Saab Bankruptcy Press-Conference Video
December 20, 2011 in News, SAAB Automobile AB
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74StingSaab said on December 20, 2011
I don’t think Lofalk will be getting a Christmas card from Victor..
Markac said on December 20, 2011
Everyone should send Mr. Lofalk a Christmas card postage due!
kanundrum said on December 20, 2011
Nulla Tenaci Invia Est Via.
Very sad Opening Statement…..
mark said on December 20, 2011
Ok let’s look at this from a fresh angle. I have an idea that’s just crazy enough to work but we must all work together.
I’m serious about this so please bear with me. I think the we (we meaning those of us that wish to see SAAB continue) need to start getting companies like Google, Microsoft, Apple, thinking about buying SAAB. Saab has always been a company with innovative ideas. Google, Microsoft, Apple are the same way, can you see the Google Saab, the iSaab, the MS SAAB 7 (ok, the MS SAAB 7 would probably reboot in the middle of an intersection with the blue screen of death but so did the 2003 9 3 sport sedan until they worked the bugs out.) These companies have pocket change that would bring SAAB back, didn’t Google pay 2 billion USD for YouTube? Google is worth much more than GM and that includes all of GM’s real estate. Zuckerberg of Facebook (I can see him driving a SAAB) could buy SAAB as a stocking stuffer, just think of the possibilities of the cross branding. How many SAAB employees ever heard of of Youngman or Pang Da? I’ll bet they have all heard of Google, Microsoft, Apple, Facebook. A few might even have an iphone or a FaceBook page.The employees would be very excited to work for one of these companies. What an opportunity for a company such as one of these to break into a turn key car company on the cheap and get engineers from both companies working together to create some real innovative technologies. So start a blog, a web page, send some emails to companies you think would be a good fit, start a discussion and let’s get SAAB going again! Put the crown back on the Griffin!
Thylmuc said on December 20, 2011
Actually, I agree with you that a company outside the traditional car cluster might be an interesting option. However, of those you name, only Apple has experience and a public perception in producing hardware, though now this will change with Google’s acquisation of Motorola mobile. And concerning cash, I also believe that only Apple, at USD 80bn, has funds to restart Saab without problems.
Any image problems would also be solved in a second. IQon changed to iOS? Why not?
katar1na said on December 20, 2011
Poor SAAB-people in Trollhättan.
There are no words for how hard Victor Müller tried and all hard work he spent to save SAAB.
But I wait for that Phoenix bird to rise its wings anyway!
Wonder still why the chinese didn´t tell GM to get lost from China if they… well… Just something I had hoped for.
I had many excuses for business people in America before, but no longer. I really do not like the multi millionaire style that loves to abort dreams…
Johnaaj said on December 20, 2011
Saab’s friend Bård Eker and Koenigsegg is interessted again.
Look at this published in Norwegain newspapers today (in Norwegain):
http://www.dn.no/dnBil/article2295423.ece
jouni72 said on December 20, 2011
I think there will be several parties fighting to get Saab. But Koenigsegg with strong financial parter would be a perfect match. They already have gone through negotiations with GM some time ago…
Thor said on December 20, 2011
this sounds incredible…. keep fingers crossed… i think Saab would have lives like a cat ……. i promise if there is a restart as a car company with new owners…. i will buy new saabs for me and me wife…..
RS said on December 20, 2011
Note to Eker.
Get the SC out there and the NG 9-5 starts to sell!
jouni72 said on December 20, 2011
In swedish newspapers in this morning there is mentioned that Youngman wants to buy all non-GM related things + running factory, mostly probably interested in Phoenix. Wouldn´t it work so that there is a separate non chinese company producing GM-licenced products (9-3, 9-5) in Youngman-owned Trollhättan factory until there is a GM-free car to be produced? Is this also a threat to GM in IP issue?
Red J said on December 20, 2011
Jouni,
this was the last plan from SWAN, and GM clearly said NO.
If somebody wants to be able to sell Saabs in 2012, he has to move fast, before before it is impossible to do it.
jouni72 said on December 20, 2011
Thanks Red J, after i had written it and thought it more, I also thought that this probably was pretty close to last proposal. Still I don´t understand GM…
Thylmuc said on December 20, 2011
That makes no sense at all. It might have been an option 2009, but Koenigsegg withdraw due to too much damage being done to the brand image. Well…
Also, the debts and delayed development that have now been piled are just too much to bear for such a small company.
