Saab postpones the meeting with the creditors

It seems like they are at least talking to each other and trying to get a positive solution for Saab. But at the same time it looks like till Christmas to find a solution.

Saab sets the meeting with creditors
Saab would meet with its creditors now on Tuesday was the plan.
The meeting is now set, the company announced today.
– First, we want to sort it out with GM, says information director Eric Geers said.

Related
The idea was to Saab Automobile would meet with creditors on November 22 to present a scheme of arrangement. The meeting has now been thrust forward, but no new date is exposed.

– We must find a structure that suits everyone, including GM. That’s the case, said Geers to TT.

Negotiations between the parties continues, according to Geer.

– Yes, there are intense negotiations. It is 100 percent focused on all sides, we also have a dialogue with GM, said Geers to TT.

Would not the deal be in port before, Geers hope to announce something more concrete before the Saab meets the district court to discuss an extension of the reconstruction. Due date for this is December 21.

Source: ttela.se

quickbird
Member
4 years 10 months ago

“to discuss an extension of the reconstruction” is the point. The payment for employee salary is coming, if there is any delay, I think the Union or LF would jump out and pull the plug….

sandycapp
Member
4 years 10 months ago

Oh! Dear! Dunno how much longer I can take this. And I have my eye on a gorgeous 01 9-3 convertible to add to my 95 Anni. But can’t risk owning two cars which I can’get fixed1

quickbird
Member
4 years 10 months ago

Wait for another one month, everything will be clear. I also consider to add a 93 Aero next year. If it is still live at the time…

sandycapp
Member
4 years 10 months ago

sorry – should read “can’t get fixed”

JasonPowell
Member
4 years 10 months ago

If you like the 01 9-3, I wouldn’t worry about not being able to get it fixed. Either way, when this stuff is all behind us parts will flow freely and there will always be people willing to work on Saabs.

quickbird
Member
4 years 10 months ago

If you have multiple cars and don’t rely on SAAB for commute daily to work, that will be fine. If Saab is the only car you have, then you cannot afford to wait for months for the part to arrive….

JasonPowell
Member
4 years 10 months ago

I was assuming there is nothing wrong with this car now, therefore I wouldn’t be concerned about parts. I wouldn’t expect in the first couple of months of ownership to have problems if you get the car checked out. By the time a problem shows up parts would be available. That being said, there is still a lot of work that can be done on Saabs, it’s not like we don’t have any Saab parts. Plus, who would want to miss the opportunity to buy the convertible? It would be a hell of a second car to have.

amigabuzz
Member
4 years 10 months ago

Uh-oh here lies the problem with SAAB and new sales…used cars don’t keep asemebly lines and auto workers working. I keep reading people holding off on buying used cars….worried about parts…suppliers complaing about not being paid make parts for SAAB…SAAB is mainly an R&D and Assembly company with many parts.

SPG900NY
Member
4 years 10 months ago

Hmm. No word until Christmas? I have this feeling of DejaVu.

scand
Member
4 years 10 months ago

Well, before christmas you have 2 x payrolls. Under swedish law, they cannot borrow any more, which means they will have to get an equity injection, a la gem. Whether they can do that, who knows, the share price is falling like a rock, which is not a good sign.

Upshot is, something will happen before Xmas, and probably before the end of nov.

saablover
Member
4 years 10 months ago

As a SAAB dealer this is very bad news, i can’t hold my customerorders , we always try to say a date where something positive should come and it is always posponed ,and if we don’t get any cars , i have to stop my dealership and take another make…… this is lasting too long , much too long…….

Turbine
Member
4 years 10 months ago
AGREED – its all about cashflow now whilst the potential new deal is sorted- how much does Saab have in terms of cash to see them through factory salaries etc ?, let alone creditors (now delayed again). Its going to take circa a billion euros to fund saab back into health from this point- and this is widely recognised. Just how much longer can this situation be extended for ….?? Another major cash partner required instantly to back a reduced shareholding chinese partner deal- Im not so sure we have the time or the cash partner required- 2 weeks max… Read more »
scottishsaab
Member
4 years 10 months ago

So if they are delaying talking to creditors does this mean that the creditors can ask for bankruptcy again??

