Saab - who will pick up the pieces?

It was perhaps inevitable but one of the longest-running vehicle manufacturing epics has ended with the formal entry into bankruptcy of Saab. Or has it ended? Reports are now circulating that Chinese manufacturer Youngman - apparently the source of so much controversy with General Motors - is back in Sweden. The unions want the receivers to sell up wholesale, not piecemeal, while rumours abound Turks and Indians could be interested. Saab isn't over yet.

SWEDEN: IF Metall asks Barack Obama for Saab licence help

15 May 2012

Main Saab blue collar union, IF Metall, has taken the extraordinary step of writing directly to US president Barack Obama in a bid to put pressure on former owner, General Motors, to make its licences available.

SWEDEN: MP slams government for Saab "lost time" with Antonov

26 April 2012

Swedish Social Democratic members of Parliament have attacked what they claim is lost time from government inertia, concerning approval of investment by Russian businessman, Vladimir Antonov in Saab.

INTERVIEW: Jean-Marc Gales - new CLEPA CEO: Part 2

11 April 2012

It's fair to say newly-installed European automotive supplier body CLEPA CEO, Jean-Marc Gales, has a busy in-tray to deal with in his first few weeks in office. Everything from Free Trade Agreements and over-capacity to repair information access will be on his agenda. He spoke to Simon Warburton at his HQ in Brussels on the state of play in Europe.

BELGIUM: Ex-CLEPA chief fires parting Saab shot at Swedish government

3 April 2012

Newly-retired CLEPA CEO, Lars Holmqvist, has delivered a stinging criticism of the Swedish government, maintaining it had been "callous" in letting bankrupt Saab go to the wall.

SWEDEN: Government "heavily involved" in Asian Saab electric discussions: source

30 March 2012

Reliable sources in Sweden claim the government is "heavily involved" in Asian consortium discussions for Saab that could see the iconic name disappear in favour of electric vehicles.

EXCLUSIVE: SWEDEN: New Saab bidder to focus on electric future

26 March 2012

Yet another potential investor is jockeying to take over Saab and is believed to be looking to steer the bankrupt automaker towards electric vehicles.

COMMENT: Rising tide of criticism for Swedish government on Saab

23 March 2012

One view rapidly gaining ground in Sweden is the government could have done more - a lot more - to come to the rescue of bankrupt Saab.

SWEDEN: Trollhattan mayor estimates need for 1,500 staff if Saab restarts

21 March 2012

Senior regional politicians closely aligned to the rescue attempt for Saab say any restart could see around 1,500 people employed at the bankrupt automaker.

EXCLUSIVE: SWEDEN: Saab town mayor optimistic over foreign rescue

21 March 2012

Trollhattan's mayor strongly believes either China's Youngman or India's Mahindra & Mahindra will rescue bankrupt local automaker Saab by the end of next month.

INTERVIEW: FKG supplier body managing director Fredrik Sidahl on Saab demise

20 March 2012

Newly-appointed managing director of Scandinavian supplier body, FKG, Fredrik Sidahl, was 25 years with Volvo before working for Saab. In the first of two interviews, he talked to Simon Warburton in his Gothenburg office about the collapse of the iconic Swedish brand and gave some frank views on the government's attempts to save it.

SWEDEN: Government "did not understand value of Saab": FKG supplier chief

20 March 2012

Sweden's automotive supplier industry has added its voice to the growing chorus of criticism surrounding the government's actions in trying to rescue bankrupt Saab.

COMMENT: Notes from a Swedish car town

19 March 2012

How could we let that happen?” was the frustrated response from Scandinavian supplier body FKG managing director Fredrik Sidahl to me earlier today (19 March) in his Gothenburg office.

BELGIUM: Youngman only "sensible" Saab solution: CLEPA CEO

29 February 2012

Europe's automotive supplier body, CLEPA, believes Chinese manufacturer, Youngman, is the only "sensible" solution for any rescue of Saab, following the rancorous withdrawal of Turkish private equity company, Brightwell Holdings.

TURKEY: "Shocked" and "upset" Brightwell confirms ending Saab race

28 February 2012

Saab bidder Brightwell Holdings says it is "shocked" and "very upset" after withdrawing from the bid to secure approval to restart production at the Swedish automaker.