Bréanainn said on December 20, 2011
A very sad day its like living it over again after gm (note no capital letters) dropped SAAB. I take my hat off to the effort that Victor & many other people did to put there faith to save this incredible car company when I found out about this I decided to go have a beer at the pub as I stepped out of my house (no word of a lie) a five door classic 900 hatch drove past me I hope this is a omen the we will see SAAB again & I mean a REAL SAAB not some prostituted gm crap in party skirt. I never really consider SAABs after 1993 a true SAAB I am am F#@!ing angry at gm!
mo said on December 20, 2011
after watching the press conference, this horrible situation saab is in is essentially all because of people meddling in agreements and contracts when they had no need to (lofalk). very sad to hear that all of this could have been avoided if antonov was allowed to give a measly 30million euros in april. such a small amount then, and look at now what everyone has to pay for the collapse of saab.
kochje said on December 20, 2011
Agree.
MariusGTV said on December 20, 2011
+1
Hans H said on December 20, 2011
+1
Troels, Denmark said on December 20, 2011
This is almost unbearable sad…. It is hard to have much hope left, but Saab deserves a restart in Sweden and including the brand-name…
But even if there would be investors willing to do that; would GM aloud any deal at all ??? It seem like that they will kill Saab no matter what…
Can we do something – rallies, campaigns … ?
RS said on December 20, 2011
It has been said the relations between SWAN and GM where good until the reconstruction Admin number 1 went over there and (deliberately?) pi$$ed them off with his China threats…
GM could be willing to play ball again if the circumstances were different.
kochje said on December 20, 2011
That is indeed what I also heard and in fact I need to reconsider what I elswhere did sayabout GM.
It seems VM has had no issues with GM till GL started to play arround (sic, you do not say “play” is so much money is involved).
Also the Swedish government must have given all possible support to Saab.
So at the end it went wrong already in April when the first, relatively small, capital injection was not given timely enough.
That GM his behavious got more and more tense and that they communicated at the end via press releases is never a good sign but what has caused this? Hearing VM it went wrong with GL.
Troels, Denmark said on December 20, 2011
I am not so sure that only GL is the reason behind GMs attitude… I am afraid that it is for a great part in GM itself…
aus715 said on December 20, 2011
The Swedish Law loophole, where a party may purchase the embers of a bankrupt company, is certainly ‘an ace up the sleeve’ of the Chess player, VM and his team. The flame is NOT out and it still flickers. Just a bit but bush-fires start from such small beginnings and roar into life. To be ‘cleansed’ of GM is a real positive that will have lasting implications for the company and drivers well into the future.
GAME ON people!!
Tim Sinclair said on December 20, 2011
VM is a remarkable man. The press conference leaves me with some confidence things will develop positively.
Hogge said on December 20, 2011
According to Swedish Television (SVT), the Turkish government is interrested in buying Saab!
Hogge said on December 20, 2011
http://svt.se/2.22620/1.2652222/turkiet_vill_kopa_saab_automobile
liftarn said on December 20, 2011
Also Youngman haven’t given up and there is also a familiar name, Koenigsegg. http://www.dn.no/dnBil/article2295423.ece
Hans H said on December 20, 2011
This is just weird.
In the case of Turkey, there would be no more production in Trollhättan. How can this be good?
Anybody Turkish here who can verify?
liftarn said on December 20, 2011
Yes, I don’t think Turkey is interested in keeping the brand name either as they want a domestic car. Car factories they already have.
Tim said on December 20, 2011
Earlier this year Turkey announced they should have their own car manufacturer. I guess in this case it’s all about the Phoenix platform which will allow them to develop cars.
So this wouldn’t have a possitive impact on the Swedish people.
Hogge said on December 20, 2011
Naturally I’d prefer Saab to keep doing everything in Sweden. But I’d rather see the brand survive and move the production away, than the brand dying off completely.
But I don’t see Saab moving away the R&D or design.
I’ve stated this before: Saabs United, the Saab Dealers and Saab employees should join forces and buy the brand.
Mustafa said on December 20, 2011
hi there, I’m from Turkey.
there are a few news yet, but it is very possible that Turkish industry may bid for SAAB assets. there are very long studies for a national car. It is some kind of a honor issue for Turkish industry and people.
Turkey has many car facilities.but virtually all of them are assembly lines. there are a few national engines used only in trucks etc.
If acquisitions completes in Turkish favour, i can say all of the production facilities will be carried to Turkey. there will be no Swedish interest in the end (except some RDs and consultants).
I think this investment is worthless, cause SAAB cars are not favoured in Turkey, where cheap and low emmission cars are sold verry massively while volvo and saab sold very few in amount. But again, it is a matter of value, if they obtain it cheaply, great deal.
