Ally says Saab transferred the vehicles to McTevia for an eventual liquidation of the cars. Michigan-based McTevia and Associates was retained as a receiver by Saab and they are dealing with creditors and, most likely, liquidation of inventory of cars and parts.
Pacific Coast Business Times has the complete story.
A bank backed by Uncle Sam is suing to seize a stash of Saab vehicles at the Port of Hueneme as the iconic Swedish car brand heads for the sunset.
Ally Financial, a bank three-quarters owned by the U.S. Treasury, wants court approval to take control of 151 vehicles being stored at the port by Saab Cars North America, the domestic arm of the beleaguered Scandinavian automaker. The bank claims the cars are collateral for $61 million in financing on which Saab defaulted.
Ally sought control over the vehicles in a lawsuit filed in Ventura County Superior Court on Dec. 27, marking the latest in a series of blows for Saab. The niche brand’s demise was all but assured on Dec. 19, when it’s main corporate entities filed for bankruptcy protection in Sweden.
Unlike its Swedish parent, the U.S. arm of Saab did not file for bankruptcy. Instead, it retained a receiver, Michigan-based McTevia & Associates, to deal with creditors and, most likely, liquidate its inventory of cars and parts.
Ally Financial, a bank three-quarters owned by the U.S. Treasury, wants court approval to take control of 151 vehicles being stored at the port by Saab Cars North America, the domestic arm of the beleaguered Scandinavian automaker. The bank claims the cars are collateral for $61 million in financing on which Saab defaulted.
Ally sought control over the vehicles in a lawsuit filed in Ventura County Superior Court on Dec. 27, marking the latest in a series of blows for Saab. The niche brand’s demise was all but assured on Dec. 19, when it’s main corporate entities filed for bankruptcy protection in Sweden.
Unlike its Swedish parent, the U.S. arm of Saab did not file for bankruptcy. Instead, it retained a receiver, Michigan-based McTevia & Associates, to deal with creditors and, most likely, liquidate its inventory of cars and parts.
A ship from Wallenius Wilhelmsen unloads cars (possibly Saabs) in Port Hueneme, California, courtesy of Google Maps. WW is the transporting company that transported Saabs from Sweden to North America. For more information about port handling of Saabs in New York, here is a very interesting article by Dave T: Port handling of Saabs near New York
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