SCNA Chapter 11 Notices Arriving In The Mail

Saab owners nationwide have started receiving notices of the chapter 11 bankruptcy filing for Saab Cars North America.  As stated in the notice, the meeting with the creditors is fast approaching: April 4, 2012 at 9:30 AM (ET) at 844 King Street, Room 2112, Wilmington, DE 19801.

As this creditor meeting occurs well before the receivers will be announcing their verdict on the current bid for Saab Automobile AB, it remains to be seen whether the creditors will reconvene at a date following bid finalization.  It has been widely believed that this filing for bankruptcy protection was actually intended as a measure to “buy them some more time” as the bidding process continues.  Seeing assets from SCNA being auctioned off, as we have earlier was a gut-wrenching sight but let’s be hopeful that this will allow the dealer network in the US to be held in-place long enough so that us here in North America will be apart of the Saab restart that we are all waiting for.

Read the Letter here:  Saab North America – Chapter 11 Notice

Baver
Member
4 years 6 months ago

Still waiting for mine. Sure doesn’t leave us much time to plan a million Saab convoy to Delaware!

Angelo V.
Member
4 years 6 months ago

Yeah, the length of this process has surprised casual fans like me (with some common sense) but also business owners who actually know better—-they too were expecting this to be sorted out by now and rightfully. This has become laughable—-a farce.

Dejjo
Member
4 years 6 months ago

Today I saw a clip of SAABs last commercial on YouTube. It made me unbelievably sad. I still can’t believe it. PLZ someone BUY IT!!

Rolf Hägg
Guest
4 years 6 months ago

Got mine earlier in the week…

richard
Member
4 years 6 months ago

Are there any Canadian dealers included in this filing? As I understand it, SCNA also includes the Canadian operations as well. Perhaps Jason Powell can clarify how or if it affects the Canadian half of North America. 🙂

JasonPowell
Member
4 years 6 months ago

To be honest Richard, I don’t know exactly how the filing works in Canada as it is not a part of what I do. I do know the dealers had spoken about this but will need to try to get clarification on that.

richard
Member
4 years 6 months ago

Fantastic. Thanks Jason. I may be a province away from you, but having dedicated folks and dealers like you still kicking hard in these darkest days of Saab are very encouraging.

JasonPowell
Member
4 years 6 months ago

Richard, looks like we are not a part of this as we fall under the umbrella of IFS which is our importer. Some of the Canadian provinces also don’t have franchise protection like they do in the US which leaves our dealers on their own.

richard
Member
4 years 6 months ago

Interesting. Thanks for checking into that Jason. So for all intents and purposes SCNA is really just Saab USA under a more grandiose moniker. 🙂

BMW Rider
Member
4 years 6 months ago
Haven’t received mine, it will come to my company since car is owned by my employer. So now what happens? SCNA owes me a warranty, which without parts might be worthless I guess but is there any recourse as a group we have a chance to claim that the purchase price of a third party warranty should be awarded? Last I read SCNA was actually worth more than their debts due to the US parts inventory and operation and I guess other assets, maybe unsold cars or something, of course I’ve read a lot of things in past 12 months… Read more »
Bryan Kazes
Member
4 years 6 months ago

Yes that’s a great idea…let’s file a claim against. SCNA/SAAB, ya, thats the ticket! Lets all sign up for a class action!

All this does is add more costly and time consuming legal troubles to SAAB. That is not something I would to do. It could hinder EVERYTHING if that were to happen.

What a great way to add fuel to the fire and help drive the last nail into the coffin.

Rolf Hägg
Guest
4 years 6 months ago

I think the nail has been driven a long time ago. I’d really like a warranty as well. Who knows…

BMW Rider
Member
4 years 6 months ago
I’ve been very loyal to Saab and I’m not going to apologize for wanting what I paid for. I see it as every owner for 10 or 11 is also one of their creditors, just like the dealers, and GM and the company that fills the coffee and Coke machines at the SCNA office. I feel no allegiance to SCNA who didn’t even have the decency to send out a letter to the affected buyers – they posted something at http://www.saabusa.com on December 23, 2011 and promptly deleted their contact information and nothing since. They’ve already sold off assets to… Read more »
KingRichardSaab
Member
4 years 6 months ago
I also am 2010 9-3 owner/leasee as are BMW Rider and P. Saab4Life, in all respects do you own/lease a 2010/2011 pre-bankruptcy car? It blows my mind to hear someone basically say that we shouldn’t be upset that we don’t deserve to have our warranities reinstated, or compansated for the lose of such. WE PAID for them, and we had them take away!! I am HOPING for a class action suit, because what is fair, is well FAIR! The Saab that we know and loved is GONE, and IF some other company brings them back, do you REALLY think it… Read more »
CoolCombi
Member
4 years 6 months ago

I work maybe 5 miles from where these proceedings will take place. I wonder if it is open to the public?

Angelo V.
Member
4 years 6 months ago

If you have the day free, you should at least go down there and poke around.

saabboy1
Member
4 years 6 months ago

Yes I have two letters saying this. Not sure what to make of it. I wish they would postpone until the decision is made April27th.

Angelo V.
Member
4 years 6 months ago

I wish the decision could be made sooner than the meeting date.

zippy
Member
4 years 6 months ago

🙁

mattlach
Member
4 years 6 months ago

I got mine.

Sad day.

