for the unexpected?

  • Mazder3 Mazder3 on Sep 17, 2011

    Barack Obama, the UAW and the reverse vampires conspired to kill Saab for months. They want it dead cause Saab has acquired supermodern technologies from Spyker that they want for themselves for free. There. That aught to drive up pageviews! ;)

    • Pch101 Pch101 on Sep 17, 2011
      Barack Obama, the UAW and the reverse vampires conspired to kill Saab for months. Rumor has it that the president wanted to relocate the factory from Trollhattan to his native land of Kenya, and then make Kenya part of NAFTA so that Saab could claim that its cars had 127% domestic content, more than any other car maker. Of course, this is just a rumor...
  • Pig_Iron Pig_Iron on Sep 18, 2011

    Hoping the best for all concerned. - Still think VAG is the best hope.

  • Tstag Tstag on Sep 18, 2011

    The latest rumour is that Geeley (the company behind Volvo) plans to buy SAAB once it goes bust. Allegedly Geeley only wants the brand. I guess there is some logic in that. SAAB could do sporty and Volvo out and out luxury. They could then share the same plants and parts. But how would all those SAAB dealers get on without having any product for a few years?