SWEDEN: Debt office aware of reports Brightwell ditching Saab bid

28 February 2012

Sweden's National Debt Office (SNDO) says it is aware of reports circulating that Turkish private equity company, Brightwell Holdings, has withdrawn from the Saab bidding process.

UK: New company takes over Saab parts supply and service

10 February 2012

A new Saab parts and service organisation has been set up in the UK following the placing into administration last November of Saab GB which operated through a 58-strong dealer network across Britain of which 20 were 'Saab only' sites.

SWEDEN: Saab union derides government unemployment efforts as "political garbage."

10 February 2012

Saab's largest blue-collar union has slammed efforts by the Swedish government to provide the right environment for redundant staff to find new jobs as "political garbage."

COMMENT: Saab union stands up for those not wearing shirt and tie

9 February 2012

There appears to be something outrageous going on in Trollhattan or should I say Gothenburg.

BELGIUM: CLEPA cautions Saab receivers not to sell assets to pay huge lawyer army

3 February 2012

Europe's automotive supplier body CLEPA, is urging Saab receivers not to sell off the bankrupt automaker piecemeal in order to pay a vast army of lawyers.

TURKEY: Brightwell confident of 'immediate' start if Saab bid successful

3 February 2012

Saab bidder Brightwell Holdings says with some "minor adjustements," production could restart immediately in Trollhattan, should its pitch for the bankrupt automaker be successful.

SWEDEN: Debt Office to sit on first Saab Parts board meeting tomorrow

31 January 2012

Sweden's National Debt Office (SNDO) is to sit on the board of Saab Automobile Parts for the first time tomorrow (1 February) as the State looks to secure its loan guarantee repayment.

SWEDEN: Volvo takes on 50 Saab engineers as it looks to boost EV sector

31 January 2012

Volvo says it has recruited 50 engineers from Saab, with a further 50 being currently evaluated as redundant staff from the Trollhattan manufacturer look for alternative employment.

SWEDEN: Youngman lawyers confident of seeing off other bidders as Saab decision looms

31 January 2012

Lawyers acting for Chinese manufacturer Youngman, say they do not view other potential Saab purchasers as 'serious competitors' ahead of a looming decision from receivers handling the automaker's bankruptcy.

SWEDEN: Debt Office holds fire as receivers seek Saab buyer

30 January 2012

Sweden's National Debt Office (SNDO) says it is co-operating with Saab's receivers to see if a complete sale of the bankrupt automaker can be secured, rather than realising its pledges in the manufacturer.

SWEDEN: Debt office now largest Saab creditor after US$324m EIB repayment

30 January 2012

Sweden's National Debt Office (SNDO) has repaid a SEK2.2bn (US$324m) loan advanced by the European Investment Bank (EIB) to Saab to aid it through restructuring.

INDIA: Is Mahindra & Mahindra a third Saab bidder?

27 January 2012

Mahindra & Mahindra is declining to comment on speculation it may be a third party interested in buying bankrupt Saab.

TURKEY: Brightwell to make imminent Saab engineer statement as confidentiality deal inked

27 January 2012

Turkish private equity company Brightwell Holdings is to make an imminent statement on retaining skilled engineers at Saab, following the inking of a confidentiality agreement with the bankrupt automaker's receivers.

SWEDEN: Improved Norway links to help jobless Saab workers

23 January 2012

Swedish regional government is to inject SEK90m (US$13.4m) into the area around bankrupt Saab's home town of Trollhattan, with help given to those made unemployed by the automaker's demise to travel to Norway to seek work.

SWEDEN: "Totally serious" Youngman could see Saab deal hindered by NDRC timescale

23 January 2012

Union sources from a Swedish delegation to China say manufacturer Youngman is "totally serious" concerning bidding for bankrupt Saab, but cautions there will be a potentially long approval time by regulatory authorities - with the receivers liable for wages.

SWEDEN: Youngman could make Saab bid within weeks: FKG

23 January 2012

Scandinavian supplier body FKG says a bid for bankrupt Saab by Chinese manufacturer Youngman, could occur within weeks.

TURKEY: Brightwell "not interested in stripping" Saab

20 January 2012

Turkish private equity company, Brightwell Holdings, says it is not interested in stripping Saab's assets and intends to keep most of the automaker functioning in Sweden, should its bid for the bankrupt manufacturer succeed.

