Saab Automobile files for bankruptcy

Audio feed of the press conference: BNR - Nieuwsradio

What does that mean for us as vehicle owners?

Saab Parts AB is still a profitable business and not included in this bankruptcy.

Michele Tinson from Saab Cars North America commented in an Automotive News article it is too early to say what the next steps are going to be.

http://www.autonews.com/apps/pbcs.dl...111219876/1265

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Fuken GM hired the fat lady... I will not forgive. No.

Google Translate

At the press conference said Engstrom that two companies are in place within the framework of transition assistance to help the approximately 3,400 affected employees to return to the labor market.

Some specific initiatives directly as a result of the bankruptcy did not feature Annie Lööf or Hillevi Engstrom. Rather than referring Loof to the government in the last budget allocated 1.2 billion extra to the employment office. - Employment Service has clearly said that it has resources. If necessary, the Government may return it, 'said Hillevi Engstrom

1.2 billion kronor for the ex-Saab employees is about 133 million euros. If they invested that in Saab, all employees would still have their jobs, no? Plus the cost of lost local business in Trollhattan, suppliers worldwide, dealers and so on. Saab really didn't need a lot of money to get back on their feet again.

I feel ............. sick to my stomach

VM .... always the pro that he is.

Victor Muller is definitely looking like my hero. Wondering why Sweden doesn't bail out their big manufacturers like we do here in the US?

Originally Posted by photousa

Victor Muller is definitely looking like my hero. Wondering why Sweden doesn't bail out their big manufacturers like we do here in the US?

It's all part of their master plan to drive unprofitable companies out of business: http://saabworld.net/f85/swedish-sys...usiness-24448/

It’s at the center of the economic model designed by the Swedish Trade Union Confederation back in 1951. "According to this model, Sweden must maintain an open economy, with low tariff barriers and low subsidies to domestic industry, so that inefficient and low profit companies would be driven out of business," Steinmo told GlobalPost. Steinmo argues that Sweden's faith in the market's ability to choose winners and losers is one reason why the country boasted the highest economic growth in Europe last year, at 5.6 percent, despite taxing its citizens 54.7 percent of their income.

Here it has it's roots in the Sherman and Peabody Anti-Trust Act. The logic was that with just "the big two" we would soon have a "big one" and since a monopoly is not a good thing we bail them out.

I would like to see the Nash and Studebaker make a comeback. But then I predicted the return of the buggy whip too so, go figure?

Crosby, Nash ...

Originally Posted by photousa

Wondering why Sweden doesn't bail out their big manufacturers like we do here in the US?

Originally Posted by tunnanxwd

Here it has it's roots in the Sherman and Peabody Anti-Trust Act. The logic was that with just "the big two" we would soon have a "big one" and since a monopoly is not a good thing we bail them out.

I would like to see the Nash and Studebaker make a comeback. But then I predicted the return of the buggy whip too so, go figure?

Crosby, Nash ...

Crosby, Stills, Nash, & Young - American Dream - YouTube

Damn... damn, damn, damn.

If I had the money, I bet there isn't going to be a better time to buy a new Saab. With fears of them going under, prices were incredibly low, and now with them under, I bet there are going to be steals. The lack of a warranty wouldn't scare me much, as it would most likely be offset by the low price, and the fact that many things I would want to do to the car would void the warranty.

Unfortunate Saab's fate has come to this, but I don't think anyone can say it blind sided them.

Take a little trip

Take a little trip

Take a little trip and see

Lo ... ri .... der go real slow ...

I guess that the issue is the dealer getting paid for the labor portion of the deal.

Now, that said I have long suspected that we have been paying for a lot more than meets the eye. It seems like some dealers are parts happy when the car is under warranty but it comes to a halt a month after for some reason?

http://search.autonews.com/v/4991568...d-12-19-11.htm

Yesterday it became clear that Youngman was no longer willing to invest in Saab Automobile. But now sources say the P4 West to Youngman is on the way to Trollhättan and the company wants to buy the whole estate. And Saab's bankruptcy administrator, Hans Bergqvist, confirming that Youngman is interested in Saab.

The Chinese firm Youngman has long been interested in investing in Saab Automobile and was the last hope for Saab.

- We have had some brief contact with Youngman who continue to show interest. We will try to meet them as soon as possible, before Christmas, to see where they stand today, says Hans Bergqvist, trustee in bankruptcy for Saab.

