The Saab soap-opera continues, but this week the news is good. Saab just won a court appeal to protect it from creditors while it awaits funding from its Chinese investors. Earlier this year, two Chinese companies, Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. agreed to buy shares in Saab, totaling $334-million....
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Saab‘s days as an automaker might not yet be numbered. According to a recent report a Chinese automaker may be interested in purchasing the bankrupt automaker. “I’ve heard this one before,” you’re probably thinking to yourself. But this time it’s different…. we promise. According to Sweden’s Dagens Industry, the interested Chinese suitor is none other...
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Subaru is issuing a huge recall affecting close to 500,000 vehicles. The first recall affects 300,000 cars and crossovers registered in 20 different states, including the 2002-2007 Impreza, 2003-2008 Forester (including the 2005-2006 Saab 9-2x) to replace potentially rusted brackets on the underside of the vehicles. The complaints were received when front lower control arms...
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It was just yesterday when we reported that Saab was seeking government protection against bankruptcy, but now it seems like this step has failed. A Swedish court has rejected a protection and voluntary reorganization plan, citing that it does not believe any steps the automaker makes will help it to recover. Saab is “disappointed” with...
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Another week and another sob story regarding Saab. The troubled automaker has just applied for protection from creditors, and is trying to avoid the bankruptcy petition made by the unions. A once thriving manufacturer that made fighter aircraft, trucks and automobiles, the auto division of this 65 year-old company has been struggling ever since General...
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Debt ridden Saab is to apply for court protection from its creditors in a bid to stave off bankruptcy get again. For months, the automaker has struggled to raise finances to pay off suppliers, and as a result, has halted production. Saab was rescued from bankruptcy last year by Dutch owner, Swedish Automobile (formerly Spyker),...
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Sweden’s debt agency is claiming they have successfully investigated a handful of Saab bank accounts with some success. On Friday, the agency uncovered $796,291 which is enough to cover debts owed to the first four companies waiting for payment. The debt agency has contacted other banks holding Saab accounts in order to understand exactly where the Swedish automaker stands....
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Sweden’s regulators started the collection process against Saab Automobile after the struggling automaker failed to meet a Tuesday deadline to pay two suppliers. ”We’ve just begun by looking at what kind of bank accounts they have and what kind of collateral there might be” in the process that started Wednesday, Tommy Barkman, a case worker...
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Poor Saab can’t catch a break. Last week Saab’s European supplier were putting pressure on the Swedish automaker to declare bankruptcy, and this week the car company has pulled out of next months Frankfurt auto show, due to a lack of finances. A Saab spokesperson explained that the car-maker will concentrate its resources on restarting production at...
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Somehow, Saab is still alive, clinging to financial solvency with a tenacious refusal to go gentle into that good night. Some good news in its struggle has emerged, however: the troubled company has raised $5.8 million in a deal with GEM Global Yield Fund Limited, securing its funding for the time being. Saab’s Trollhättan plant...
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It’s an understatement to say that Sebastian Gupta’s parents are proud of him. What started as a summer project in 2010 has become $40,000 that’s been donated to a women’s center. The happy recipient was the Houston Area Women’s Center, and the $40,000 was raised from the sale of a rebuilt 2000 Saab 9-5 the...
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Swedish Automobile, owner of financially-stricken Saab, is being pressured by European suppliers to declare bankruptcy, hoping the threat will pressure the automaker to pay back debts. Saab production came to a halt in April, with suppliers refusing to deliver components because they were not being properly paid. Spanish auto panels maker Matrici S. Coop prepared a bankruptcy request,...
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Typically a Saab news story nowadays is either to do with financial woes or plant shut downs, however, thanks to the company’s recent injection of investor cash, both these issues will be dealt with by the end of August. With plans to move forward, Saab is now talking about the future, with an eye on...
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The Saab 9-6X concept was unveiled six years after being axed. The first pictures of the concept have hit the web and was unveiled at the company’s museum in Trollhättan. The 9-6X was based on the Subaru Tribeca and was slated for production but the vehicle was shelved when GM sold their 20 percent minority stake in Fuji...
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Another one joins the list! And this time around, it’s the Saab 9-4X, a new midsize luxury SUV, that’s taken its place on the Insurance Institute for Highway Safety’s Top Safety Pick award list. To earn this top safety designation, the 9-4X had to earn a rating of good in the IIHS’s front, side, and...
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Another week and another episode in the Saab drama is upon us. Now news comes that this ailing Swedish brand has halted production on building any new cars until Aug. 9, 2011. The delay is caused by suppliers, who want Saab to clear its debt with them before they provide any further parts. Saab has...
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Having just signed a deal with two Chinese partners, Saab chief Victor Muller has immediately shown he knows how to work the media. Rather than sit quietly, Muller has already announced plans to build three new models, while a new joint-venture arrangement secures medium-term funding for the production of Saabs current lineup. Two of the...
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Swedish car firm Saab has been in the news much more than even they would have liked to in recent months, mostly because the company seems to be on the verge of bankruptcy on a weekly basis. But while its CEO Victor Muller is looking for the money train to keep the company on track,...
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A used car dealer in New Jersey is trying to make a profit off of John F. Kennedy Jr.’s Saab 900 by selling it for $100,000 on eBay. For those of you that think the price is fitting, a 1994 Saab 900 in excellent condition and low miles typically would sell for about $4,700 on...
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According to an official release by Saab Automobiles, Russian businessman Vladimir Antonov is still very much interested in pour money into the ailing automaker, but was awaiting clearance from the Swedish National Debt Office.
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Union employees working for Saab are growing impatient after the automaker said it could not pay wages to its workers because it had not yet obtained necessary short-term funding. The unions have threatened legal action that could end in bankruptcy for the automaker. The IF Metall and Unionen groups will send a formal demand for payment...
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Saab’s ongoing drama will remain at a standstill for another two weeks. Saab’s Trollhattan factory in Sweden, has not produced vehicles for most of April and May because of issues regarding paying suppliers. The factory bounced back in late May, but was quickly forced to stop production when part supplies ran out yet again. “There will be...
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The drama involving Saab is on-going and doesn’t seem to show any signs of slowing down. It seems every time the company starts production, something will cause the production line to stop, whether its money related or parts supply related, and often both. Saab was hoping to have some stability back in their lives after...
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Saab halted production yesterday at its Trollhattan plant in Sweden after operations were disrupted by problems with supplier deliveries. Saab resumed production on May 27 after shutting down from April to May due to non existent operating capital. Suppliers became worried about receiving payment and stopped supplying the Swedish plant. Saab began a deal with Chinese car distributor Pang Da...
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