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  • Ally Financial is suing SCNA to seize Saab vehicles at the Port of Hueneme, California

    Ally Financial is seeking court approval to take control of 151 Saabs that are stored in the Port of Hueneme. Ally claims Saab Cars North America missed a 1.1 million payment on 61 million in financing. However, the 151 cars are not worth enough to cover all debt to Ally and they are seeking possession of Saabs at other ports of entry in the USA, according to the lawsuit.

    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.
    Read more: http://pacbiztimes.com/2012/01/13/ba...saabs-at-port/

    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
    Comments 2 Comments
    1. nordwulf's Avatar
      nordwulf -
      Saab, Ally to rev up fight over cars in court

      Saab Cars North America Inc. and secured lender Ally Financial Inc. will fight later this month over which should be given the authority to liquidate some 900 vehicles at three separate U.S. ports.

      Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware in Wilmington is set to preside over a trial on March 23, according to debtor counsel Joseph H. Huston Jr. of Stevens & Lee PC.

      Sontchi scheduled the trial after Ally's request for relief from the automatic Chapter 11 stay to take control of the vehicles went unresolved during a March 2 hearing, Huston said.

      Ally had sought stay relief on Feb. 7, but Saab has requested the ability to liquidate the cars on its own.

      Huston said Saab and Ally agree that the 900 vehicles must be sold, but they disagree over which entity should oversee the sales. Saab believes the cars should be liquidated by the debtor and Saab dealerships to maximize the value for the estate, Huston said. Should Ally assume the sale responsibility and dump the cars into the automobile market, dealerships could be adversely affected, Saab asserted.

      Read more: Saab, Ally to rev up fight over cars in court - The Deal Pipeline
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