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 with his fellow board members and this is the result. Currently the holder of a single priority share in Swan believed to be Vladimir Autonov is eligible to choose the replacement board members.

Swan began negotiations to sell Spyker for $41 million last September, but now says that this is not enough to keep Swan alive, therefore if they do not find additional funding, Spyker will go down the tubes in a (forgive me) Saabing Swan dive.

- By: Sawyer Sutton

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 investors and selling off assets so it can resume production and start paying its suppliers and employees at its Saab plant in Sweden.

Swedish Automobile said that the money from the sale of Spyker will be used to pay down debt to Tenaci, which is a private investment company owned by Victor Muller, CEO of Swedish Automobile and Saab.

Muller will remain CEO of Spyker after a deal with North Street.

- By: Omar Rana

Source: Automotive News

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 the proposal for voluntary reorganization by Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile).”

“Saab Automobile is disappointed with the ruling and will appeal the District Court’s decision,” the company said in a statement.

Saab CEO says that the company owes its suppliers $210 million.

Start counting down the days people.

- By: Omar Rana

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 filing, the court-appointed administrator will apply for the Swedish state’s wage guarantee scheme to allow wage payments to all Saab Automobile employees to be made,” Saab said in a statement. “August salaries are expected to be paid within a short time frame following the court approval. With regards to outstanding debts to creditors, Saab Automobile will seek the support of its creditors for the reorganization process and is confident it will obtain this support, particularly because Saab Automobile aims at full redemption of outstanding debts.”

“Since securing the long-term funding through conditional agreements with Pang Da and Youngman, who both support this voluntary reorganization, we have focused on securing funding to bridge the period until we receive their funds,” Victor Muller, CEO of Swan and CEO and Chairman of Saab Automobile, said. “We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared.”

Photo Copyright © Omar Rana – egmCarTech.

- By: Omar Rana

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 details, but when Saab US’s spokeswoman was asked about the issue, there was no reply.

Swedish Automobile bought Saab from General Motors as part of GM’s liquidation process and since then, the “Born from Jets” brand has been struggling ever since.

Saab’s production lines have been halted since late April because the unpaid parts suppliers stopped providing parts. Some of the last news to also come from the Swedish brand said that “they made some deals with creditors so that production can resume” and that they signed “agreements with Chinese companies for more cash.”

Either way, if Saab files bankruptcy, they will have to get temporary protection from creditors so that they could restructure once again.

- By: Chris Chin

Source: AutoWeek

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 all necessary actions to collect these funds in time and continues discussions with various parties to obtain additional short-term funding so that the payments can be made, as well as resume sustainable production,” Swedish Automobile said in a statement. “There can however be no assurance that the necessary funding will be obtained or the funds collected.”

Good luck Saab.

- By: Omar Rana

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 be unpaid.

“The collection process that may start tomorrow would include investigating Saab’s bank accounts and potentially also other assets,” said Hans Ryberg, a division chief for the agency. “This could mean freezing them pending payments too.”

Saab owes its dues mainly to Kongsberg Automotive AB, a Norwegian-based company specializing in the manufacturing of car-seat parts, and Infotiv AB, a Swedish consultation firm.

Saab was also forced to stop their automobile production in March due to cash shortages and the assembly lines since June, have been virtually collecting dust. Apparently, more than 100 debt claims have been filed against Saab with Sweden’s Debt Enforcement Agency with some companies filing more than one claim.

Could Saab be really close to nearing death once again? From the sounds of it, they have at least one foot in the grave.

- By: Chris Chin

Source: Automotive News

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 Trollhatten, Sweden.

Earlier this year at the 2011 Geneva Motor Show, Saab unveiled the PhoeniX concept you see here.

2011 New York: Saab PhoeniX Concept:

All Photos Copyright © 2011 Nikolina Kostrevski – egmCarTech.

- By: Omar Rana

Source: AutoWeek

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 might drop the 9-3 nameplate and resurrect a badge that draws heritage. The 9-3 is apparently getting an all-new replacement in 2013, however, very little is known about the entry-level replacement.

“There’s a chance we might move away from that,” said Tim Colbeck, president of Saab Cars North America. “Instead, the company may adopt a name for the 9-3′s successor that draws from the brand’s heritage, although no decisions about the name have been made.”

