You are browsing the archive for 2009 December.

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by Swade

GM will close the Saab brand

December 19, 2009 in News

UPDATE 3: Just listened in on the GM conference call, which was 50% insightful and 50% absolute crap spewing forth from the mouth of the beast. Sorry, but there’s no other way to describe it. It’s 2:20am. I’m somewhat depressed, quite angry, very tired and heading to bed.

Maud Olofsson’s having a press conference as I write this. I hope she’s got something more positive to say (and hopefully none of it involves windmills).

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UPDATE 2: Will be live-blogging the conference call with GM, beginning shortly. Below the press release.

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Saab Sale Cannot Be Concluded
Brand to be Wound Down

Detroit. General Motors announced today that the intended sale of Saab Automobile AB would not be concluded. After the withdrawal of Koenigsegg Group AB last month, GM had been in discussions with Spyker Cars about its interest in acquiring Saab. During the due diligence, certain issues arose that both parties believe could not be resolved. As a result, GM will start an orderly wind-down of Saab operations.

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

Saab will continue to honor warranties, while providing service and spare parts to current Saab owners around the world.

As part of its efforts to become a leaner organization, GM began seeking a buyer for Saab’s operations in January. Last week, Saab Automobile AB announced that it had closed on the sale of certain Saab 9-3, current 9-5 and powertrain technology and tooling to Beijing Automotive Industry Holdings Co. Ltd. (BAIC). GM expects today’s announcement to have no impact on the earlier sale.

As the company continues to reinvent itself, GM has been faced with some very difficult but necessary business decisions. The focus will remain on the four core brands – Buick, Cadillac, Chevrolet and GMC – and several regional brands, including Opel / Vauxhall in Europe. This will enable the company to devote more engineering and marketing resources to each brand and model.

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GM Conference Call on the Saab sale

Ed Whitacre not taking the call. Cowardly, if you ask me. Chris Pruess leading the call.

Not much detail to give, says Pruess. General info only on this call.

Issues arose on both sides, says John Smith (negotiator). Says they’ve been assessing buyers for some time.

There might be expressions of interest for the assets of Saab, these could include 9-5 nd 9-4x.

Spyker were not part of the original bidding process.

“During the wind-down process, some people may come forward and express an interest in Saab”

Wind-down will start in January.

“There’s been no shortage of effort in the last 20 years to put Saab on a sure footing” BULLSHIT! (please pardon my language)

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FROM just before the press release…..

Sources are telling me that GM will commence an orderly wind down of the Saab brand.

I cannot, for the life of me, believe that this is going to happen. Can’t believe it.

A press release is expected shortly.

ADDENDUM – during writing, this popped up:

GM Says Saab Sale Won’t Be Concluded, Will Wind Down Brand
2009-12-18 13:50:57.388 GMT

By Kenneth Wong
Dec. 18 (Bloomberg) — General Motors Co. said today that a planned sale of its Saab unit wouldn’t be concluded because of “certain issues” that arose during due diligence with suitor Spyker Cars NV. GM will start an orderly wind-down of the brand, it said in an e-mailed statement today.

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by Swade

Bloomberg: Due diligence needs place Saab-Spyker deal in danger

December 19, 2009 in News

From Bloomberg:

General Motors Co. may be set to announce that talks have fallen through to sell the Saab unit to Spyker Cars NV, two people familiar with the matter said.
The deal ran into problems when GM realized it might not be able to complete the due diligence for the sale before the Dec. 31 deadline set by the automaker’s board, a person familiar with the discussions said.

Is that meaning that GM might not be able to do their own due diligence in time? They set the deadline!
Hmmmm. First Victor Muller says that neither Spyker nor GM would be the cause of any delay, and now GM say they can’t get their due diligence done in time???
Whisky Tango Foxtrot?
I wrote earlier in the week that this is one big chess game (OK, poker if you prefer). This is another move by someone as part of that game. The problem is we can’t be sure who just yet.
Spyker have had a lot of dirt flung at them. Maybe GM know that some of that dirt will stick and that they can’t get through it in time.
Maybe there are other options open to them.
And maybe the Swedish government just can’t/won’t put themselves in bed with Spyker given the cloudy skies over that particular horizon.
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The big question now is whether or not this delicate situation will mean an extended deadline, or something else.
It’s 12.35am here. That’s something that you might have to report on.
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I’m getting messages through from Djup Strupe that the saga, i.e. Saab’s sale, may be over (and not in a good way) and that a press release may be forthcoming soon.

