The North American Car and Truck of the Year organization has released the list of nominees for 2012. The list consists of 24 vehicles including 17 cars and seven light trucks. A juror of 50 U.S. and Canadian journalists will pick the winner that will be announced at the 2012 Detroit AUto Show in January. [...]
Geely Automobile from China, whose parent company owns Volvo, said that it has no interest in acquiring Saab. The report comes after Dagens Nyheter reported that Geely may be interested in buying Saab for production and development reasons. Saab is currently restructuring under creditor protection as it waits for long-term investment from China’s Zhejiang Youngman [...]
Swedish Automobile, the company that owns Saab, said it will be selling its Spyker supercar business to U.S. private equity firm North Street Capital. The U.S. firm, which will buy Spyker for $44 million USD is led by racing car enthusiast Alex Mascioli. Swedish has struggled for months now to fight off bankruptcy by seeking [...]
Earlier this week Saab Automobile received approval for its proposal for voluntary reorganization from the Court of Appeal in Gothenburg, Sweden today. Following that Saab released a statement saying that it will launch “an ‘efficiency improvement initiative’ review of the company’s business plan for 2012 and beyond, aiming at creating a more flexible and more [...]
Saab Automobile has received approval for their proposal for voluntary reorganization from the Court of Appeal in Gothenburg, Sweden today. The move gives Saab some breathing room to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions by Pang Da and Youngman. Saab hopes creditor protection will allow it [...]
Saab is undoubtedly in all sorts of trouble. Recently, the Swedish brand filed for creditor protection this month but was rejected. Supposedly, Saab owes its August wages to its workers and about $207 million to its suppliers. Ouch. However, earlier this week Saab was given a chance to leave so that their case can be [...]
Our inbox was flooded with press released from Saab this morning so we’re just going to touch on the subject of the Swedish brand’s survival here. Swedish Automobiles announced today that Saab has arranged 70 million euros ($95.6 million) in bridge financing with the help of a Chinese guarantee, buying some time while it renewed [...]
Swedish Automobile announced yesterday that Saab has filed for protection from creditors in Swedish district court since its current financial resources are limited. Basically, Saab wanted to file a Swedish version of bankruptcy protection as it waits for additional funding from Pang Da and Youngman. The company confirmed this morning that Sweden courts have “rejected [...]
Swedish Automobile announced today that Saab has filed for protection from creditors in Swedish district court since its current financial resources are limited. Swedish Automobile said that purpose of the proposed voluntary reorganization process is to secure short-term stability as it waits for additional funding from Pang Da and Youngman. “As part of the reorganization [...]
Saab’s future has been very grim with word bouncing around that the Swedish brand may have to file bankruptcy and undergo restructuring once again since they’re having trouble paying their dues to their parts suppliers. However, according to some reports, Saab is apparently very close to securing some short-germ financing from Chinese investors, which is [...]