TURKEY: Brightwell maintains Youngman is "jumping the gun" in Saab bid

20 January 2012

Potential bidder for bankrupt Saab, Brightwell Holdings, says Chinese manufacturer Youngman may be "jumping the gun," when it comes to putting in an offer for the Swedish automaker.

UK: Growing brands look to recruit dealers

20 January 2012

Both Hyundai and Seat are looking to expand their UK dealer networks, the companies have said. The news will help offset the slow demise of Saab’s 58-strong dealer network and the decision by Renault to cut its network by around 55 to 135 by the end of this year.

SWEDEN: Saab State salary pot near empty as delegation starts China visit

19 January 2012

Bankrupt Saab's main white collar labour body Unionen, says its members have around one and half months salary left before the State guarantee runs out

CHINA: Bosch spearheads Youngman visit as new Saab rescue plan mooted

19 January 2012

European supplier body CLEPA has arranged for a Chinese-speaking Bosch representative to be on today's (19 January) Youngman-sponsored trip to China in a bid to evaluate its potential new EUR1bn bid for bankrupt Saab.

NETHERLANDS: Muller mulls Spyker sale as Saab owner sees mass board resignations

18 January 2012

Swedish Automobile (Swan) has seen immediate mass resignations from its board following a spat with CEO Victor Muller and the recent bankruptcy of Saab.

SWEDEN: FKG bewildered by Saab receivers' China flight refusal

18 January 2012

Scandinavian suppliers association FKG says it is baffled by a decision from receivers handling Saab's bankruptcy not to accept an invitation from Youngman to attend talks in China.

TURKEY: Brightwell could move main Saab supply chain out of Europe

5 January 2012

Turkish private investment company Brightwell Holdings says it is interested in the "entire operation" of Saab, although it would likely shift a major slice of the Swedish manufacturer's supply chain out of Europe should any bid for the bankrupt automaker prove successful.

SWEDEN: Lars Carlstrom re-emerges behind potential Indian Saab bid

3 January 2012

Former Russian businessman Vladimir Antonov's aide Lars Carlstrom has emerged as the entrepreneur behind a new potential Indian bid for bankrupt Saab.

SWEDEN: Defence company Saab AB not ruling out recruiting Saab auto engineers

22 December 2011

Defence and Security company Saab AB, says it could be interested in recruiting some of Saab Automobile's skilled engineers following the automaker's entry into bankruptcy this week.

US: General Motors mounts robust defence against Saab bankruptcy criticism

20 December 2011

General Motors has mounted a robust defence of its actions following Saab's formal entry into bankruptcy, insisting the development was "not for lack of effort."

SWEDEN: Trollhattan blue collar jobless rate could hit 20% following Saab bankrutpcy

20 December 2011

A major Saab union is cautioning blue-collar unemployment in Trollhättan could soar to 20% following the automaker's bankruptcy, although it also claims to know of two possible buyers for the manufacturer.

SWEDEN: Saab formally placed in bankruptcy

20 December 2011

Vanersborg District Court has formally placed Saab Automobile, Saab Automobile Powertrain and Saab Automobile Tools in liquidation and bankruptcy.

SWEDEN: Saab bankruptcy "horrific" says government as it seeks to secure wages before Christmas

19 December 2011

Sweden's employment ministry says it will push hard for Saab employees to be paid before Christmas following the automaker's bankruptcy filing today.

SWEDEN: Saab unions hold talks in Trollhattan following bankruptcy filing

19 December 2011

Saab's main unions are holding urgent talks in Trollhattan now as the shock waves of the automaker's bankruptcy filing continue to reverberate around the Western Sweden town.

SWEDEN: Saab bankruptcy filing "disaster" for Swedish supply side: FKG CEO

19 December 2011

Scandinavian supplier body FKG has described today's (19 December) decision by Saab to file for bankruptcy as a "disaster" for the Nordic component manufacturing sector.

SWEDEN: CLEPA slams General Motors for making "trouble" in Saab bankruptcy

19 December 2011

European supplier association CLEPA has launched a fierce attack on General Motors following the decision by Saab CEO Victor Muller to file for bankruptcy this morning (19 December).

SWEDEN: Saab files for bankruptcy as Youngman pulls funding

19 December 2011

Saab has filed for bankruptcy following Chinese manufacturer Youngman's decision not to provide further funding.

