Saab reorganization news thread

[Shazam]

3.3 million is a start, but it's like throwing pennies at a hundred dollar problem.

[Hirsch]

3.3M Euros isn't even enough to cover salaries. But at least at least there will be a Christmas in Trollhatten.

[nordwulf]

Breaking news!!! Yeah, we've heard that too many times from the Saab bloggers.. Suddenly, everybody is an international financing and business expert and knows exactly what's going on with "the deal". It seems a lot of these documents are confidential and really have no meaning for outsiders without knowing all the details. And they shouldn't be posted on enthusiast websites. I wish the best for the Saab employees but paying employee salaries is not the main priority right now. Well, only to keep the unions happy and not pushing the company to file for bankruptcy.

Perhaps they should have filed for bankruptcy 6 months ago, send all employees home, get everything in order, reorganize the company and make a new start.

Bankruptcy would be good for Saab: Lofalk applies to end Saab reconstruction again - Radio Sweden | Sveriges Radio

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[miko]

Shazam, ofcourse it's start only. It confirms than Youngman like go trough all hurdles. It isn't good to pay the salaries only. It's important to goes on with reconstruction to find best solution and secure the production to the future.

[SaabKen]

Sometimes I feel the world is on it's head. A ball player makes $2 billion and a scientist $200,000. But WTFDIK?

Or a hard-working grade school teacher making $40,000/yr .........

[Hirsch]

From The Local.

Saab to file for bankruptcy: report - The Local

Beleaguered Swedish automaker Saab is expected to file for bankruptcy on Monday, according to reports in the Swedish media.

• Lift Saab's bankruptcy protection: administrator (7 Dec 11)
• Saab juggles Chinese suitors 'to please GM' (5 Dec 11)
• Swiss pick Saab's Gripen fighter (30 Nov 11)

Citing “several independent sources”, Swedish business daily Dagens Industri (DI) reported early on Monday that Saab's parent company Swedish Automobile (Swan) is expected to submit a bankruptcy petition on Monday afternoon to the Vännersborg District Court.

However, a “well-placed” source at Saab told the TT news agency that a decision about putting Saab in bankruptcy has yet to be taken.

Anette Hellgren, chair of the Saab chapter of the Unionen labour union, told TT she hadn't heard anything about the reported bankruptcy either.2

“We haven't heard anything about this,” she said.

*Whether or not negotiations between Saab and Chinese firm Youngman have reach a conclusion also remains unclear.

“As far as I know they were still negotiating at the weekend in Stockhlm,” Thomas Haglund, chair of the Saab chapter of the white collar Ledarna labour union, told TT.

Haglund refused to comment on whether or not Saab had filed for bankruptcy, saying he preferred to “wait and see”.

“It's only a rumour,” he told TT.

Last Wednesday, Saab's court appointed administrator Guy Lofalk asked the court to life bankruptcy protection that has keep creditors at bay for weeks, saying there is no money left to carry out a successful reorganization of the business.

Saab employees are still waiting to be paid for November.

Saab CEO Victor Muller responded by trying to stitch up a solution that wouldn't require approval of Saab's previous owner, US automaker General Motors (GM), which previously put a stop to the planned purchase of Saab by Chinese auto companies Pang Da and Youngman.

Muller has been negotiating with Youngman for a loan that would allow Saab to pay workers for November and continue with the reorganization.

According to a source at Saab, the Chinese have promised to provide the funds, but have yet to actually deliver the money.

“The situation is extremely difficult, but there hasn't been a decision about bankruptcy,” the source told TT

[nordwulf]

And TTELA is reporting this about 10 minutes ago.

Published 14:13 (8:13am EST)

Youngman: "We are close to a solution"

The parties are close to a solution and the money will be transferred to Saab. It says Rachel Pang, president of Youngman said. She has now left Stockholm after intense negotiations.

- We will soon finalize our agreement, she says, but would not go into what it means in detail.

TT: Why has it taken so long?
- It is a comprehensive agreement.

TT: When will it be finished?

- We're working on it. It will be clear, she says.

TT: Saab is waiting for money. How's it going?

- Money will be transferred, said Rachel Pang, and then she would not answer any more questions, that the sum involved, without interrupting the conversation on the grounds that she has another call waiting.

Youngman: &#034;Vi är nära en lösning&#034; - Saab - www.ttela.se

[nordwulf]

No bankruptcy filing by Saab

'operations are still ongoing, "said sources

The process of Youngman on an ownership structure around the Saab is still ongoing. It confirms the sources of TTELA.

TTELA have written about the negotiations that took place in Stockholm between Youngman and Swedish Automobile last week with a view to a new ownership structure for Saab - and a rescue of the brand and business. Other media have this morning reported that Victor Muller and Swedish Automobile is going to file for bankruptcy to Vänersborg.

But the situation right now is that the process of Youngman is still ongoing, but not finished. It is a very worrying situation for Saab, according to sources TTELA spoken to, but there is no decision on a petition yet. But the time period for achieving success in this last attempt to ownership solution is very limited, why bankruptcy issue may show up soon if you are unable to resolve a number of knots in the process. It is said to be important to present a bankruptcy process for the Swedish Automobile - if this is the only possible outcome - among other things, to prevent members of the board of the Swedish Automobile become personally liable.

Ingen konkursansökan från Saab - Saab - www.ttela.se

[nordwulf]

Trading of SWAN shares halted, waiting for press release.

The AFM announces that it has given an instruction to interrupt the following trade: Issuer: Swedish Automobile NV

Financial instrument: share
ISIN code: NL0009816248
Reason to pause: pending press release
At the request of market operator / investment firm? No
Date: December 12, 2011
From: 14:22 CET
Until: further notice

AFM legt handel Swedish Automobile N.V. stil | AFM

Euronext - SWEDISH AUTOMOBILE : Share price Stock price Quotes information

[Golfhunter]

5 more millions Euros for Saab today from Youngman !! Money is about to arrive !! Good bye bankruptcy !