Saab has filed for a time extension
October 27, 2011 in News
According to TTela, Saab has petitioned the court for an extension to their original 1pm deadline today.
The court granted their request and are now waiting for more information from Saab concerning Saab’s desire to continue the reconstruction process.
From Di.se 14:08
Saab is late with opinion to the district court
At one o’clock on Thursday was the deadline for Saab to file its response to the district court in Vanersborg, where they must justify why the reconstruction will continue. But still, no documents have been received from Saab.
Last Thursday came the news that Saab Automobile’s administrator Guy Lofalk requested that the reconstruction be canceled because the company is out of money. Then 13 days Thursday Saab must present its reasons to the district court why the reconstruction should continue.
But at one o’clock on Thursday afternoon, the district court in Vanersborg not yet received Saab’s opinion.
“Time has passed, but given how important the issue is I do not think it will be totally impossible. But they can not come in with their opinion how late any time because we will decide tomorrow Friday,” says Elisabeth Lindstrom, court secretary in the district court in Vanersborg.
According to Judge Cecilia Tisell the district court in Vanersborg, Saab has not asked for more time, writes TT. According to her, Saab must immediately get into the documents if they want to ensure that the district court to consider their response.
The district court may make decisions but Saab’s opinion, she says.
“In that case, we base our decision on the administrator duties. We will be working on this afternoon,” said Cecilia Tisell said.
At Saab says Ms Gustav of Communications to di.se that “all interested parties have been in communication with the district court in the case of Saab’s reply,” but confirms that no “official document” has been submitted.
Have you asked for more time on you?
“The only thing I can say is that we have been in contact with the district court.”
Will you be submitting a response to the district court?
“We must come back to [them].”
There is no doubt that Saab must provide strong and credible reason for the reorganization will continue, after the administrator Guy Lofalk has requested that the reconstruction be interrupted.
Saab must be concrete in its opinion, says Elizabeth Lindstrom.
“I do not want to speculate on the reasons the company would come up with. But can they prove that it has received money in the account, it is clear that it would prove that the reconstruction will continue, given that it has been the economy that has been the reason for the administrator Guy Lofalk requested that the reconstruction would be stopped.”
According to Elizabeth Lindstrom, Saab must show either that Guy Lofalk have been wrong in its conclusions, or that circumstances have changed.
Saab confirmed on Thursday by Ms Gustav on the company’s communications department, that the negotiations with Pang Da and Youngman continues. Under an agreement signed in July, the Chinese companies to acquire 53.9 percent of Saab Automobile to 245 million, around 2.2 billion. But according to the Dagens Industri want the two companies now instead acquire the entire Saab Automobile.
On Friday, taking the district court in Vanersborg decision on whether the reorganization should continue or not. Will there be a no, the company is again under bankruptcy.
BoeBoe said on October 27, 2011
http://sverigesradio.se/sida/gruppsida.aspx?programid=125&grupp=12994&artikel=4768851
Khrisdk said on October 27, 2011
Interesting info that is also in the Article linked to by the SU-Crew.
So we will see what comes first
BoeBoe said on October 27, 2011
I link to Sveriges Radio SU is linking to TTELA. Those are 2 different sources.
Tripod said on October 27, 2011
BoeBoe,
No they will not; if nothing, then they will use the administrators petition. It’s up to the Saab-companies, there may be a decision tomorrow morning, we don’t know. The point is that there is some more time, if they want to send in some documents.
TurboLover said on October 27, 2011
A good deal is very close for Saab! I Can feel it!
Saab up!
ArchDandy said on October 27, 2011
I can also feel it.
They will make it, and I think this deal will be better then the previous.
Griffin up everybody.
dave said on October 27, 2011
Hope you’re right. I think I’ve used all my optimism…
TurboLover said on October 27, 2011
DI now has a take on this, were Gunilla Gustavs is quoted saying: “All concerned parties have been in contact with the district court”. Sounds promissing to me!!
http://di.se/Default.aspx?sr=23&tr=295106&rlt=0&pid=249232__ArticlePageProvider&epslanguage=sv&referrer=http%3A%2F%2Fdi.se%2FNyheter%2F%3FCollapseTopMenu%3Dtrue
xlx said on October 27, 2011
well hmmm :
so if saab needs more time and has a chance to get it, why didn’t they asked for more time ?
