Skip to comments.Clock Ticking for Teetering Saab
Posted on 04/29/2011 1:06:20 PM PDT by winstonwolf33
Nearly a month after suspending almost all production at its assembly plant Trollhaettan, Sweden, because it couldn't pay suppliers for parts, Spyker Cars NV's Saab Automobile is scrambling to finalize a plan to further finance operations before the unit collapses.
Any deal now constructed to save Saab automobile production will involve an intricate web of international players that stretches from Russia to the U.S. Russian banker and investor Vladimir Antonov has tried for weeks to initiate an investment that might steady the cash-strapped Saab Antonov already has in place a deal to purchase the portion of Spyker Cars' business that produces and sells Spyker-badged exotic cars but any such deal needed to pass muster with the Swedish National Debt Office (SNDO), guarantor of a European Investment Bank loan to Saab last year, as well as the EIB itself and previous Saab owner General Motors Co.
The SNDO and GM both indicated their approval yesterday of a deal that would allow Antonov to purchase almost 29.9 percent of Spyker, but it appears even as much as the almost $75 million Antonov is said to be prepared to inject may not be enough to stabilize the situation the company reportedly owes $49.7 million to suppliers for parts already delivered. Saab has asked current stakeholders if they are willing to invest more to help keep the automaker solvent and is courting new investors, including interests from China.
We have opened up alternative routes to fund the company mid and short term including, but not limited to, discussions with Chinese car manufacturers, said Spyker CEO Victor Muller in a statement yesterday, saying he was hopeful further investment would happen so production could resume.
(Excerpt) Read more at autoobserver.com ...
It will be a really bad Saab story.....................
Remember Abba, the pop group? They also come from Sweden.
“EIB”-I didn’t know Rush was going to buy Saab/sarc.
I wonder what the political demographics of Saab buyers are? I bet they were like those of Volvo.....liberals.
If that is the case, the libs are giving up the Saabs for....Prius’s??
I loved Abba. Still do. They are probably too old to tour anymore. And so Am I....................
What Will Jerry (Seinfeld) Drive?
I loved Abba. Still do. They are probably too old to tour anymore.
They have been offered tens of millions over the years for a reunion tour and have always turned it down. Two married couples at the time, they long ago split and went their separate ways, and apparently have no desire to tour together again.
Can I match that with, “The workers feel they’ve been Saabed in the back”?
Or,... Sob..Sad Sales Sink Saab Sub
“I wonder what the political demographics of Saab buyers are?”
Most of the Saabs I have seen in my entire life were in Boston, specifically, Newton and/or the Cape. I believe they are considered a status symbol amongst the snooty elitist professorial crowd.
I thought Sweden was a socialist heaven. How can this happen?
I have owned 3 SAABs, and I loved all of them. My current ride is a ‘93 navy blue SAAB convertible 900 Turbo with 130,000 miles and she’s a beauty. I have told my family I want to be buried in it...
No need to edit yourself, tell us what you really think, ;)
Actually he favors Porsches. Always wondered why he drove a Saab or BMW on his show. Must be product placement deals.
My ability with subtlety is a gift. HA! Semper Fi!!!
What would GM do?
Love the ignition key on the floor..
Ping to WayneS
Mrs. RQSR, and myself have been Saabists since 1988, and haven’t been without one, or two, or three, sometimes four of them since.
Gimme my old Ford pick em up truck, and my Saabs, and get the “H” outta my way.
It’s a damned shame the Socialists screwed ‘em up. Great cars.
Being taken over by GM was the Kiss Of Death for Saab. Saabs became Opels with a Saab badge. Instant major FAIL. Who in their right mind would buy an Opel with a Saab price tag? Right, no one.
They need to go back to the “wingless bomber” with the 2-cycle engine.
“Remember Abba, the pop group? They also come from Sweden. “
They, too were great while it lasted.
I’m on my third as well—A 99, 900, and 9-5. I’m not sure what I’ll buy next if Saab isn’t around.
And Volvo are owned by the CHI-COMS!! :(
Far and away their largest customer is one capitalist nation, that rejected their lousy product.
There was a troll not too long ago telling us how we should be more like Socialist Sweden and drive awsome cars like Saab. I’ll post it I can find it.
"What's the difference between a Saab & a porcupine?"
"On porcupines, the pricks are on the outside.
The glorious irony is we where in his when he told me!
"...nice car, . . . fix the cigarette lighter...
The better the puns get, the louder the groans.
I’ve owned two 900s in the past, an ‘89 & a ‘96, both before GM took over 100% ownership and screwed up the brand. They were certainly fun cars to drive ... and ditto on the floor ignition key! Too bad the ‘96 got totaled in a freak flash flood. I would’ve considered another one in the future w/o GM’s involvement.
And nothing of value was lost.
I recall ABBA recently turning down a 100 million dollar reunion offer. They might very well be the richest band in history.
I had a 86 Saab 900 with the key in the center of the console. Made a mistake and spilled a little bit of coffee and it drained into the keyhole. A little while later, after I started the car, the key got stuck in the start position and did not go into the run position. This meant that the starter pinon gear didn’t release from the flywheel. Burned out the starter. The electrical system then drained causing the electric fan to stop working leading to serious overheating. What a design flaw.
I recall in college, seeing the old Saabs racing on frozen lakes upstate NY..always thought I’d like to do that someday
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