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by Swade

All the Saab 9-5 videos from Taiwan

December 18, 2009 in Uncategorized

As mentioned earlier, I’ve been somewhat under the pump today (i.e. busy) so I didn’t get to post these as they should have been posted.
The Saab 9-5 arrived in Taiwan recently for display at a motor show there. ‘JogNien’ was fortunate enough to get some video of the car and it’s preparation for the show. Lots of video.
He was also kind enough to post links to them all in comments, which I’ve used to add them to the front page here. There are 20 of them in all, and the car looks fantastic in each and every one of them.
My thanks again to JogNien for the video and the links. The Spirit of Saab lives on!
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by Swade

New Saab 9-5 achieves 5-star EuroNCAP rating

December 18, 2009 in News

The crash test results for the 2010 Saab 9-5 have been released and I’m very pleased to share that the car received a 5-star rating from Euro NCAP.
Safety has always been a pillar of Saab design, right back to their earliest days. This result continues the tradition of a Saab being as safe as a car can be.
Saab 9-5EuroNCAP.jpg
2010Saab9-5crashtest1.jpg
2010Saab9-5crashtest2.jpg
2010Saab9-5crashtest3.jpg
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The full results of the tests, along with VIDEOS, diagrams and scores for various parts of the test are available at the EuroNCAP page.
Following are the comments by EuroNCAP on the Saab 9-5:
Adult occupant
The passenger compartment remained stable in the frontal test, the windscreen pillar moving rearward only 2mm. Dummy readings showed good protection of the knees and femurs of the driver and passenger. Saab were able to show that occupants of different sizes and those sat in different positions would be similarly well protected. In the side barrier test, maximum points were scored with good protection of all body areas. In the more severe side pole impact, protection of the chest and abdomen was adequate. Protection against whiplash injuries in the event of a rear impact was rated as good.
Child occupant
Based on dummy readings in the dynamic tests, the 9-5 scored maximum points for protection of the 3 year infant. Forward movement of the dummy’s head was well controlled and both the 3 year and the 18 month dummies were properly contained by their restraints in the side impact. The passenger airbag can be disabled to allow a rearward facing child restraint to be used in that seating position. However, information provided to the driver regarding the status of the airbag is insufficiently clear. The dangers of using a rearward facing restraint without first disabling the airbag are not clearly indicated.
Pedestrian
The bumper scored maximum points for the protection it offered to pedestrians’ legs. However, points outside Euro NCAP’s normal test zone were found to be injurious. From 2010, Euro NCAP’s assessment of the bumper will be broadened to include such points. The front edge of the bonnet provided poor protection as did the bonnet in most areas where an adult’s head might strike.
Safety assist
Electronic stability control is standard equipment on all variants as is a seatbelt reminder system for the front and rear seats.
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Thanks to Edonis for the tip!!

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by Swade

Bloomberg article with Victor Muller – updated version

December 18, 2009 in News

I’ve got to admit I’m a little overwhelmed today. There’s so much going on. Christmas lunch for work, then Canadian family members arriving for a 4-week stay. It’s all happening at once. Combine all that with the usual tension and anticipation, and I’m not sure where to start for today.
So let’s start here.
I mentioned this Bloomberg article by Ola Kinnander yesterday but it seems it was quite an early version of it. It’s since been updated with extra quotes from Victor Muller.
Here are the key points, which pretty much sum up the story from Muller’s point of view, I think.
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  • GM and Spyker are not the “potential problem for this transaction,”
  • winning EIB support before year-end is the biggest obstacle.
  • So far, the European Union’s lending arm has sent “neutral signals” on approving the 400 million-euro ($574 million) loan
  • “It’s mainly now down to the government agencies,”

OK, now this bit’s important…..