TurboLover said on October 27, 2011
Because they have a deal that means that Guy will withdraw the application for ending the reorg…. maybe…
obelix said on October 27, 2011
A deal won’t be enough. The only way either Lofalk will withdraw the application or the court will decide in favor or continued reorganisation is if there is money. Cash is king, so to speak.
Without money in the bank on friday, there’ll be no more reorganisation.
TurboLover said on October 27, 2011
True. What I meant was a deal that INCLUDES money on the bank to finance the reorg.
I could be a bit rude and state the obvious that a deal without that necessary pre-requisite could not be considered a deal, but I chose not to be rude today
Jeff said on October 27, 2011
Stop the speculation and just wait people.
TurboLover said on October 27, 2011
Sound promissing Jeff!!
Oh no, that was also speculation…
Paddan said on October 27, 2011
+1
Khrisdk said on October 27, 2011
Like this?
TurboLover said on October 27, 2011
Yeah but our band’s name is “Victor Goes to Stockholm”
obelix said on October 27, 2011
I just can’t… anymore…….;-)
GerritN said on October 27, 2011
Huh, I think the only way to stop speculation is if the SU crew stops posting stories. We’re all only human, but hopefully the majority of the people here can show enough constraint and not react to each and every comment posted (especially the ones posted by people craving for attention).
Btw, this posting was a pretty bad one, the googletrans makes a multitude of interpretations possible.
Nate 9-3 said on October 27, 2011
Even if they would stop posting you know we would still speculate on old posts. So the real answer is that they would have to close all comments.
enor said on October 27, 2011
Google translate screwed that one up pretty bad – what the TTELA article says is that the district courd DECLINED the application for more time, not that they granted it.
Tripod said on October 27, 2011
The article also says that it was updated 15:20…
It has changed.
Until the court has made its decision, they have to consider all information handed to them from the Saab companies; i.e.if they receive documents before they have made a decision they will have to take a look at it.
Lyss said on October 27, 2011
Hi Saab Girls and Guys,
I am new here as a member, after following discussions on the continuity of Saab for a couple of months.
It seems to me the crucial words were spoken by Mrs Elisabeth Lindstrom, the court secretary in the district court in Vanersborg.
“I do not want to speculate on the reasons the company would come up. But can they prove that it has received money in the account, it is clear that it would prove that the reconstruction will continue, given that it has been the economy that has been the reason for the administrator Guy Lofalk requested that the reconstruction would be stopped. ”
I checked a few (Dutch and English) sites and they all have reported the following about the NSC financing offer, a proposal that was announced on the 20th of October: the deal was scheduled to be completed on Monday 24th of October, followed by a money transfer within two days after that day. Please correct me if I got this wrong.
I have seen no news that this deal was delayed, but perhaps the fact that SAAB was not able to pay salaries is an omen …
Otherwise, Mr. Muller could keep silent for another day and just walk into the Court room tomorrow with a fresh bank receipt in his hands. According to Mrs. Lindstrom receiving new (or any) finances would secure continuation of the Reconstruction phase.
But if the money is not available already or tomorrow at the latest, there’s a lot to explain for SWAN. As a stock market listed company a delay of an announced deal with such a tight time schedule for execution would be most relevant news that should have been shared with the stock market immediately.
skwdenyer said on October 27, 2011
What seems to be the case, judging by various reports, is that SWAN put the deal in place with NSC, but didn’t necessarily execute it – i.e. there was a binding offer made. I’ve just re-read the SWAN press release, and it does not say that the deal is done, or even that the deal will definitely go ahead.
Instead it says that SWAN “intends to accept this offer”. That is not the same as accepting, and could legitimately be used as a lever to put pressure upon YM / PD. Only if SWAN decides to walk away from the offer, or if NSC withdraws its commitment, would a further announcement be necessary. Bear in mind, also, that YM/PD believe they have an exclusivity agreement as regards deals until 15th November.
obelix said on October 27, 2011
I have some thoughts on this, but instead i’m going to quote Jeff: “Stop the speculation and just wait people.”
skwdenyer said on October 27, 2011
In the nicest possible way, Obelix, back off! I’m not idly speculating, just explaining to Lyss why I don’t think his/her observation is necessarily true, and therefore why I don’t think SWAN have done anything ‘wrong’ in this case.
