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 Dealers trying to push Saab NA into bankruptcy |
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Jan 31, 2012 - 7:37 PM - by Saab Forums
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Filed under: Government/Legal, Saab, Earnings/Financials
Saab North America acknowledged that the chances were exceptionally slim, but it hoped to avoid bankruptcy long enough to give another company a chance to buy it. Shortly after Saab NA appointed a third-party administrator, McTevia & Associates, it was decided there was no way to save the company short of liquidation, and on January 23, the administrator announced plans to file for Chapter 7 bankruptcy.
But Saab NA was beat to the filing by a group of 162 out of the 188 Saab dealers, who filed for involuntary Chapter 11 bankruptcy in Delaware. The dealers said last week they were going to file for Chapter 7, but instead chose Chapter 11 because of its lower costs and in case China's Youngman or Turkey's Brightwell Holding's bid for Saab NA's parent succeeds and they want to restart operations here. The document was filed in Delaware because the dealer body feels they'll get better hearing "further away from Detroit." Dealers also wanted the force of court orders to back up any decisions made, not that of a third-party administrator.
Underneath all the legal machinations, though, if estimates from Saab NA dealer attorney Leonard Bellavia are accurate, then the parties could emerge without getting financially kneecapped. When McTevia announced its plan to file, Bellavia suggested that Saab NA's liabilities were $10.5 million and assets at between $75 million and $125 million. With no more parts on the way and 2,400 cars on lots, McTevia had earlier said that the parts distribution business is "the only meaningful asset."Dealers trying to push Saab NA into bankruptcy originally appeared on Autoblog on Tue, 31 Jan 2012 14:31:00 EST. Please see our terms for use of feeds.
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Sweden picks up tab on bankrupt Saab's EU loan |
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Jan 30, 2012 - 5:28 PM - by Saab Forums
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Filed under: Europe, Government/Legal, Saab, Earnings/Financials
Way back at the beginning of Saab's struggle for life after General Motors, exotic car firm Spyker was granted a €400-million loan ($527M U.S.) from the European Investment Bank. The loan was approved after it was guaranteed by Sweden's Debt Office, and Saab's recent bankruptcy filing forced the Debt Office to back up the guarantee with a €217-million payment ($286M) to the EIB - the portion of the loan that Saab actually drew upon.
It's not exactly bad news for the government, since the government's stake in Saab Automobile Parts and Saab Automobile Tools - used to guarantee its own guarantee of the EIB loan - is understood to be worth more than €217 million.
In the next couple of weeks, bids are expected from both China's Zhejiang Youngman Lotus and Turkey's Brightwell Holdings private equity group for the purchase of Saab in its entirety. No one can predict the outcome, but it this last-ditch situation might have the best chance: the European auto supplier organization CLEPA is assisting Youngman, the numbers being hinted at would indicate sane and motivated buyers, GM's intellectual property concerns appear to have been addressed, and it's certain that the sellers would love to see a bit of sun after a long spell of gloom for the hard luck brand.Sweden picks up tab on bankrupt Saab's EU loan originally appeared on Autoblog on Mon, 30 Jan 2012 10:59:00 EST. Please see our terms for use of feeds.
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Trollhättan buys entire classic Saab collection to preserve museum |
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Jan 25, 2012 - 1:38 AM - by Saab Forums
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Filed under: Classics, Europe, Saab, Earnings/Financials
Despite the popular saying, history cannot simply repeated. So, when faced with the possibility of losing the entire classic collection of cars that had made up the official Saab museum in Trollhättan after the officials in charge of the automaker's bankruptcy proceedings threatened to break it up, a few organizations stepped up to the plate to keep it together.
According to a report from Autocar, the city of Trollhattan, SAAB AB and The Wallenberg Foundation came up with the $4.05 million required to purchase the entire collection outright. A total of 120 cars are included, including the Ur-Saab, which is the first automobile built by the Swedish company.Trollhättan buys entire classic Saab collection to preserve museum originally appeared on Autoblog on Tue, 24 Jan 2012 19:00:00 EST. Please see our terms for use of feeds.
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Saab Cars North American undergoing bankruptcy liquidation |
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Jan 23, 2012 - 7:44 PM - by Saab Forums
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Filed under: Saab, Earnings/Financials
It's a Saab story, we know, but this is - in all likelihood - the end of the road for Sweden's "other" automaker. Sure, there are still talks of one foreign entity or another picking up where GM and Swedish Automobile (Swan)/Spyker left off, but even if they do, they'll have a heck of a lot of work on their hands. And that includes rebuilding its presence in North America.
With the parent company having already filed for bankruptcy in Sweden, the next step is for Saab Cars North America to follow suit, and that's precisely what's happening.
The operation based in Royal Oak, Michigan, ceased operating last month when its parent company did, but resumed distributing parts just this past Thursday. That does not mean, however, that the American business will remain afloat. With no money to keep it going, Saab Cars North America is being liquidated. Sources estimate the company's liquidated assets at around $100 million (give or take $25m), offset by a relatively minor $10.5 million in liabilities.
As for the dealers, they'll have to choose to declare bankruptcy individually or let the administrator dealing with SCNA's liquidation tend to theirs as well.Saab Cars North American undergoing bankruptcy liquidation originally appeared on Autoblog on Mon, 23 Jan 2012 14:28:00 EST. Please see our terms for use of feeds.
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Turkish private equity firm jumps into Saab buying fray |
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Jan 22, 2012 - 8:03 PM - by Saab Forums
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Filed under: China, Saab, Middle East
The next chapter in the Saab opera has a new protagonist called Brightwell Holdings, a Turkish private equity firm. Brightwell is is perhaps the unknown Turkish entity mentioned last year as having an interest in bankrupt Saab, along with India's Mahindra & Mahindra. A board member at Brightwell said the company will spend two weeks evaluating Saab's assets and then will make a bid, "there's no question."
Turkey doesn't have a national car company, but it does have plenty of automotive manufacturing expertise since Ford, Fiat and Renault have factories there. Brightwell has said it would keep Saab production in Trollhätten, but (and this is only conjecture) along with a decades-old push for a national car company, the increase of Turkish private equity, and Turkey's desire to join the European Union, the bid could have motivating factors beyond the financial.
Regardless, that means we now have two players in the Saab story, with Youngman's renewed run at Saab expected to result in a bid as soon as next week that could exceed a billion euros. It's difficult to imagine that Saab will somehow be rescued, but the ball is still in play.Turkish private equity firm jumps into Saab buying fray originally appeared on Autoblog on Sun, 22 Jan 2012 15:01:00 EST. Please see our terms for use of feeds.
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