Aero1
Member
4 years 6 months ago
When I read the post about the press conference, I was completely surprised that nobody could read between the lines. Maybe it was just me, I’ve been home all week with the flu, but the receivers replies to the questions were completely contradictory to what they first had stated as their goal for the sale of ALL of SAAB. Did they not say first: “We want this to be done Asap, find the best fit for SAAB” “We want SAAB to be sold as a whole company” “The highest bidder may not win the bid” – Last press conference- “We… Read more »
Angelo V.
Member
4 years 6 months ago

It’s a cold slap in the face, isn’t it? Depending on how this ends, I’ll either say “Guess I was wrong—-the Receivers knew what they were doing and patience paid off.” or I’m going to say “What filthy leeches.”

Greg Abbott
Member
4 years 6 months ago
Let’s wait and see how this ends before we start passing judgment on how the receivers are doing their job. It’s their job to get as much money for the creditors, that statement is totally uncontroversial. Presumably the creditors, mostly Saab’s suppliers, have a greater financial interest in an ongoing business than getting one, and only one, check for half or less of their outstanding invoices. The receivers aren’t likely to impose a solution that the creditors are opposed to. If there is a legitimate offer on the table for continuation of the whole business, I doubt the receivers would… Read more »
Angelo V.
Member
4 years 6 months ago

“We shall see.”

Greg: When?

Khrisdk
Member
4 years 6 months ago

When it suits the receivers

MeanSabean
Member
4 years 6 months ago

Greg +1 your absolutely right, continuation of the whole business is better for everyone from dealers to suppliers, creditors and loyal customers.

Aero1
Member
4 years 6 months ago

Absolutely right, but that is not what the receivers are saying, I am just pointing out from the past press conferences. I read every bit of the information I have commented on right on SU.

100%Saab
Member
4 years 6 months ago

Just keeps me on hold from buying anything at this time, or making any plans.

Paul
Member
4 years 6 months ago

Just one small point. The fact that this is a chapter 11 bankruptcy and not a chapter 7 bankruptcy is quite hopeful. Chapter 11 means that the administrators believe that there is still a viable business for the company, as chapt 11 will allow debts to be re-negiotated. Chapter 7 (I think its chapter 7) winds the company up.

Bryan Kazes
Member
4 years 6 months ago
KingRichardSaab – I’m just saying that adding to the obsticles right now would hurt things at this stage. If SAAB restarts with a new parent the there is a chance, albeit slight, that the warranties could be reinstated. If SAAB is truly killed off then even that slight chance is gone. Yes I own 2 SAAB cars that have lost their warranties. A 2011 9-3 2.0t and 2011 9-5 Aero that I bought December 29th, 2011 as a show of support for SAAB. (p.s. there are 3rd party, post purchase, warranties offered by maybe companies if someone wants one. I… Read more »
BMW Rider
Member
4 years 6 months ago

You do what you want but as for me I want what I paid for. That’s not an obstacle that’s a contract and a contract that was violated. Not much different of a situation than any other creditor of SCNA who wasn’t paid. The dealers and other creditors are going after their share, I’d like mine too.

74StingSaab
Member
4 years 6 months ago

Saab4life…So you bought those cars at a huge discount reflecting the “as-is” no warranty condition right? Whereas my son bought his in October, price paid to INCLUDE warranty. Makes me sick to my stomach all these “I don’t care about the warranty” comments… good, Im glad you can afford to pay out the backside for repairs to a new car. This is totally irresponsible of Saab how they had nothing nor have offered nothing for honoring the warranty and service.

KingRichardSaab
Member
4 years 6 months ago

P, 74StingSaab, BMW Rider and the rest of us with 2010/2011 SAAB’s without a warranty (AND that ALSO PAID FULL PRICE , or leased at FULL price) thank you for letting me know that I am not the only one that is angry.
And like you all, I am SICK of people trying to tell me that I’m “Naughty” for feeling burned about wanting my warranty. And NO I shouldn’t have to go out and “BUY” a 3rd party warranty, when I bought one in July 2010 with my NEW Saab 9-3 SS.

Bryan Kazes
Member
4 years 6 months ago
KingRichardSaab – Also, and is just my viewpoint / my opinion talking, the warranties were not “taken away” as you put it. The term “taken away” implies a purposeful act and in some ways can be considered synonymous with “stolen” (i mean that in a manner of speaking – not the most absolute sense). No matter ones personal opinion, I can promise you that VM, SWAN and everyone else affiliated with SAAB did not hope for or want to file bankruptcy. If they had their way, like us, we would not be where we are today. They had no choice… Read more »
Aero1
Member
4 years 6 months ago
Everyone except GM! That is who I think is behind everything since the day before the bankruptcy. I do not understand the tip toeing around the matter, its plain and simple. Everyone who is involved or has been involved in this whole mess knows exactly what happened, it makes me so infuriated that eveyone is trying to just brush it aside as it is just another normal occurence or keeping it a secret. There is no warranty because there is no SAAB, there is no SAAB because nobod y was allowed to invest, or buy SAAB, and now there are… Read more »
Bryan Kazes
Member
4 years 6 months ago
74Stimg, Actually, no. I did not get the huge discounts that we have seen. 9-3 = $31k 9-5 = $49k (No cars traded in. I gave my wife’s 2009 9-3 2.0t to my step-daughter because her & the fiancé need a car badly but cannot afford a dime extra in bills without not being able to pay rent…so all though it’s financed and the note is still in our names, we just wanted to help them.) Yes there some discounts but not huge as you can see. BMWRider, I guess we just have a differe opinion on the matter. That’s… Read more »
Bryan Kazes
Member
4 years 6 months ago

Oops…..

And Aero1 you are correct about GM and their actions. I agree 100% that there are many many people involved who “all have skin in the issues”. Every person you mention and more all share part in the bankruptcy.

I was just saying that this not the outcome they hoped for…. This outcome was never on a goals or objectives list etc.

Baver
Member
4 years 6 months ago

I’m still waiting for my letter.

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