It is pretty pointless to try to stop people from talking about things. There is no point in trying to dream up ‘what if’ scenarios, since we’re not involved with the dealings at Saab / SWAN. But it hardly hurts Saab to clear up misconceptions along the way, does it?
Vagabond said on October 27, 2011
When the going gets tough, the tough gets going. Encouraging words from Ronald Reagan.
SPG900NY said on October 27, 2011
I thought that was Billy Ocean?
SPG900NY said on October 27, 2011
(but really, it was Joseph P. Kennedy — pretty far away from Ronald Reagan)
tmjr said on October 27, 2011
I think it was Bluto Blutarsky from “Animal House”. Or to make it political: Senator Bluto Blutarsky.
ivo 71 said on October 28, 2011
It is sometimes also attributed to Knute Rockne. Norwegian by origin so there could be some Scandinavian background to this.
Ivo
GerritN said on October 27, 2011
Reagan was also the guy who decreased the top marginal individual income tax rate from 70% to 28%, finally leading to the wealth gap that we have right now. Sorry, should stay away form politics, but I’m just sick of hearing that he was such a great president. On the other hand, Saab IS targeting the middle class, so any policy to strengthen the middle class is also supporting Saab sales.
Vagabond said on October 27, 2011
I don’t envy the rich, you do. You can’t go through life envying people who have more money than you, Gerrit.
ivo 71 said on October 27, 2011
Actually, you can. If people do it long enough, revolutions happen.
Ivo
Vagabond said on October 27, 2011
Envy is a sin and sin could lead you to hell, not heaven
Khrisdk said on October 27, 2011
All of the deadly sins are the greatest motivators of Man.
Without them we would not be where we are.
Envy is the basis of both Consumerism and Capitalism and Socialism etc. et al
But don’t mind me. I’m a Satanic Red in my spare time
ivo 71 said on October 28, 2011
Dante had pretty strong feelings about envy. In his Purgatory, the envious get their eyes sewn shut with wire because “they have gained sinful pleasure from seeing others brought low”.
You reading this, Gerrit?
Ivo
Tilley said on October 27, 2011
As Charlie Brown would say, “Good grief”.
GerritN said on October 27, 2011
Just to share…..
When I get depressed this really cheers me up:
http://www.youtube.com/watch?v=tH2w6Oxx0kQ&ob=av2e
GerritN said on October 27, 2011
Thanks to whoever cleaned up my linking mess!
ArchDandy said on October 27, 2011
“Saab: “We are sitting in the intense final negotiations’
At 16 o’clock went Saab disseminate information to its employees that it is in the intense final negotiations with its investors.
The end result of these negotiations may be more or less at any time, writes Saab”
From TTELA
DanSaab said on October 27, 2011
Hope they won’t give up savint the Saab if the negotiations will end badly
ArchDandy said on October 27, 2011
They won´t get up saving Saab.
Alex740 said on October 27, 2011
I have a renewed passion in Saab’s need to survive and it comes from the announcement of the new A4 which has got to be one of the dullest designs on the market. It’s a car designed to sell as many units as possible adn therefore has been designed to be as unoffensive as possible with no strong lines or design elements aside from LED lighting gimmicks. Seeing all the positive comments for what is really a slight freshening made me hope that a company like Saab can survive, a company that can be daring yet still tasteful in their designs and be perfectly happy (and profitable) not being the most popular car out there but perhaps the most unique. Here’s hoping those days are ahead of us, to me it’s a dull automotive world where we all drive A4s
SAAB LANCE said on October 28, 2011
This is starting to remind me of a legal case here in the States about 6 years ago.A young lady had suffered irreparable brain damage and existed in a vegetative state for 18 years before the courts ruled that the family could turn off her life support. Saab is in a vegetative state, it’s not dead but it shows only signs of life equivalent to a knee jerk reaction.