Press Release: Swedish Automobile Informed By Administrator Of Application To Terminate Voluntary Reorganization

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries with the District Court in Vänersborg, Sweden.

Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding to pay the wages and be able to continue the voluntary reorganization.

Is this the end, I don’t know, but at least Saab has some days to react, which means find a final Deal that is OK for GM, so Youngman can send some money.

Please do not start writing nasty words against Mr. Lofalk, maybe he has to do this by law.

Vosmer
Member
4 years 9 months ago
Dear all, Being a Saab driver for many years I always had the impression of being part of a greater whole. Owning a Saab leaves you with the feeling of being part of a club of fellow Saab drivers. Most people who bought a Saab will continue to do so. Hopefully for many years to come. For this reason a plan came to my mind: Why, if we are so eager to keep Saab alive, should we not buy a stake in Saab? If there are, for example, over a million proud Saab owners willing to donate a substantial amount… Read more »
900 classic cab
Guest
4 years 9 months ago

I think I remember to read suggestions like this in the past, but there were legal reasons that didn’t allow that. But I think that would have been great, if the “investors” automatically could become owners…Maybe a fund to buy stocks.. but I guess now it’s to late 🙁

aop
Member
4 years 9 months ago

if SU is legal entity in Sweden , than it could work out.
but i’s gotta be very fast

gannet
Member
4 years 9 months ago

and then? when money runs out? …pointless.

900 classic cab
Guest
4 years 9 months ago

Who will step in when bankruptcy happens ? Maybe we could at least by “the brand”, logo etc and keep it safe until someone with enough money and interest could bring it back to life. Hey, if it’s possible for other companies…

Vosmer
Member
4 years 9 months ago

Could start by opening account. If there’s enough funding to take action we could. If not, money will be transfered back to sponsor…

TonymacUK
Member
4 years 9 months ago

I have a feeling that, even if this idea came to fruition, the amount raised would fall short of the theoretical total and would, in any event, quickly disappear “down the plughole”. And wasn`t a similar suggestion made months ago? Sorry to seem negative, but I am daily becoming more despondent.

DUTCH900C
Member
4 years 9 months ago

On which bankaccount can we give are money?

DUTCH900C
Member
4 years 9 months ago

Had to be:

On which bankaccount can we give OUR money?

And why can’t i get smilies here?

Vosmer
Member
4 years 9 months ago

Not opened yet. Depends on response. Is this a good idea?

DUTCH900C
Member
4 years 9 months ago

Ofcourse this is a good, in my opinion, VERY GOOD IDEA.

scand
Member
4 years 9 months ago

We could open at bankas Snoras in Lithuania.

They would gratefully receive any money for Saab.

Marque
Member
4 years 9 months ago

Pls ban this scam.

mo
Member
4 years 9 months ago

not going to give up hope, its already come this far. if saab goes down cause of all this, they at least have the respect that they went down fighting….

Zizou
Member
4 years 9 months ago

Maybe desperate times really call for desperate measures…

jouni72
Member
4 years 9 months ago

I don´t give up hope, there is VM working for this. He has som many times swum away from the dangerous waters, he will do it this time too. It is not knowing but it is believing. Go Victor!

aop
Member
4 years 9 months ago

Calm down, this move was expected. GL didn’t have any other way, at least his plans for SAAB were clearly out of the picture, so for him this is the end.
Saab has 5-6 days to sort it out.
If all that was written about the convertible preferred shares not needing GM approval is true, than this turns to be actually the best possible way for Saab out of all.
I just hope NDRC will stand by.

golfhunter
Member
4 years 9 months ago

It’s catastrophic .

zippy
Member
4 years 9 months ago

🙁

theSandySaab
Member
4 years 9 months ago
I can see the Fat Lady…. The problem in case of a final bankruptcy, I believe, are; 1. the SAAB name will return to SAAB Defence, by default. 2. Most, if not all IP, will “return” to GM, one way or another. Virtually no possibility to continue to make SAAB cars, in any shape or form will exist. This the Chinese know and that is why they have been putting in money, as long as there were a reasonable chance to avoid bankruptcy with the assets intact. BUT, maybe there is a rabbit that jumps out of VM’s hat…. …and… Read more »
900 classic cab
Guest
4 years 9 months ago

