Tag Archives: Victor Muller

Spyker declaring bankruptcy after failing to gain funding

News isn’t well from Spyker as the company announced to have officially gone under as the automaker failed to gain any funding from investors or buyers. Victor Muller does hope to revive the automaker, but for now, it’s been officially declared bankrupt by the District COurt of Midden-Nederland. The court appointed an administrator to come […]

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Saab Emblem

Swedish Automobile talking to Youngman, Chinese bank to help save Saab

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 […]

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China’s Pang Da, Youngman offer to takeover Saab, Swedish Automobile turns down offer

China’s Zhejiang Youngman Lotus Automobile Co and Pang Da Automobile Trade Co, two companies that have signed a non-binding memorandum of understanding to take a 53.9 percent stake in Swedish Automobile, have offered to takeover Saab completely. Swedish Automobile said that the two Chinese companies have made an offer to directly purchase shares in Saab. […]

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Saab gets some more breathing time, gets approved for bankruptcy protection

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 […]

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Court rejects Saab’s voluntary reorganization application, Saab owes $210 million

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 […]

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Saab files for court protection from creditors

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 […]

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Saab says there is a risk of delayed payment for Aug. wages

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 […]

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Saab says it will delay payment to white-collar workers once again

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 […]

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Saab won’t restart production on Aug. 9 as intended

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 […]

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Saab to restart production on Aug. 9

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 […]

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