Saab bankruptcy news thread

[nordwulf]

We had the reorganization thread but we're past point.. Here is a thread with any news about what's going on in Trollhattan after December 19th.

There is an existing thread about the Saab Museum: http://saabworld.net/f85/saab-museum-news-24829/

A Dutch company buys 1.040 tons of steel and aliminium from Saab. Not a a significant part of the Saab business but it shows they are slowly selling off inventory and other parts of the company.

Hebels uit Oosterhout koopt staal uit inboedel failliete Saab - Oosterhout - Regio - bndestem

OOSTERHOUT - Hebels Steel Service has the contents of the bankrupt Swedish carmaker Saab approximately 1,040 tons of steel and aluminum bought. The special order of the Oosterhout company represents an investment of 800,000 to 900,000 euros. "Friday was the party that we were offered came from Saab", says director Joost Hebels. "In the afternoon was about to buy." Starting this week, the company four or five trucks a day to load and drive to the Netherlands. Saab, which went bankrupt last month, resided in Trolhattan above Gothenburg, at 1,200 km of Oosterhout.

[nordwulf]

(Reuters) - Chinese group Zhejiang Youngman Lotus Automobile could make a fresh bid for failed Swedish carmaker Saab next week, sources with knowledge of the situation said on Wednesday.

Saab was declared bankrupt by a Swedish court in December after protracted rescue efforts by owner Swedish Automobile (SWAN.AS).

A key stumbling block was the refusal of former owner General Motors (GM.N) to allow its technology, which underpins Saab cars, to fall into Youngman's hands.

The Chinese group remains interested and is prepared to make an offer, which one of the sources said would be worth several billion Swedish crowns.

A second source with knowledge of the process confirmed that a bid was likely next week.

Neither would say how Youngman would get round GM's objections. The lawyer representing Youngman has said that the firm would seek to develop technology not controlled by GM.

Both sources said there were risks to a bid because receivers were preparing to sell parts of Saab's business to engineering firm Semcon SMC.ST. That would leave little for a buyer interested in continuing to build cars, the sources said.

"The big danger is that Saab and Semcon have agreed a deal with the receiver over large parts of Saab Automobile that would make it impossible for anyone to buy Saab as a whole," the second source said.

Neither the receivers nor Semcon were available for comment.

Last week, Saab's receivers put the Saab car museum up for sale to bring in cash to keep the company ticking over until possible bids for the carmaker could be placed.

Another obstacle is that the receivers have yet to provide information about exactly what assets are for sale, the second source said.

"You don't know if the brand rights are for sale ... if the technology is for sale. There is no information available," the source said.

GM has said it would be difficult to support a sale of Saab that hurts GM's position in China and other key markets.

Without GM's technology licenses and production contract, analysts have said, Saab would be unable to continue in its present form.

Saab's PhoeniX platform, expected to be the base of future models, relies very little on GM technology. But any buyer would have to invest heavily to complete the development of PhoeniX.

Any buyer would also have to get permission from defense and security company Saab AB SABBb.ST and truck maker Scania (SCVb.ST) to use the Saab name, as they still own the rights to the brand.

Youngman eyes fresh bid for Saab: sources | Reuters

[Mark_Venture]

With the rumors a float about the possible interested parties in buying Saab as a whole, i.e. Youngman, Brightwell, Manhindra... If someone does buy Saab, how does that impact Saab, Saab owners and Saab dealers in North America, since SCNA was separate, and has also filed bankruptcy, and dealers are hurting and closing?

If one of these interested parties buys Saab from Victor M and company, can SCNA be resurrected?

[nordwulf]

Feb 2 (Reuters) - Chinese group Zhejiang Youngman Lotus Automobile has made a fresh bid for Swedish carmaker Saab, which went bust in December, Swedish radio reported on Thursday, citing sources.

Saab, one of Sweden's best-known brands, shut down production early last year after running out of money and was finally declared bankrupt after protracted rescue efforts by owner Swedish Automobile.

The public broadcaster said Youngman's offer was worth several billion Swedish crowns, and the Chinese firm, which had wanted to invest in Saab before the bankruptcy, would under the new proposed deal produce cars at Saab's factory in Trollhattan in the southwest of Sweden.

Saab's receivers declined to comment on the report. A Youngman representant was not immediately available for comment.

Read more: China's Youngman bids for bankrupt Saab -report | Reuters

[nordwulf]

I guess the receivers fail to see the bigger picture of 1000 jobs, supplier busines, Trollhattan's future and so on..

China's Youngman bids for bankrupt carmaker Saab

* Receivers see more money if Saab sold in parts-source

* Youngman wants to produce Saab 9-3, Lotus in Sweden

By Anna Ringstrom

STOCKHOLM, Feb 3 (Reuters) - Chinese carmaker Zhejiang Youngman Lotus Automobile has made a 3 billion crowns ($446 million) offer for bankrupt Swedish group Saab which has drawn a cool response from receivers, a source with knowledge of the situation said on Friday.

The receivers want bids for parts of Saab rather than the whole business as that would raise more for creditors, the source said.

Saab was declared bankrupt last December after months of efforts to keep it afloat by owner Swedish Automobile.

"Youngman made an offer for all of Saab on Monday. They intend to start production in Trollhattan," said the source, who declined to be identified.

"(The receivers) said they are not interested in a dialogue about the entity but rather want bids for separate parts of the business," the source said.

"Such a solution would ruin any chance of future car production in Trolhattan. But they have declared in plain terms that there are other, higher bids for parts of the business which would, added up, give greater returns."

Read more: Youngman bids for Saab, receivers cool-source | Reuters