US: General Motors remains sceptical of Saab ownership plans

18 December 2011

General Motors has made it plain to Saab ahead of the automaker's bankruptcy hearing in Sweden tomorrow (19 December) that it cannot accept any new proposals put forward so far.

SWEDEN: Court refuses Saab administrator's request to stand down before hearing

16 December 2011

Vanersborg District Court has refused Saab administrator Guy Lofalk's request to stand down before next Monday's (19 December) bankruptcy protection hearing, insisting the automaker's creditors should be allowed to have their say in any such decision.

BELGIUM: Saab could tap up to $910m for restart: CLEPA

15 December 2011

European supplier body CLEPA estimates up to EUR700m (US$910m) could be made available for beleaguered Saab to restart production, if plans by Chinese manufacturer Youngman and an unnamed Chinese investor bear fruit.

SWEDEN: New administrator for Saab as Guy Lofalk requests exit

15 December 2011

Saab's administrator Guy Lofalk has requested to end his involvement with the automaker just days ahead of a crucial meeting to decide if the manufacturer should continue in bankruptcy protection.

SWEDEN: CLEPA chief Lars Holmqvist agrees to attend Saab reorganisation hearing

14 December 2011

European supplier body CLEPA CEO Lars Holmqvist has been asked by Saab CEO Victor Muller to attend next Monday's (19 December) reorganisation hearing at Vanersborg District Court.

SWEDEN: Saab welcomes reorganisation hearing breathing space

14 December 2011

Saab has welcomed the decision of Vanersborg District Court to postpone its reconstruction hearing to next Monday (19 December).

SWEDEN: [Updated] Debt Office will recoup EUR217m EIB guarantee if Saab goes bust

13 December 2011

Sweden's government says it should recoup its significant financial liability through a tools and parts sale should Saab go bankrupt and the European Investment Bank (EIB) call in its loan.

SWEDEN: Saab confirms first lifeline thrown as Youngman injects cash

13 December 2011

Saab is confirming it has received EUR3.4m (US$4.5m) from Chinese manufacturer Youngman in a first step to finding enough liquidity to pay staff salaries and stay in bankruptcy protection.

SWEDEN: Saab secures cash 'just hours ago' to pay taxes: IF Metall

13 December 2011

Union sources in Sweden say payment has just been received by Saab from Chinese manufacturer Youngman to pay outstanding taxes, with a promise to settle overdue wages.

SWEDEN: Deal taking "far too much time": Saab

12 December 2011

Saab says it is taking "far too much time" to secure any new finance deal that would see overdue salaries paid, as speculation mounts as to the automaker's future.

SWEDEN: Government quiet as Saab bids for new finance

9 December 2011

Sweden's government is remaining tight-lipped should Saab be taken out of bankruptcy protection next week by the Vanersborg District Court and as talks continue to secure new financing.

SWEDEN: "Last attempt" to save Saab as Muller tries to broker deal: CLEPA

8 December 2011

Europe's automotive supplier body CLEPA says a bid by Saab CEO Victor Muller to negotiate a new deal with Chinese sources could be the Swedish automaker's "last attempt" to effect a rescue.

SWEDEN: Court to rule on Saab future next week as Muller seeks loan

8 December 2011

Saab says the Vanersborg District Court, hearing an application from its administrator to end bankruptcy protection, will decide at 14:00 (Sweden) on 16 December if it will terminate the voluntary reorganisation.

SWEDEN: IF Metall to claim for salaries as talk rises of US$741m loan request

7 December 2011

Saab's main blue collar union IF Metall is to put in its claim for overdue salaries as speculation mounts in Sweden that the automaker's CEO Victor Muller has asked an unnamed Chinese bank for a loan of SEK5bn (US$741m).

SWEDEN: Saab administrator applies for bankruptcy protection to end, GM rejects new deal

7 December 2011

Saab has been dealt a twin blow with its administrator applying for the automaker's bankruptcy protection to end as former owner General Motors rejects a new ownership structure.

SWEDEN: Saab talking to Youngman in Stockholm as wages still unpaid

6 December 2011

Saab CEO Victor Muller is in Stockholm for talks with Chinese manufacturer Youngman as it seeks a way to pay overdue November salaries and reassure its administrator of a viable future.

