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 [...]
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 [...]
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 looking very grim. Last week, word from the manufacturer was that they might not be able to pay their dues to parts suppliers. Now, to make things worse, it appears that Saab may have to file for bankruptcy again, said some reports in Europe. The reports weren’t specific in terms of [...]
We’re not sure how much longer Swedish Automobile will keep this going but the company announced today that Saab is at risk of delayed payments of August wages to “employees as some of the funds that were committed by investors may not be paid in time to effect such salary payments.” “Saab Automobile is taking [...]
Saab has been having a very tough time. Having been severely tainted by the aftermath of being owned by General Motors, the future of the Swedish brand has been grim. And to potentially add insult to injury, word has it that Sweden’s Debt Enforement Agency might begin a debt-collection process if Saab’s bills continue to [...]
What was probably inevitable in the first place, Saab confirmed today. The Swedish automaker will not be attending the 2011 Frankfurt Motor Show in September as it struggles to raise cash to pay off its suppliers. A Saab spokesperson said that the company continues to focus its resources on restarting production at its factory in [...]
Saab’s fate has been very much in question as of late, especially since there’s been trouble with keeping the Swedish brand afloat and complications with parts from the Japan earthquake in March. But now, it seems like things are beginning to settle down for the brand born from jets. Just recently, Saab announced that they [...]
Swedish Automobile announced today that it issued a subscription notice for 5 million shares under the current EUR 150 million equity facility between Swan and GEM Global Yield Fund Limited. “The exact number of shares to be issued and the price thereof will depend on the pricing period which commences today,” Swedish Automobile said in [...]