“In October, the EIB approved the Koenigsegg deal, which was exactly the same deal — the same lender, same borrower and the same business plan,” Muller said. “The only thing changed is the shareholder, so they have to do due diligence on that.”

And the rep from the EIB agrees:

EIB Vice President Eva Srejber said that since “this is a change of ownership” then “of course we need to analyze.”

But would not commit on whether it could be done in time.

She declined to comment on whether a decision would be made before the end of the year.

Another official seems to be more optimistic:

Saab is likely to win European Commission approval for the EIB loan, Johnny Kjellstroem, who is negotiating the case with the European Union’s regulatory arm on behalf of the Swedish government….

But what he misses here is whether or not the Swedish government themselves will still offer the guarantees required for the loan. These are essential, too, so the Swedish government must still make up their mind and as mentioned before, this is not without risk for them.
Back to the dot points…..

  • “There is very little point in signing an agreement until the time that the governmental agencies have approved the transaction,”
  • “Everybody knows exactly what the deadline is. There is no misunderstanding about that,”

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So…….
We have Victor Muller saying that Spyker and GM are capable of closing this deal, thereby putting pressure on the as-yet unsure EIB. By proxy, this also puts pressure on the Swedish government.
You also have GM’s Ed Whitacre saying that December 31 is the deadline for a decision. Crank up the pressure a little bit more.

No deal will be signed with GM until the EIB has decided on whether Saab can get the loan, Muller said. Spyker is also waiting for the European Commission to decide whether potential Swedish loan guarantees for the EIB funding distorts competition and for the Swedish state to decide whether it will give Saab the guarantees.

Anyone think Joran Hagglund is sleeping well at night right now?
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by Swade

Short interview with Victor Muller from Spyker

December 18, 2009 in News

Victor Muller has done a short interview in the last few days with the Dutch newspaper Algemeen Dagblad.
It’s in the paper version only, but thankfully Albert has been kind enough to do a translation for us (and after a very long and hard day at work, too)
Many thanks, Albert, and please enjoy the reading.
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Spyker-topman Muller: If this deal isn’t happening, Saab is finished.
Thursday, December 17, 2009 by Niek Schenk
Small sportscar builder must profit from Saab know how.
Stockholm. Victor Muller the top executive of Spyker, reveals to the AD for the first time his plans with Saab. “You must compare this with Lamborghini and Audi. They both belong to the VW-group and share a lot of things.”
Those two are the great examples, so he tells us from Stockholm, where he is negotiating with the GM and Saab top about the take-over.
Muller: “Saab and Spyker will remain independent companies, but Saab has a lot of technology from which Spyker can profit. They have for instance a formidable 4×4 technique, that we can use in our models. In this way there are a hundred things to share.”
Muller is furious about the allegation that with the take-over he would be after the 400 million Euros support that the EIB has promised.
“That is rubbish (he uses the word “apekool”, which is much stronger than rubbish), I never heard something more stupid before” he rumbles. That is a loan about which four government bodies have to decide. And the money may only be put in Saab. Spyker does not get a single penny of it.
Maarten van der Plas, author of the book “Spyker, een dollemansrit” made that allegation yesterday in an interview on the Dutch radio channel 1.
“That man has absolutely no sense of this at all”
Yet the Spyker top-executive can understand that there is great amazement over the fact that the tiny Spyker wants to take over the relatively big Saab.
“Those two companies compare to each other like a fly to an elephant. But Spyker can do this deal with ease, otherwise I would consider it at all. And otherwise the GM-top would not believe in it either. After all, it is not without reason that GM only wants to talk with us about the Saab takeover. Saab may be a thousand times bigger than Spyker, but we can profit from each other in a big way. That’s what we both believe.”
About the financing, nobody needs to worry, says Muller, who has the back up of the Russians bankers since a few years. “I always earned my money with strong deals, so that has to happen now too.”
According to Muller the false impression is made that it is very bad with Saab.
“I read that Saab has made a loss for over twenty years. What a nonsense. Almost nobody knows the exact figures of Saab, because the brand is heavily intertwined in the GM organization. I know those numbers now and Saab is not in such a bad situation. Yes, the last few years perhaps, thing didn’t go well. But that was also because Saab could hardly operate independently within the GM organization. Most Saabs were not even built in Sweden, but at Opel or Magna in other European countries. In the USA Saab could not even sell its own cars”
Muller could not tell whether the deal was almost closed.
“We are still dependent on government bodies that have to approve. But GM wants to cut the knot at the end of this month at the latest, that’s for sure. The pressure on this negotiations is extremely high. If this deal does not succeed, it is over with Saab.”
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Hmmmm.
Well. If that’s what he said (the Opel bit) then that’s what he said.
Other than that, it’s really very good to hear from Mr Muller again and listen to some of his own thoughts about Saab.

