Last Friday, a group of 41 Saab U.S. dealers threatened to file a Chapter 7 for involuntary liquidation. Now, the dealer’s legal representation has asked a U.S. Bankruptcy Court in Wilmington, Delaware for Chapter 11 bankruptcy protection for Saab Cars North America. “We filed a [Chapter] 11 just in case a white knight comes out [...]
I don’t doubt that many of you who see Saab’s name in any title or headline, are fed up with hearing about the constant struggle to save the brand from being liquidated after declaring bankruptcy in December. Well, sorry to disappoint, but there’s been a recent update that Zhejiang Youngman Lotus Automobile in China is [...]
Though it might not affect the average person at all, quirky car enthusiasts everywhere will be lamenting this: Spyker may have just bought the farm. Due to Saab’s recent bankruptcy, parent company Swedish Automotive NV (Swan) is considering dissolving Spyker after Swan’s three chairpeople resigned over a funding conflict. Swan’s CEO Victor Muller apparently disagreed [...]
As Saab continues its bankruptcy process, Chinese car company Zhejiang Youngman Lotus Automobile is trying to salvage parts of the bankrupt brand. The news comes as Saab owner Swedish Automobile’s CEO Victor Muller says that the year-long strife of trying to save the brand may not be over. Youngman’s original bid to purchase Saab was blocked by [...]
Some Saab owners will be getting a bit of relief from General Motors as they announced that despite previous statements that new-car warranties would be suspended with the automaker’s bankruptcy, they will be covering some vehicles throughout the proceeding. “If Saab can’t cover warranties, we will provide warranty reimbursement for Saab cars built while GM [...]
Saab has told its North American dealers to suspend warranty coverage on all of its vehicle in the region. The automaker also said that all new vehicles must be sold ‘as is.’ The suspension became effective the same day that Saab was approved for bankruptcy to begin paying its creditors. Effective Dec. 19, “warranty coverage [...]
After many (and we mean many) attempts on saving Saab from bankruptcy, owner Swedish Automobile N.V. (Swan) has just announced that Saab Automobile AB, Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vanersborg, Sweden this morning. “After having received the recent position of GM on the contemplated [...]
It seems like there may be still some life left inside Saab. The Swedish automaker has apparently received the first payment from China’s Zhejiang Youngman Lotus Automobile as the company struggles to stay in business. “I can confirm a first payment from Youngman. Funding has come into Saab accounts,” Eric Geers, Saab spokesman, said today. [...]
It’s been a while since we updated you on the survival efforts of Saab – so we decided we’d give you a quick update today. According to statement released by Swedish Automobile (the owners of Saab) today, the company is in “discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China [...]
Saab’s ongoing financial issues still have no resolution in sight, as General Motors Co. announced Friday that it may block the sale of Saab Automobile AB to investors in China. The agreement that has already been made is with Pang Da Automobile Co and Zhejiang Youngman Lotus Automobile Co., for purchase of Saab for $140 [...]