Sorry for Swedish people. this is the result of global economy what the well developed countries started. there is no more logic of producing cars in a country with such expensive labour and material. I wonder, after ten years, there will be no car facility except germany, france and italy.
greetings from the south:)
Mustafa
Ebolie-21 said on December 20, 2011
According to Wall Street Journal Saab is the victim of the power play between China and the USA and not GM alone but GM seems to oblidged to follow this course by the US Government denying China the official aim declared: the acquisition of Western and particularly American technology.
In conclusion if other inverstors could be found then Saab might persist, maybe an Arab or European investor?
liftarn said on December 20, 2011
I don’t think so. GM already have manufacturing in China.
Ebolie-21 said on December 20, 2011
But it is under their own control and this was before these new Chinese and American policies were in place because of the debt crisis.
Greg Bakos said on December 20, 2011
This does seem to be at the heart of the matter. If China is making life difficult for GM then why would GM allow anything to go their way with Saab? The Board of GM would have a hard time answering to their stockholders if they complied with anything that the Chinese proposes. Saab just happened to get caught in the middle of a global fight.
TurboLover said on December 20, 2011
BUT the customer is allways right, so let’s stop buing GM’s products
MariusGTV said on December 20, 2011
A very resigned VM in the interview it seemed to me. It also looked like he would love to really stick it to Lofalk and GM but is resisting the temptation until it is more appropriate to do so.
It seems then that because of a lack of support to allow monies from Antanov way back in April then compounding the escalating money issues by Lofalk ‘stirring’ the pot with his various China deals which in turn either scared or, (more likely), pissed GM off has been what has done for Saab.
What a pity someone could not have gotten control of all parties (and egos) involved and calmed the waters. All involved have to take some of the responsibility for the failure but it seems to me at least, that GL and GM will be remembered as the ones who killed Saab.
Griffin Up! Cuore Sportivo!
Martin T16s said on December 20, 2011
Can somebody possibly throw some light on this scenario? In bankruptcy would a new buyer be completely debt free AND also clear of the IP situation of GM? If that is the case then surely we welcome back the Chinese and wave goodbye to GM?
kochje said on December 20, 2011
If it was so simple then this route should already be gone a while ago, I think.
A part of the debts will certainly be claimed but that will be the who;le discussion with the interested parties.
I however do not think that by law all debts sufdeenly are off the table.
Too good to be true.
But as you said, I am also not a specialist in bankrupties so perhaps we have a specialst among us?
Thylmuc said on December 20, 2011
Not sure about Swedish specifics, but normally, a bancruptcy means that the company will be “liquidated”, which means that everything that still belongs to the company will be sold, and that any money from this sale is then somehow distributed amoung the creditors. Sometimes there are preferred creditors, like the employees, that will be served first.
The receivers that will now be in charge may also try to keep the company running, if they see a chance to pay the creditors by keeping it running (which will not work in this case), or sell it as an entity to the best bidder, if there are any, again with the goals of getting most money for the creditors, and maintaining as many job positions as possible (the employees again beeing considered as some kind of creditors).
M.A. said on December 20, 2011
For me it is quite clear that the new appointed administrators would seek primarily the sale of SAAB to an investor that would keep the brand and the production in Sweden. But the question is if there are true investors among the interested parties and not just “vultures”.
It is time for a Christmas Miracle in Trollhättan!!
ng said on December 20, 2011
+1
Troels, Denmark said on December 20, 2011
Yes, we do indeed hope for a miracle… !
kochje said on December 20, 2011
+1
Turbine said on December 20, 2011
This is just devestating news for all involved with Saab. The blame game will be played for years to come out of the many books that will be written on the subject- for me though you have to look at SWAN – they held the business plan and the funding lines (or not as is the case). Easy to blame GM for this mess – but look closer to home I feel – GM gave Saab a chance to fly – it just wasnt meant to be. Too many plans , too many players and a leader chasing a dream- not a fully financed business plan- Its a very sad day for the thousands now looking at a bleak xmas. I only hope someone in europe with the knowledge and cash comes in now – SAVE SAAB
Thylmuc said on December 20, 2011
Some speculation for being discussed by you. What could a buyer be interested in? Methink: 1. the Phoenix platform plus additional related technology; 2. the development department; and 3. the highly efficient assembly line. (I exclude network/brand image, as it is not sure if either could be used by a successor company)
1. would apply to companies that have no premium FWD/AWD platform, but need one for some future, planned model
2. would apply to companies rather weak in development,
3. would apply to companies intending to expand their manufacturing, and which do not have over capacities right now.