SWEDEN: Victor Muller still trying for Saab deal: CLEPA

6 December 2011

European automotive supplier body CLEPA says Saab CEO Victor Muller is still trying to secure a deal that will be acceptable to former parent General Motors, with the possibility now of a Chinese bank becoming involved.

CHINA: Pang Da still talking Saab investment plans

6 December 2011

China's Pang Da Automobile will continue talks with various parties including Saab on plans to invest in the carmaker, it said in a statement.

SWEDEN: Saab talks finance with Youngman and Chinese bank

5 December 2011

Saab Automobiles owner Swedish Automobile (Swan) said on Monday it was talking with Zhejiang Youngman Lotus Automobile (Youngman) and "a bank in China" about an equity interest in Swan.

SWEDEN: Saab burns midnight oil this weekend to placate unions, suppliers

2 December 2011

Saab says work will continue during this weekend as it urgently seeks to placate unions, whose November salaries are overdue, and suppliers who remain unpaid.

SWEDEN: Saab posts Q3 US$495m net loss as crisis talks continue

1 December 2011

Saab has reported a net loss of US$495m for the third quarter as talks continue to pay its staff overdue November salaries and potentially restructure an ownership proposition from Youngman and Pang Da.

US: Saab administrator raises new ownership structure with GM, mulls wages deal

30 November 2011

Saab's administrator is exploring the possibility of a new ownership structure that could be acceptable to former owner General Motors, according to the automaker's main blue collar union.

COMMENT: Saab heading for museum status?

30 November 2011

I spent yesterday (29 November) at the Tata Steel Supplier Day in the surrounds of the magnificent Heritage Motor Centre museum and conference centre at Gaydon in Warwickshire and, even then, the precarious situation at Saab was ever-present.

UK: Redundancy spectre raised as administrators mull Saab GB future

30 November 2011

Administrators handling Saab GB's administration filing have raised the possibility of redundancies among the division's 120 staff as the crisis engulfing the brand shows no sign of being resolved.

SWEDEN: Rush meeting of Saab debt committee today as unions press for wages

29 November 2011

Key Saab unions, suppliers and Swedish tax representatives are to meet the automaker at 17:00 today [Sweden, 29 November) in the manufacturer's home city of Trollhattan as crisis talks to rescue the company appear on a knife edge.

UK: Saab GB files for administration as parent salary pressure mounts

29 November 2011

Saab GB has voluntarily filed for administration threatening 120 jobs as its stricken parent still battles for a cash lifeline to pay wages.

SWEDEN: Union warns of Saab bankruptcy claim unless wages paid

24 November 2011

Saab's largest blue-collar union says it will have no choice but to file for the automaker's bankruptcy next Monday (28 November), unless its members receive salaries.

BELGIUM: Swedish government could sell parts divisions should Saab fail: CLEPA

24 November 2011

European automotive supplier group CLEPA says the Swedish government could have to sell off several component divisions should the struggling automaker finally go bankrupt.

SWEDEN: Government tightlipped on Detroit delegation talk

22 November 2011

Swedish government officials are declining to confirm a delegation is on its way to Detroit to meet General Motors, as Saab looks to find way through its ownership issue with the former parent.

SWEDEN: Saab sends GM new proposals as supplier meeting put back

21 November 2011

Saab has postponed a meeting with its numerous suppliers to discuss payment terms as the automaker concentrates on securing former parent General Motors' approval for any change of ownership control.

THE WEEK THAT WAS: Saab still with us - just

18 November 2011

This time last week it looked that, by this time this week, Saab would be toast. But that deadline of Tuesday 15 November came and went and Saab is still with us.

COMMENT: Saab continues - just - as deadlines loom

18 November 2011

Everything it seems with Saab, comes complete with a raft of deadlines.

SWEDEN: Saab issues gloomy prognosis and potential EUR4.6m cash shortfall

18 November 2011

Saab has issued a third quarter trading update that outlines the extent to which it is heavily reliant on reaching agreement with General Motors, as well as a potential cash shortfall of EUR4.6m.

US: GM puts ball in Saab court as creditors meeting looms

16 November 2011

General Motors is declining to speculate on any timetable for the Saab situation to be resolved but says it has had "very regular" communications with the stricken automaker.