Saab will also be completing their complete model lineup update at the turn of the 2012 year. The 2012 Saab 9-4X crossover is currently on sale as a 2011 model will make its official debut in October. Other additions for the 2012 year include the latest versions of the Saab 9-5, which also includes an all-new 9-5 Sport Combi wagon. All of the latest models are expected to make a debut in October, said Colbeck.

- By: Chris Chin

Source: Automotive News

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 a statement.

Saab said that it expects to pay wages of its white-collar workers this week. Other than that, Swan and Saab are moving forward with discussions with parties to obtain short-term funding to be able to restart and sustain production.

- By: Omar Rana

Swedish Automobile N.V. announced this week that Saab Automobile has delayed payment of the wages once again to its white-collar employees “as some of the funds that were committed by investors were not paid in time to effect such salary payments.”

“Saab Automobile is taking all necessary actions to collect these funds and continues discussions with various parties to obtain additional short-term funding so that the payments can be made,” Swedish Automobile said in a statement.

Saab spokesman Eric Geers said the decision affects about 1,600 people out of 3,640 employees, around 45 percent of its staff.

- By: Omar Rana

Source: Saab, MSNBC

Swedish Automobile (formerly known as Spyker), announced yesterda that Saab is still continuing discussions with its supplier base on material supply and delivery terms in order to be able to resume production at its Trollhattan plant.

“As delivery of all parts needed to secure a production start is not yet agreed production will not resume on August 9 as intended and will be postponed until a full commitment on delivery plans can be secured,” Saab said in a statement.

“I am positive about the progress we made on the payment terms with our suppliers and it is good to see that we all want to make it work,” said Gunnar Brunius, Vice President of Production and Purchasing. “What we need now is a full commitment on supply of parts into our factory to be able to restart production and secure a stable manufacturing operation. We are now working hard with our suppliers to nail down these plans, commit to a delivery schedule and start building the close to 11,000 cars that we currently have in our order books. The industry-wide summer break at our suppliers caused certain key suppliers not to be able to supply us in time. Saab Automobile hopes to restart production earliest in week 35 provided that it is able to commit to a delivery schedule with its suppliers.”

- By: Omar Rana

Swedish Automobile N.V, Pang Da Automobile Trade Co., Ltd. (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), all have really big plans for Saab. Swedish Automobile and Youngman have both signed an agreement to form a joint venture in Sweden to develop three Saab models.

The 50-50 joint venture will develop three ‘completely new’ vehicles including the Saab 9-1, 9-6 and 9-7. As a part of the venture, known as New Product Joint Venture, Saab will design and develop the new vehicles while Youngman will provide financial support.

“Within the development process of these three new vehicle lines, Saab Automobile will be responsible for controlling and managing the design, the development and testing process to the start of production and providing other necessary technical and quality control support,” the statement said.

“This joint venture offers Saab Automobile the opportunity to develop models that were not envisaged nor funded in our original business plan: for instance, we will now be able to develop a small entry level Saab, a car that has long been on the top of our wish list,” said Victor Muller, Saab CEO.

Saab will use existing capabilities  from its technical development department in Trollhattan.

- By: Omar Rana

Saab announced earlier this week that the new 2012 Saab 9-4X crossovers has started arriving at its U.S. dealerships. The Swedish automaker said that it has received more than 100 orders for the 9-4X so far.

Production of the Saab 9-4X began in February at a General Motors plant in Mexico after several delays. The 9-4X is co-engineered with GM and shares a platform with the Cadillac SRX.

“Our first vehicles are just hitting retailers and our first customer sale took place last weekend at Saab North Olmstead in Cleveland, Ohio” said President and COO of Saab Cars North America, Tim Colbeck.

The first unit of the Saab 9-4X is going to Ohio to a man named Martin Reuben.

“Before even driving it off the lot, I put my butt into the seat, looked around and bought it on the spot,” Reuben said. “So far everything I’ve discovered on this car is pure Saab – purposeful & well designed.” Saab has already 100 orders placed for its new SUV.

Click here for more news on the Saab 9-4X.

Refresher: The 2012 Saab 9-4X is available with two V6 powertrain choices, both mated to a 6-speed automatic transmission. The entry-level engine is a 3.0L engine making 265-hp allowing the 9-4X to accelerate from 0 to 60 mph in 7.9 seconds with front-wheel-drive (8.4 seconds with Saab’s XWD all-wheel-drive). The second model is a 2.8L turbo V6 making 300-hp and 295 lb-ft of torque. Mated standard to XWD, the turbo Saab 9-4X sprints from 0 to 60 mph in 7.7 seconds. Prices start at $33,380.