So lets see:
1. Would hold for Youngman (evidently), maybe some other Chinese companies, Fiat (if they don’t want to bet the company on Chrysler crap, and really want to build successors to the 159, 166 (which seems cancelled) and Chroma), Tata/Jaguar (decided to go FWD for the next X-Type, but might well have decided on the platform, too), and maybe Renault (??).
2. Would hold for Youngman, and companies not yet in the car market (Apple, electrical power companies like Vattenfall, Eon); as would 1.
3. Due to huge overcapacities in the automotive industry, I do not see any company that might be interested in further capacities. Magna international once was interested in buying Opel and Chrysler, which indicates that they had interest in getting additional manufacturing capabilities, but this might well have changed. For Chinese manufacturers, this would (due to the wages) only be interesting for premium brands, of which non yet exist. 3. will of course again hold for companies from the outside.
Any other ideas?
Thylmuc said on December 20, 2011
re. 3.: Maybe BMW
dcpattie said on December 20, 2011
About the comment that this is a power play by the Obama Administration to keep American tech away from China – I don’t by it. I guess it’s possible but it’s entirely inconsistent with Ford’s complete sale of Volvo to Geely. I understand that Ford didn’t take any bailout money but someone in the Administration had to sign off at dome point. The idea that since GM = Govn’t Motors, the Obama Admin would suddenly start demonstrating protectionism is crazy. Again, why now?
Thylmuc said on December 20, 2011
Seems as if the US have sold their stake in GM?! I don’t know if their has to be some kind of approval to sell companies abroad, but would that be compatible with free markets?
cagan erdil said on December 20, 2011
Acquiring Saab, would be a right decision for Turkey at the right time. I am not in the Turkish Auto industry, just a Saab owner. Turkey has huge capacity in auto manufacturung, the young population is growing rapidly. Dependence on auto transportation is very high. We have 3x more cars, as compared to couple years ago.
Turkey for years has been, producing cars under foreign licenses, Renault, Fiat, Ford. Cars are selling like Hotcakes. The economy is stable. Foreign investment is high and steady. The auto supply chain is well developed.The Turkish auto industry is striving to have its national car brand for years. Of course this cannot happen , building a brand from scratch. A Brand has to be acquired. In my opinion Saab is a perfect fit.
Turkish local factories are manufacturung, Mid class autos. The number of wealthy people is increasing. This wealth is buying the other imported luxury brands. The country wants high end segment cars.
The government spokespeople always mention Saab as a good fit. But, of course the government wants new job creation etc. The obstacles, in my opinion would be, the GM approval, the factory location etc.
Thylmuc said on December 20, 2011
As I will only buy cars build in the European Union, Turkey finally needs to become a member state
The political problems in this regard are of course to be fully blamed on the Turkish side. They simply should not have tried to occupy Europe. Since then, the Europeans automatically panic…
duckaway
cagan erdil said on December 20, 2011
Thats something political, but Turkey will be a member state one day.
I just wish somebody acquires Saab. it a big, big brand. Both emotionally and mechanically. i had about 600 cars.i have driven Saabs for the past 9 years. All the economies of Trollhättan, the families that live there all depend on Saab. There is precious Auto/Saab technology know-how in people that work in Trollhättan. this also can`t be wasted.. There are couple big brands from Europe., mercedes, Bmw, Audi,Volvo & Saab. Its not logical to have a world without Saab.Who would want to miss the profits, to be made from that well established brand? something should happen!!
Dejjo said on December 20, 2011
Yesterday i was just in shock, but to day I’m just really sad. I can’t believe it came to this, I must admit I never thought it would happen. Hard too believe that Saabs won’t be built in Trollhättan again if anywhere.
Very ,very sad.
Swizzy said on December 20, 2011
Exactly what I’m feeling now..!
Catharina Uddman said on December 20, 2011
Please mr Muller, don’t leave us!!
You are the only one who can save SAAB in a good way, there will be no one like you, EVER!
We don’t have any fighters in Sweden
So sad!!!
900_S said on December 20, 2011
Poor Victor… Sitting on his anger and grief. He and others fought hard… It’s a shame it’s come to this. Hopefully now he can relax and rest before moving onto other things.
Honestly, I never thought I’d see the day.
Catharina Uddman said on December 20, 2011
I have a big picture on you (Mr Muller) on my office door since 2 years (works as a engeneer) Because I belived/e in you.
I am so pride over you and your fighting spirit, I know you did your best!!
No one could do it better.
I have tried to like other cars but it all ends every time with that I sell them and buying a SAAB.
Can’t live without a SAAB, This can not be the end!!