Are there other stakeholders?

- There are others ..

What then?

- I can not go into in the current situation. There are always stakeholders who want to demonstrate their interest in a bankruptcy situation, says Bergqvist.

Is it serious speculators?

- I can not comment on.

But when General Motors, Saab's former owners, early yesterday morning made it clear to Saab chief Victor Muller that the company would not approve any investment that Youngman would make the Saab took the fairy tale ended.

Muller had no choice but to yourself to go to court in Vanersborg to file bankruptcy.

But now it looks like Youngman is still interested in buying the estate of Saab.

According to data for P4 West to be a delegation from the company tomorrow to travel to Trollhättan.

Youngman has a plan that involves in the next few quarters should be able to resume production of the current 9-3 ball that, allegedly, will not be subject to the same restrictions as the new cars.

According to SVT, the Turkish government interested in buying the company. The Turkish Embassy in Stockholm will have been in contact with the Industry Ministry and the Directorate of Saab.

Source: Youngman fortsätter jaga Saab - Nyheter P4 Väst | Sveriges Radio

Youngman and CEO Rachel Pang has not given up on Saab. It confirms Johan Nylén, attorney at the firm Baker McKenzie in Stockholm, representing the Chinese company.

- They arrive in Sweden tomorrow to meet with the bankruptcy trustee, he says and continues:

- The management of the company was very disappointed by GM's announcement this weekend, but you are still interested in finding a solution. They will try to act quickly. They are interested in Saab's development, Saab Powertrain and Phoenix technology. Or actually, they are interested in being able to save as much as possible of existing operations in Trollhättan.

Avoid obstacles

Johan Nylén describes an approach that seeks to avoid the obstacles that GM can set up: one hopes to produce the current 9-3 model, which is not a barrier in their contracts with GM, and then fixed at the Phoenix technology for next generation models .

- But that is about one to two years before the new models could hit the market, so it's about to hibernate in any form.

And in interviews with Chinese media yesterday, after the bankruptcy was a fact, expressed Rachel Pang that there was a very strong asset in the Phoenix technology.

Have rights

Pang mentions among other things, the Swedish development company Swedish Saab Automobile Development. It also allows the Youngman, managing director of the Chinese company in part would have rights to the technology that was developed for the next generation Saab models.

Something which is largely said to be a matter for negotiation when all Saab's assets are now included in a bankruptcy.

- Yes, Youngman has invested 60 million euros in Saab, and has paid for the licenses, said Johan Nylén.

To go further

When asked what will happen next explains Rachel Pang to the Chinese media that Youngman would go ahead and just set up operations in Sweden and also mentions the flora of the Saab models that were supposed to be manufactured with Phoenix technology, such as the Saab 9-1 , 9-6 and 9-7 in addition to what has been the basic models Saab 9-3 and 9-5.

According to data TTELA are also several Chinese stakeholders been in touch and expressed interest in Saab's bankruptcy estate, which they are expected to show itself soon, but it's probably on established Chinese automotive companies.

Various reports appearing in Swedish media, including state television channel SVT, claimed on Tuesday that officials from the Turkish Embassy in Stockholm have contacted the Swedish Ministry of Industry as well as ailing carmaker Saab Automobile AB about a possible acquisition.

Contacted by Today's Zaman, Turkish diplomats refrained from confirming the authenticity of the reports, but Lars Holmqvist, CEO of the Brussels-based European Association of Automotive Suppliers, said it is true that Turkey wishes to buy the Swedish automaker to produce a domestic brand, which Prime Minister Recep Tayyip Erdoğan's government seeks. “Turkey, which aspires to have its own car brand, would like to make it so by purchasing Saab,” he told Swedish media.

Erdoğan's government wants to make Turkey one of the world's top 10 economies and have a total exports volume of $500 billion by 2023, the 100th anniversary of the modern republic. It also realizes that producing a domestic car and aircraft brand can be the keys for the country to meet its centennial targets.

Read more: Swedish media says Turkey interested in acquiring Saab

Video chat with Victor Muller by automotive publication Autovisie. Sorry, Dutch only. Unfortunately, 17 minutes is too long for a complete translation.

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I used to get paid to listen to 17 minutes of lies and bullshit.