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by Swade

Saab 9-5 videos from Taiwan

December 18, 2009 in Saabology

I have an extremely busy day here in Oz today, but thankfully one of our friends in Taiwan has left us with plenty of links showing the Saab 9-5 in all its Saaby goodness before it’s debut at the motor show there.
These are all Youtube videos ranging from the car being unloaded from the track to some demo’s of various features.
There are 20 videos in total. Yes – 20!!!
Click here for the full list, which is in comments. Below is a sample….
With many many thanks to JogNien for the links and videos.
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And in a completely unrelated matter……
Let’s hope the people from the Industry Ministry aren’t stuffing around like their Riksdag counterparts.
Get your gear back on and get to work!!
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by Swade

Thursday night quick snippets

December 18, 2009 in Saabology

I hate all this waiting and counting the days.
Every day wit your a$$ is another day wasted, I swear it’s a day too long….
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One dealership here in Australia has just sent a PDF out to customers, offering up to $23,000 off selected vehicles on their lot.
Best value (for me) is a Saab 9-3 Vector SportCombi for $44,000, which represents a saving of around $18,000 off normal price.
That’s MetroSaab in South Australia, in case anyone’s looking.
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Autocar are running a poll to see which was the greatest new release of the last 10 years.
There are a number of interesting cars listed for you to vote on, as wide ranging as the Bugatti Veyron and the Tata Nano. There’s no Saabs listed, unfortunately.
There is, however, an “other” box where you can write in a vote if you’re so inclined.
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Etienne has scored some photos of the Saab 9-5 arriving in Taiwan for the motor show there.
Great pickup!! Hopefully some of our Taiwanese mates will go along, have a look and share some thoughts.
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Not meaning to blow my own trumpet or anything, but I reckon this is the most important bit of writing I’ve done in at least the last 2 weeks, and given the gravity of the situation, quite possibly all year.
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This link will take you to the story of a Saab dealer in the US doing it tough. It’s a touching story and one that’s probably echoed in every dealership right now.
Worthwhile reading. Hang in there, dealers.
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A beautiful image, from Flickr.
WhiteConvertible.jpg
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by Swade

Spyker – waiting on the EU/EIB

December 17, 2009 in News

Victor Muller has given a few brief quotes to the Bloomberg news agency today. It looks like we’re in the same position we were in a few months ago – just change the names and the exotic cars.

Spyker CEO Says EIB Is ‘Biggest Problem’ to Reaching Saab Deal
Dec. 17 (Bloomberg) — Spyker Cars NV’s plan to take over General Motors Co.’s Saab unit hinges on the European Investment Bank approving a loan before the end of this month, the Dutch luxury carmaker’s chief executive officer said.
Muller.jpg GM and Spyker are not the “potential problem for this transaction,” Victor Muller said in a phone interview from his home in Amsterdam today, adding that the EIB is potentially the “biggest problem.” So far, the bank has sent “neutral signals” on approving a 400 million-euro ($574 million) loan that is key to the sale and which the Swedish state must guarantee, he said.
“It’s mainly now down to the government agencies,” Muller said. “That’s really the main issue. We’re getting lots of support from the Swedish government.”
……Muller said Spyker is using Koenigsegg’s business plan in its bid for Saab. Spyker plans to keep Saab’s management if it wins the carmaker, he said.