SWEDEN: MoU with Chinese could be extended: Saab

15 November 2011

Saab says there will be no formal announcement if the memorandum of understanding (MoU) between itself, Youngman and Pang Da is extended beyond today (15 November) as talks continue to find a way convince former owner General Motors of a new control structure.

SWEDEN: Union frustrated at "silent" Saab as it focuses on members' prospects

15 November 2011

Saab's main blue collar union has expressed frustration at the "silence" from the Swedish automaker concerning any new plan for ownership by Chinese investors Youngman and Pang Da.

BELGIUM: Small suppliers could struggle if Saab goes bankrupt: CLEPA

14 November 2011

Europe's supplier body CLEPA says some of its smaller members could struggle if Saab went bankrupt with speculation a decision could be taken tomorrow (15 November) concerning the automaker's voluntary reorganisation.

SWEDEN: Chinese MoU could be extended as Saab sends GM more information

14 November 2011

Saab says a deadline of tomorrow (15 November) for the memorandum of understanding between itself and the Chinese firms wanting to acquire 100% of the automaker could be extended.

THE WEEK THAT WAS: Saab's D-Day is close

11 November 2011

Tuesday, 15 November. Just another Tuesday to you and I but, for Saab, it's the day the memorandum of understanding signed with Pang Da and Youngman to buy the automaker and its UK national sales company runs out. As will, I suspect, creditor and government patience. Today's meeting is crunch time.

NETHERLANDS: Saab owners hold extraordinary meeting as parties continue talks

11 November 2011

Swedish Automobile (SWAN) shareholders are holding an extraordinary general meeting in Holland today (11 November) to discuss the latest developments in Saab's three-way crisis talks between the automaker, Youngman and Pang Da.

SWEDEN: Chinese MoU deadline concentrates Saab minds

10 November 2011

Saab says the time limit on its potential Chinese investors' memorandum of understanding (MoU) is concentrating minds as the automaker looks to convince former owners General Motors of its latest business plan.

SWEDEN: Government stresses Saab job implications to General Motors

10 November 2011

Swedish government representatives say they have been in touch with General Motors to stress the importance of just how how many jobs are at stake following the US automaker's decision not to continue with existing licence technologies should Saab enter 100% Chinese control.

SWEDEN: Union waits on Saab crisis talks as Chinese inject US$7.5m

9 November 2011

Saab's main blue collar union IF Metall says it is in "continuous contact" with the automaker's other main unions as the manufacturer enters its second day of talks with Chinese investors who have already injected US$7.5m.

SWEDEN: Saab holds urgent talks with Chinese after GM intervention

8 November 2011

Saab is urgently talking to proposed Chinese investors Youngman and Pang Da following former owner General Motor's decision not to agree to existing technology licences.

SWEDEN: GM sends Saab list of questions concerning Chinese acquisition

7 November 2011

Saab says General Motors has sent a number of questions to Sweden concerning its proposed 100% acquisition by Chinese manufacturer Youngman and distributor Pang Da.

SWEDEN: Suppliers to receive payment up front as Saab looks to exit reorganisation

4 November 2011

Scandinavian supplier organisation FKG says Saab will need to pay up front before delivery in order for its members to do business again with the automaker as it looks to exit bankruptcy protection.

SWEDEN: Green light for Saab oversight committee as Chinese finance date looms

4 November 2011

Saab blue collar union IF Metall has succeeded in its application to have a supervisory committee appointed to oversee Saab's transition from bankruptcy protection ahead of proposed Chinese investment.

SWEDEN: Saab union phlegmatic concerning 500 job cuts

2 November 2011

Saab's main blue collar union says "nobody is shocked" at the automaker's announcement this week it will cull 500 jobs as it looks to save around US$155m.

SWEDEN: Chinese CEOs address Saab creditors meeting as Muller looks to move sideways

31 October 2011

Saab says both CEOs of prospective Chinese buyers Youngman and Pang Da attended today's creditors meeting (31 October) in the Swedish town of Vanersborg, while it appears current chief Victor Muller will relinquish his post to become an adviser.

SWEDEN: Saab to slash 500 jobs as Chinese promise EUR600m investment

31 October 2011

Saab said it would cut 500 jobs as it looks to strip out SEK1bn (US$155m) of cost and repay creditors who estimated they are owed around EUR150m.

COMMENT: Saab drama still to play out

28 October 2011

There is surely one very relieved Dutchman in Sweden today (28 October).

