Jump to content
Create New...
  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • Drew Dowdell
    Drew Dowdell

    SAAB Files For Bankruptcy


    December 19th, 2011 - Drew Dowdell - CheersandGears.com -

    It looks like the end is nigh for troubled Swedish automaker SAAB who filed for bankruptcy in Vänersborg, Sweden today. After receiving a number of life lines in the way of funding promises via various Chinese banks and auto manufacturers, the final life line by Youngman Automotive was cut when General Motors officially stated that they would not approve the deal.

    Just last week, the court appointed administrator for SAAB's voluntary reorganization, Guy Lofalk, quit giving SAAB another two weeks to finalize the deal with Youngman Automotive.

    The official press release from SAAB is on page 2


    Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.

    After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.

    Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.

    Source: SAAB Global Media

    User Feedback

    Recommended Comments



    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.




  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    You can view subscription options here.

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

  • Posts

    • I feel like they've finally fixed their design language with this, though its almost a new round of neo-retro like we had in the early 2000s with the PT Cruiser, Neu Beetle, HHR, etc.
    • Windows 11 ... Ok, the laptop was upgraded from Windows 10.   There were a couple of power offs and restarts.  Once I got onto the Microsoft Installation Assistant, it went smoothly. Interfaces and dialogue boxes are a little more user friendly. Here's the deal.  I had about 45 GB free before I started the upgrade.  I understand that Windows 11 takes up about the same amount of space as 10.  I've seen posts where people complain that it has taken up a larger amount of disk space than they had before.  The answer comes back that the system drive is temporarily "borrowing" this surplus of space and we'll be giving it back over time.  Is this plausible?  Duplicate files?  How long to get the extra GBs freed up? Thanks.
    • https://insideevs.com/news/784657/china-ev-tariff-canada/   https://www.cbc.ca/news/politics/what-is-in-canada-s-trade-agreement-with-china-9.7049082   “We’re building a new part of our car industry, building cars of the future in partnership, bringing affordable autos for Canadians at a time when affordability is top of mind, and doing it at a scale that allows for a smooth transition in the sector”       Details: Canada will tariff Chinese EVs at 6.1% instead of what it was which was 100% The first year, there is a limit of 49 000 cars to enter Canada but each year the limit will increase to 70 000 cars by the 5th year.  Prime Minister Carney said this is a deal that: "we're building a NEW part of our car industry building cars of the future in PARTNERSHIP, bringing affordable autos for Canadians at a time when affordability is top of mind, and doing at a scale that allows for a smooth transition in the sector"    Ontario leader Dougie Ford has negatives to say about it...forgetting though that GM usa, FoMoCo usa and Chryco usa voted for tariffs and Canadian built cars. trump also said that he does nor want, americans do not need Canadian cars...   So he is kvetching for nothin' about on Carney's side and bitchin' at the wrong tree... He should realize that certain shytty americans do not want Canadian anything, let alone automobiles.   PHOQUE the usa!!! PHOQUE americans!!!  The bolded CAPITILIZED words "NEW" and "PARTNERSHIP" quoted by Carney but  assumed by me may mean that and Im speculating here, reading into something that may NOT exist, that if and when Chinese EVs are a success sales wise in Canada and the plants that produce GM, Ford and Chrysler cars in Ontario do close down for a myriad of reasons, MAYBE Chinese factories manufacturing these EV will be on Canadian soil... "we're building a NEW part of our car industry building cars of the future in PARTNERSHIP...doing it at a scale that allows for a smooth transition" Takes a lot of reading between the lines...     But maybe there is nothing there also...    Anyway you slice it though, not good for the us auto industry in the long term. Especially when GM and Ford have no choice but to putz around in the us/Canada market. And since neither of them have any sort of global presence of any significance...   Well...PHOQUE THEM!!!   
    • Yes seems annarath | Cheers & Gears is a Bot for sure. @Drew Dowdell can you please remove them. Thank you
    • Looks like it's time for another bot posting purge.  
  • Who's Online (See full list)

    • There are no registered users currently online
  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

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

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