It’s somewhat encouraging to hear that he’s feeling the love from the Swedish government. Given the heat that some of his group are taking from the Swedish media and the relatively small size of the group, it would be understandable if the government were feeling wary. I wrote about the risks involved with this transaction earlier today.
Three things I believe we’re waiting to hear:

  • Approval of the new owner from the EIB.
  • Approval of the new owner from the National Debt Office in Sweden (i.e. loan guarantees)
  • Clearance from the EU (still an issue, despite govt officials saying it was just two weeks away when Koenigsegg pulled out back on Nov 24)

I hope these people from various governments can give some assurance, and soon.
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Thanks to Jeff in comments!

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by Swade

DI.se: Saab buyer must inject 3billion SEK

December 17, 2009 in News

I can’t find this one online as yet, but a friend with access to a Bloomberg terminal has spotted this on the wires:

Spyker Must Inject $414 Million Into Saab, Dagens Industri Says
2009-12-17 06:43:13.880 GMT
By Niklas Magnusson
Dec. 17 (Bloomberg) — Spyker Cars NV and Convers Group have to inject 3 billion kronor ($414 million) into Saab Automobile to be able to buy the Swedish automaker from General Motors Co., Dagens Industri said, citing people with knowledge of the sale.
If they don’t come up with that money, the European Investment Bank may not grant Saab the loan its has applied for and the Swedish government may choose not to give Saab state guarantees for the EIB loan, the Swedish daily reported.

This hasn’t been confirmed anywhere as yet, but sounds quite reasonable and normal. Koenigsegg Group faced similar questions and requirements, leading to the stake taken by BAIC.
Another twist in the tale or something they’ve known and have covered?

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by Swade

Rescue-Saab photo mosaic goes BIG!!

December 17, 2009 in News

The photo mosaic from Rescue-Saab has been adopted by the company and projected onto the factory walls overnight.
RescueSaabMosaic2.jpg
RescueMosaic1.jpg
Those images are from a TV story, now available online at TV4. It includes some quotes from Eric Geers but, of course, they’re all in Swedish.
Congratulations once again to the guys at Rescue-Saab, as well as Ralf22 who drove the idea of projecting the image. And well done to all of you, as well, for participating in the project.
The Spirit of Saab lives on!

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by Swade

Seasons Greetings from Saab

December 17, 2009 in Saabology

As received by Tim W, and probably many more of you.
Click to enlarge.
Greeting_card_09.jpg
You know what we’d like, Santa. And I promise we’ve all been good except for Richo and Turbin, who’ve both been very bad, as always.. :-)

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by Swade

One guy’s view on Spyker

December 17, 2009 in Saabology

You asked for it, Turbin! :-)

My family and I curently run a dealership group in the United States. We have a number of dealerships. Amongst these are 3 Saab stores. All 3 Saab stores are in the top 10 for retail sales. It just so happens we have a Spyker franchise as well. I have met Victor Muller many times over the course of our business dealings. He is one of the most honorable men I have met in this industry. He is also one of the most passionate men I have met in this industry. The Spyker team we have dealt with are some of the hardest working people I know. I am proud to say I know Victor and I am proud to be a Spyker dealer. We are also proud to say we are Saab dealers. Websites like this one show the true fight and passion people have for the Saab brand. This passion that Victor displays as well as this website displays is what Saab needs to get through these tough times. I look forward to next year delivering my first 9-5. I am sure it will be one of many to come. Happy Holidays.

That was left in comments by Rob Elder, from Elder Auto Group, who has two Saab dealerships in Michigan and one in Florida. His Spyker dealership is also located in Florida.
Thanks for the encouaging words, Rob!