BELGIUM: Suppliers want EUR150m debts paid before any Saab restart

28 October 2011

European automotive supplier association CLEPA said it is looking for Saab to settle outstanding debts before any production restart.

SWEDEN: "No job losses," claims Youngman as Saab takeover MoU inked

28 October 2011

Saab's proposed new co-owner, the automaker Youngman, said it did not envisage job cuts among the automaker's almost 4,000 workforce, as it inked a memorandum of understanding today (28 October) to acquire the Swedish automaker completely with fellow Chinese partner, vehicle distributor Pang Da.

SWEDEN: Chinese buying Saab 100%

28 October 2011

Swedish Automobile (SWAN) said on Friday it had signed a memorandum of understanding (MOU) with China's Pang Da and Youngman to sell 100% of the shares of Saab Automobile and Saab Great Britain to the Chinese companies for EUR100m (US$142m).

SWEDEN: Clock ticking as Saab extends court information delivery

27 October 2011

A Swedish District Court hearing an application from Saab's administrator to end its bankruptcy protection status says the later the automaker leaves its formal opposition, the greater risk it runs.

SWEDEN: Saab to present formal opposition to ending reorganisation

27 October 2011

Saab is due to present its formal opposition today (27 October) to plans by administrator Guy Lofalk to end its bankruptcy protection posting.

SWEDEN: Saab union waits on Stockholm talks as salaries still unpaid

26 October 2011

Saab's main blue collar union says its members have still not been paid October salaries as the automaker engages in crucial talks with Chinese investors in Stockholm and ahead of a reorganisation hearing tomorrow (27 October).

SWEDEN: 'Foul play' and 'plot' speculation add to Saab saga

24 October 2011

European automotive supplier association CLEPA says it is due to receive an update from Saab CEO Victor Muller this evening (24 October) as rumours swirl of 'foul play' in the automaker's latest developments to keep afloat.

SWEDEN: Saab rejects 100% share proposal from Youngman and Pang Da

24 October 2011

Saab says it has turned down an offer from Pang Da and Youngman to purchase 100% of its shares, as it waits for a court decision on whether or not to lift its bankruptcy protection.

SWEDEN: Saab administrator applies to stop reorganisation

21 October 2011

In a new blow that follows the positive news of a cash injection from a private equity firm, Saab's administrator has decided to apply to terminate the reorganisation process.

SWEDEN: Debt office scotches Saab rumours as it talks to Pang Da

13 October 2011

Debt office scotches Saab rumours as it talks to Pang Da

SWEDEN: Saab receives first cash loan from Youngman

13 October 2011

Saab says it has received the first tranche from Chinese manufacturer Youngman of a bridge loan that is eventually slated to reach EUR70m (US$96m).

SWEDEN: Union eyes state wage deadline warily as Saab and Pang Da put on joint front

12 October 2011

Saab's largest white collar union says it is eyeing carefully a looming deadline for Swedish state wages guarantee as the automaker insists its cooperation with Chinese distributor Pang Da is still on track.

SWEDEN: Administrator could pull Saab plug after loan no-show

11 October 2011

The administrator in charge of Saab's restructuring under court protection could pull the plug on the process as early as today (Tuesday 11 November), paving the way for declaring the automaker bankrupt, Swedish daily newspaper Svenska Dagbladet has reported.

SWEDEN: Youngman cash imminent as Saab regroups

29 September 2011

Saab says Chinese manufacturer Youngman is due to deposit EUR70m (US$96m) imminently as the Swedish automaker looks to regroup after securing bankruptcy protection.

CHINA: Youngman to ink Saab JV shortly, did not request job cuts

23 September 2011

Chinese manufacturer Youngman says it will sign a manufacturing and distribution joint venture with Saab in a "very short time" and has distanced itself from any request for job cuts.

BELGIUM: CLEPA endorses "harsh" Saab efficiency drive

23 September 2011

European supplier body CLEPA is concuring with Saab's assessment it may have to shed jobs as part of its plan to emerge from reconstruction.

COMMENT: Champagne on ice as Saab delivers reality check

21 September 2011

Barely had the ink dried on today's [21 September] news of Saab's great escape from the clutches of bankruptcy - there was talk in the Swedish media of great celebrations in Trollhättan - than the automaker decided to deliver a great dollop of hefty realism.