Jump to content
News
Reviews
Discussons
Activity
Create New...
Close
  • William Maley
    William Maley

    By William Maley •

    Has Saab Used Up All Their Lives?

    When we last checked in on Saab, they had announced a deal with Youngman automotive and a bank in China and were waiting on approval from GM and the Chinese.

    Well Saab might have just used it's last life. Yesterday, General Motors announced they wouldn't support the new agreement.

    "We have reviewed Saab's proposed changes regarding the sale of the company. Nothing in the proposal changes GM's position. We are unable to support the transaction," said GM spokesman Jim Cain.

    And the news gets even worse for Saab. In a press release today, Saab's parent company Swedish Automotive revealed the administrator in charge of Saab's reorganization for the Swedish government, Mr. Guy Lofalk would apply for termination of voluntary reorganization of the automaker.

    Lofalk has tried to apply for termination of the reorganization back in October, but was met with anger and threats of removing him from the reorganization.

    However, that isn't stopping Saab to try one last ditch effort to get some money. Victor Muller, Saab's boss Saab boss Victor Muller is reportedly seeking a loan worth over $800 million from proposed Chinese partner Youngman and an unnamed bank.

    Source: Autoblog, The Detroit News

    Related:

    The Continuing Story of Saab, Part 412.5: Three Ring Circus

    A Chinese Bank Becomes An Investor In Saab

    Press Release is on Page 2

    7 December 2011

    Swedish Automobile Informed By Administrator Of

    Application To Terminate Voluntary Reorganization

    Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries with the District Court in Vänersborg, Sweden.

    Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding to pay the wages and be able to continue the voluntary reorganization.

    Go to articles

    User Feedback

    Recommended Comments

    A Horse With No Name

    Probably not, not enough brand equity or volume to keep them around...a shame...they built some cool funky crs back in the day.

    But as it is, the free market has spoken and people don't seem to want enough Saab cars to keep the company afloat

    Link to comment
    Share on other sites
    Drew Dowdell

    Liability of what? As far as the ownership goes, GM has preferred share, in fact GM would be the one in the collection line, unless I am missing something.

    Remaining warranty liability, parts availability,

    Link to comment
    Share on other sites
    Z-06

    Depends how the agreement was signed with Muller. If SAAB took everything except intellectual property rights from GM, then that should not be a concern, unless laws are different in Sweden.

    Link to comment
    Share on other sites
    Drew Dowdell

    I remember it being one of the hangups on selling to him in the first place. GM wanted to be reassured that there was enough capital to cover those liabilities in the event that they folded because those liabilities would revert to GM at least in the U.S. It looks like there clearly isn't enough capital.

    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×

  • google-news-icon.png



  • google-news-icon.png

  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Posts

    • smk4565
      Cadillac News: 2026 Cadillac LYRIQ-V, Fastest Cadillac Ever

      By smk4565 · Posted

      That’s a really good value especially if you can get the tax credit applied via lease if it sticks around.     The only downside is it is 5,900 lb vehicle so it isn’t really a performance car outside of straight line speed.     Cadillac needs to make an EV sedan/coupe version of this, because the Lyric is a bit big and heavy and the CT4/CT5 don’t really sell anyway.  
    • trinacriabob
      2025 Toyota Camry tour by Joe Raiti at Chicago Auto Show

      By trinacriabob · Posted

      I'm coming back to this thread and post above after having written it a year ago.  I didn't see a thread on the new Camry. I parked next to one of these units today.  Everything above pretty much stands.  The way I noticed it is that it said Toyota and that the rear sail panel looked "acceptable" ... it didn't shout old Caprice or Impala coupe. The front lamps are nicer but what's below them is not. The stupid diagonal in the console is gone!  Everything looks more normal in the front of the cabin, even though there are a lot of horizontal slats everywhere. Looking back, I really liked that Honda Accord hybrid I was assigned as a rental unit at a South Florida airport and which I reviewed.  If Honda did a good job with it, I'm sure Toyota will, too.
    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      Wow, forget the Kia Boys, seems Subaru web flaws is much worse. https://www.wired.com/story/subaru-location-tracking-vulnerabilities/
    • Robert Hall
      Random Thoughts Thread

      By Robert Hall · Posted

      I can't imagine there is much of a market in the US for a $100k KN EV van...I know there is the whole 'van life' thing, but that is a small group of 'lifestyle influencer' wankers on TikTok/YouTube, etc.  At least the VW ID Buzz has the brand history and heritage going for it.
    • surreal1272
      Random Thoughts Thread

      By surreal1272 · Posted

      I’ll find Jimmy Hoffa before you find a successful “lifestyle” van market in this country and I am a van fan from way back. However, like station wagons, that is beyond a tough sell in this country. At least VW had the good sense to give theirs hope by giving it some style. All the great tech in the world doesn’t change that fact for the Kia. Again, that thing is hideous regardless of the lifestyle choice lol. 

  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search