+1

sportwagon28t
Member
4 years 9 months ago

SandySaab does that mean you will never buy any parts for your Saab either?

theSandySaab
Member
4 years 9 months ago

Saab Parts is NOT GM, afaik….
Since some time now, but correct me if I’m wrong…
🙂

liftarn
Member
4 years 9 months ago

What about Saab UK? Don’t they also have the rights to the name? I remember Commodore UK. When Commodore Inc went bankrupt the UK branch continued selling keyboards and computer speakers.
Also remember the Japanese branch of Victor. When Vicor went under they continues and they are still in business using the acronym JVC.

theSandySaab
Member
4 years 9 months ago

I am sure there are more knowledgeable people out there, but from what I understand, if there are no SAAB cars manufactured, there will be no need for Saab UK, except maybe for service and parts. So, possibly the name Saab UK, which is a separate entity (?) might live longer, providing these.

Troels, Denmark
Member
4 years 9 months ago

Only thing left to say is; Hope, hope, hope …

Turbine
Member
4 years 9 months ago

Just terrible news – too many creditors – too many deals – too many distractions- not enough cash – not enough support. A very sad day indeed – hope suggested this day would never come- reality had the final say. My heart goes out to all saab employees across the world – very sad to see an icon fall like this….

Carlo A
Member
4 years 9 months ago

Very bad news… I feel for all employees with the forthcoming Christmas.

Victor never give up… till the end!!!

Griffin Up!!!

aop
Member
4 years 9 months ago
Ending the reconstruction does not imply bankruptcy by default. Is just that bankruptcy petitions will be reinstated and bankruptcy hearings will take place in the court who has to decide. BUT, If I were a supplier, I would think twice before getting any further down this road. Because, as details came to light, we could easier understand few things: -GM owns prefered shares in SAAB of a face value of $326 millions. Prefered shares have seniority in case of a liquidation to all other creditors and have to be fullfilled at face value. -EIB loan is guaranteed bye SweGov which… Read more »
michaelb
Member
4 years 9 months ago

And the unions claims for wages?

aop
Member
4 years 9 months ago

That’s the only thing that has to be taken care of.

Kahl
Member
4 years 9 months ago

I thought preferred shares were only ahead of ordinary shares in case of liqudation. Any difference in Swedish law?

If it works in the order as you suggested, GM will virtually take everything first. Employees would be the worst off, and VM himself.

aop
Member
4 years 9 months ago

http://en.wikipedia.org/wiki/Preferred_stock
Pref shares are said to have preference in assets in events of the liquidation.
It all depends of the class of the shares and what seniority they were assigned. But given the circumstances of the deal to sell Saab to Spyker, I doubt GM didn’t secure their shares in case of liquidation.

Kahl
Member
4 years 9 months ago

They simply have priority over common stock, I believe, that’s why it’s called preferred stock.

If it’s like what you said, it would not be hard to figure out why GM said no to everything. Simple maths.

scand
Member
4 years 9 months ago

Common and preferred stock is still equity, and the equity has been wiped out here.

Equity will come after creditors, banks, taxes, wages etc.

Take out the IP , take out what EIB or swegov has claims on (Saab parts). The factory is sold and will revert in full to hemfosa. The name goes back to Saab ab.

What’s left of any value?

Besides GM wrote off its shares already.

michaelb
Member
4 years 9 months ago

Usually, employees salary claims as well as social contributions and taxes, are in the highest class, ahead of any type of shares. Don’t know how it is in Sweden.

Kahl
Member
4 years 9 months ago

Yes, you are right.

But they are after administrator&liquidator cost, and creditors who have fixed assets as collateral.(Pangda I guess)

SAABfansince14
Member
4 years 9 months ago

Saab needs to let Youngman in NOW with 19.9% and no approvals. Have the agreement provide details of how the ownership will evolve, it seems their plan with Saab is the same as Victor’s (as they spelled it out in their 100% bid acquisition).

RS
Member
4 years 9 months ago

After his wild goose chase GL (?) has been spotted helping the Fat Lady rehearse her stage entrance at the pool -for obvious safety reasons. http://www.youtube.com/watch?v=RzHyeMaHm2s
Not going so great either by the looks of it.

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