J.L.G.
Member
4 years 10 months ago
I feel like I have been chasing a carrot on a stick for as long as this has been going on. We had to give our second car to our daughter and have been ready to buy a new Saab 9-4X Areo since they came out. I have the cash in hand but as said before don’t want to have two cars from a de funk auto maker. My wife is fed up with me trying to hold out for a positive resolution of this. And even if we get a resolution soon it’s going to be a long time… Read more »
maanders
Member
4 years 10 months ago

Dear Santa,

All I want for Christmas is an ownership group with adequate funding for Saab that GM will accept.

Sincerely,
maanders

Khrisdk
Member
4 years 10 months ago

+1

900 classic cab
Guest
4 years 10 months ago

+1

hans h
Member
4 years 10 months ago

+1

michaelb
Member
4 years 10 months ago

Terrible news. With that new uncertainty and delay, many dealers, probably including my own, will additionally have to give up. They simply cannot stand it any more. This is the most lousy sales / financing process, I have ever seen. 100% amateurish.

quickbird
Member
4 years 10 months ago

SAAB is dying slowly…

hilmar
Member
4 years 10 months ago

Bad news indeed but why amateurish ? I don´t think that amateurs are working on that issue. What would you do if someone always put a spoke in your wheels ?

michaelb
Member
4 years 10 months ago

Saab should never ever have gone into the wall of illiquidity. At that time, it was possible to get short-term funds. Then: These talks including GM should have happened before or after the initial MoU was signed. The talks are months too late. A lot of time was waisted, now enormous pressure.

hilmar
Member
4 years 10 months ago

Hm – I am not sure about getting short-term funding and that this would have helped out of the problem. And GM – I could imagine they already talked to each other and GM had its own idea when and what they would like to answer. However still speculation… what about to gain time for any reason ?

Khrisdk
Member
4 years 10 months ago

Have you seen anybody leave the negotiation room yet?
Those people are the ones with the money and the decisions.
Do you think they are playing Mahjong? While the administrator who, as often stated by a lot of people in here, have an obligation to end reconstruction in case of collapse is standing inactively by?

So yeah..

Iiari
Member
4 years 10 months ago

Oy… Not good. This really needs to get wrapped up…

And in American reorganizations, do the companies have to pay factory workers who aren’t working??

Chris Hansel
Member
4 years 10 months ago
Depends, I have a freind who was a engineer for WorldCom. They went bust in single day and no one got anything. With companies that go out in some order, they often will give employees some type of serverance based on time served. This would be more true in Chapter 11 cases, which the Saab situation most closely matches. As far as factory workers are concerned, they, if they have a Union, they will get something per their contract.But in 2011 most labor unions have declined as international businessmen (see, robber barons) have moved most jobs offshore. And guess where… Read more »
74StingSaab
Member
4 years 10 months ago

Just so tired of this, the past three years. I’m just going to enjoy my Saab and try not to worry.

mnztr
Member
4 years 10 months ago

At least it appears that GM has clearly told Youngman what it’s concerns are , and what type of ownership structure it will accept. So now we shall see what comes of it.

Snowshoe
Member
4 years 10 months ago

I am not in any way connected but I don’t think it will take until christmas before we hear something more.
And silence from the “chapel” is for me a good thing. Work is in progress and no need to leak or go political in media.
My private guess is that we will hear some form of statement earliest end of next week and before the end of the month.

Meetings, perhaps a trip back home to confer, more meetings. Board meeting at GM,,, hmmm will take it’s time.

zippy
Member
4 years 10 months ago

+1

This brand is too special to disappear.

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