2012 Saab 9-4X:

- By: Omar Rana

Over the past few weeks, Saab and Swedish Automobile (formerly known as Spyker Cars) have been able to raise about 61 million euros ($87 million USD) in additional funding.

Saab announced yesterday that it aims to restart production at its Trollhaetten plant on Aug. 9. The good news comes after Swedish Automobile was given the Swedish government’s approval to a request to sell part of Saab’s property unit to a consortium of Swedish real estate investors,

Last week, Saab and Swedish Automobile signed a 28 million euro ($40 million) deal to sell 50.1 percent of Saab’s property unit, Saab Property AB, to a consortium led by Hemfosa Fastigheter.

Saab will get around 22.5 million euros at the closing of the deal.

Photo Copyright © 2010 Omar Rana – egmCarTech.

- By: Omar Rana

Source: Automotive News

The famous Italian design firm, Zagato, was suffering from some financial woes. But in order to keep the historic and world-renowned designer afloat, Coventry Prototype Panels bought decided to scoop them up.

Vladimir Antonov, who also recently bought Spyker Cars in February, also owns CPP, which is an automobile component manufacturer. And if some of you folks remember tuning firm Bowler Off Road, famous for their Land Rover-based rally off-roaders, Mr. Antonov also holds the rights to them as well.

CPP has a history of working with famous names like Aston Martin, who also has a history with Zagato.

Antonov, an entrepreneur and a bank owner, has been a name circling the auto industry for a while as he was a potential buyer for Saab when General Motors got rid of them as part of their restructuring. Antonov still remains interested in Saab as he recently acquired a large amount of real estate from the Swedish make.

Altogether, the companies that Antonov currently owns can make for some interesting recipes. Just look at the ingrediants: Spyker Cars, Zagato Design, Bowler Off-Road, and a potential for Saab to be in the mix (unlikely but still possible). It would be entertaining the see what they come up with.

- By: Chris Chin

Source: CarsUK

The new 2012 Saab 9-4X has earned the Insurance Institute for Highway Safety’s (IIHS) Top Safety Pick award.

“The 9-4X is rated good in the Institute’s front, side, and rollover evaluations based on good performances for its structural twin, the Cadillac SRX,” the IIHS said. “A separate rear impact test was conducted for the seats/head restraints in the 9-4X resulting in a good rating for protection in rear-end crashes.”

Click here for more news on the Saab 9-4X.

IIHS recognizes a vehicle as a Top Safety Pick when it earns highest ratings in all 4 Institute safety evaluations, and that have electronic stability control, which is standard on the 9-4X.

Refresher: The 2012 Saab 9-4X is available with two V6 powertrain choices, both mated to a 6-speed automatic transmission. The entry-level engine is a 3.0L engine making 265-hp allowing the 9-4X to accelerate from 0 to 60 mph in 7.9 seconds with front-wheel-drive (8.4 seconds with Saab’s XWD all-wheel-drive). The second model is a 2.8L turbo V6 making 300-hp and 295 lb-ft of torque. Mated standard to XWD, the turbo Saab 9-4X sprints from 0 to 60 mph in 7.7 seconds. Prices start at $33,380.

2012 Saab 9-4X:

- By: Omar Rana

Saab Automobile is still doing everything it can to keep from going under. The latest attempt at turning things around is a partnership with Zhejiang Youngman Lotus Automobile Co. of China. The goal is to produce three new Saab models, one of which has been eagerly anticipated by the automaker.

Saab will remain the developers for the new vehicles, while financing will be provided by Youngman. A Saab 9-6 and 9-7 are in the works, and a smaller 9-1 will be joining the two, as well. At this time, as per Saab spokeswoman Gunilla Gustavs, there are no time frames for when the vehicles will hit the market.

Despite claims of expecting to resume production, Saab ended up having to go a different route. Since the company is still having a hard time paying its dues, it has scheduled a two week vacation for employees, beginning July 25.

Upcoming plans are expected to set off a turnaround, though. Victor Muller, CEO of Swedish Automobile says of the new investment “We will now be able to develop a small entry level Saab, a car that has long been on the top of our wish list.”

- By: Alexandra Koken

Source: Free Press