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by Swade

Swedish press trying to skewer Spyker

December 17, 2009 in News

This is getting rediculous…….
GT.se have run an article, claiming to be based on an article from Dagens Industri, about questionable accounting at Spyker.
Here’s the Googletrans:
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The truth behind Spyker’s finances
Dutch Spyker Cars are surrounded by many question marks. The company is accused, among other things, of manipulating financial statements, for which the owner Victor Muller was sentenced to pay a million in fines, according to Dagens Industri.
In 2006, the Dutch Financial Supervisory Authority accused Spyker Cars of polishing the accounts. According to the Dutch newspaper Volkskrant, the company reported a profit equivalent to 8 million kronor, when in fact it made a loss of 100 million.
In early 2007, Spyker shares went up to 200 kronor, thanks to the positive annual report, but when the Financial Supervisory criticism became known, stock market value plummeted from three billion to 300 million kronor, according to Dagens Industri. Spyker’s owner Victor Muller was sentenced to pay 960 000 SEK in fines, something he is pursuing a court process to be freed from.
Smokescreens
Although the Dutch Financial Supervisory criticism has since been put in question by a court, the company still has a bad reputation.
In the Dutch newspaper De Telegraaf, Spyker are accused of “sending out smokescreens to the market”, as the owner Victor Muller promised at the beginning of the year that car production would be doubled, which caused shares to rise by 23 percent. However, the number of cars sold have rather decreased during the first half of the year, according to Dagens Industri

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One of our commenters here at SU is a former automotive journo and whilst not in the field anymore, he keeps tabs on his old profession.
Ivo wrote about the situation noted above a few weeks ago and I published it here on site:

….early in 2007, there was a protracted streak of reports in the media claiming that Spyker had cooked the books, that they couldn’t fulfill their financial obligations and even that bankruptcy proceedings had been initiated against Spyker. All of this proved incorrect after investigation and one of the papers involved actually rectified the reporting (but only on their Internet site, never in print). Anyway, this campaign prompted the AFM (Authority for Financial Markets, the Dutch version of the SEC) to initiate an investigation and, as a consequence, to require Spyker to amend the 2006 results to reflect a loss. Spyker fought this toe and nail through the courts and actually won the procedure. In December 2007, the High Court of the Netherlands cleared Spyker and considered their reasoning correct on all counts. But the legal battle of course ate up most, if not all, of the profits. And Spyker’s legal success got almost no publicity in the media.

But if that’s not good enough for either DI.se or the good nutters at Exressen, then maybe they should try Spyker’s own press release:

Dutch Supreme Court rules in favour of Spyker Cars N.V.
Zeewolde, The Netherlands, 24 April 2009 – Today, the Dutch Supreme Court (Hoge Raad) ruled in AFM’s challenge of Spyker Cars N.V.’s (“Spyker” or “the Company”) 2006 Annual Accounts. The Dutch Supreme Court rejected the appeal lodged by the Autoriteit Financiële Markten (AFM) in March 2008 against the ruling of the Enterprise Section of the Court of Appeal (Ondernemingskamer), dated December 28, 2007. In this ruling, the Enterprise Section of the Court of Appeal rejected every single objection that the AFM had raised against Spyker’s 2006 Annual Accounts

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I’m all for a reasoned and objective look into any prospective buyers, but this is just muckraking and shoddy journalism at it’s absolute crummiest.
Of course, the folks at GT.se (Expressen) will just say “we’re only quoting from someone else”, which is absolute BS. Check it and if the story’s not right, DON’T RUN IT!!
Thanks to Magnus and Viking UP! for the tips.

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by Swade

Spyker meet with Swedish government. Comfortable?

December 17, 2009 in Editorial

To quote from a seasonal song…….It’s beginning to look a lot like (the) Christmas (from hell) for Joran Hagglund, who must now be regarded as the second-hardest working man in Sweden. Jan-Ake Jonsson remains in first position on that table.
You’ve only got your staff and the SNDO to blame, Mr Hagglund, but please don’t be dis-heartened and please keep moving along. What we need now is a result.
The hard part about getting a result now is that Saab belong to GM, and GM can sell to a party of their choosing. At this late stage of the game, they have chosen Spyker. Whispers coming through from Sweden say that Spyker have been super-impressive in their knowledge and their work ethic and are powering along through this process. That might indicate that this would be a fait accompli, but nothing’s ever that simple (which is where Mr Hagglund comes in).
Whilst Saab is GM’s to sell, any buyer looking to take Saab on are going to want the EIB loan, which means Swedish government guarantees are involved. That means Mr Hagglund has to make a decision about whether or not to put the Swedish government in bed with the new owners.
It’s a matter of perception only, really. The government guarantees are covered by Saab assets valued at around 150% of what’s actually being loaned, so there is no risk to the Swedish taxpayers’ money. But financial risk isn’t the only risk involved here. There is the political risk as well.

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