August 13, 2014 in News
The company whose representative filed a bankruptcy petition has informed Nevs today that they will withdraw the case after the information they have got regarding the ongoing dialogues.
August 13, 2014 in Editorial
Yesterday a petition for bankruptcy was filed by a supplier of test equipment in Gothenburg towards NEVS, ironically as most of us now know, the whole issue was handled by a consultant agency which deals with unpaid bills, the whole thing was a routine issue for them and they were simply following procedure. However in this case the procedure was not exactly what the CEO of Labo had in mind.
NEVS is today visiting the CEO of Labo according to unconfirmed sources to try to clear up the matter or at least inform the supplier about the development regarding the pending deal. Hopes are that these talks will result in a withdrawal of the petition. The CEO of Labo already stated yesterday that he was considering to withdraw the petition since it wasn’t really his wish to make one in the first place.
So what is bankruptcy? Well basically its a state of financial situation where your assets are worth less than the total sum of your debts. Right now, that is not the issue at NEVS. The assets are worth more than the total debt so if the company was to be liquidated, everyone of the suppliers and creditors would be paid. This would however probably not happen at a bankruptcy since as we know, the lawyers will eat up a large portion of the funds. So the situation is pretty simple, the suppliers dont want a bankruptcy, neither does NEVS and we certainly dont and NEVS keeps on trying to free up cash in order to stay afloat.
If the bankruptcy hearing were to take place in the early days of september, an investigation would be conducted into NEVS finances inorder to establish if the company is insolvent. The outcome of such an investigation would most likely conclude that the company is not and the necessary funds would be extracted in means of property. This however is a lengthy process and costly one at that and in nobodies best interest. The amount on the other hand is so small that it would be enough for NEVS to simply sell one single car in order to pay the bill, which is pretty ironic considering that there are now 32 unsold new or used 9-3′s sitting out with dealers. The reason for them being there is that in times like these, nobody wants a car from a company that might go bankrupt, I dont blame people for not buying, neither would I in this situation.
Every monday all employees meet up at NEVS and are given an internal briefing on the situation and what needs to be done during the week to come. Some education of employees is conducted each monday plus minor adjustments and continuous improvements. Such things as keeping the factory in good clean shape is important not only because the grass simply doesn’t stop growing but also for morale, it simply feels good coming home when its nice and clean!
I’ve learned from sources that Dong Feng and Mahindra are still working closely with NEVS and that they’ve done their due diligence, the work right now is mostly about the format of the contracts and to ensure that none of the partners ends up in an unwanted situation later on. Every single detail must be cared for in deals as big as this, and discussing details takes time. I asked Mattias Bergman where they’re at right now and he said that you dont really know how far you’ve come until you’re done looking back at where you were. This to me makes perfect sense since a process like this is not a straight line with a beginning and an end, but rather a process that develops over time. Deadlines and timelines are based on previous experiences, but since nobody has done a deal exactly like this one, its impossible to state exactly how long its going to take, an estimate is of course in place but that estimate is not a firm target but rather a moving target that can be moved either to a later or earlier date.
Mattias point of view on the timeline is confirmed by other industry sources I have who concur with his description of the process, one stated that a deal-process is like a living entity that evolves as it matures and that it has not finished growing once the signature is in place but continues to evolve over time as the partnership stays in place. Other industry experts I’ve talked to (I think you know who) agrees that its extremely important that no detail be overlooked, any misstakes done at this stage or if details are left out which makes one partner unhappy could result in catastrophe later on.
P4 Väst reports that NEVS owes one of the suppliers 150000 SEK (~ $21800 USD). A bankruptcy hearing is scheduled for September 8th.
Monday 11th was the first day after the vacation for many of NEVS’ employees. There were rumors that an announcement of a deal would be made known yesterday, but nothing has materialized so far. It would surprise me greatly if this situation has not been resolved, one way or another, long before September 8th.
(h/t to Daniel B in comments)
Update (18:00): Swedish television reports that the CEO of Labo test was unaware of the legal motion. It was the company handling their invoices that filed on their behalf. “We will now consider our options and one alternative might be that we withdraw our request”.
(h/t to mk for the link to the followup story)
August 8, 2014 in Sotw
I’m a long time SAAB fan and Saabsunited reader, but just back in September I bought my first SAAB (it’s my first car). It’s a 2001 9-3 S, so maybe not as exciting as others’ SOTW, but to me a fantastic car. I’d love to see it as the SOTW sometime.
That’s a great looking 9-3 Nathaniel, very smart in deed.
As always, there is a larger version on Flickr.
August 5, 2014 in News
Saab is delighted to confirm the appointment of a new aftersales partner in Perth (UK) to look after owners throughout Scotland’s central belt region.
Perth Cars Limited is a newly formed company, established by two experienced professionals from the previous business, Western Saab. Headed by Chris Champion, the previous Aftersales Manager at Western Saab and William Thomson, a qualified Master Technician, Perth Cars are not only equipped with all the Saab special tools and diagnostic hardware, but they are located on the same road, ensuring the best possible form of continuity for customers; familiar faces in the same area of town, with the same attention to detail and high quality workmanship.
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August 4, 2014 in News
It’s been a couple of months now since we first started getting real reports that NEVS had some pretty big debts and could not pay its bills. Since then more or less everything in the company has been pawned in order to bring in every bit of cash possible.
From the point of filing a debt with the enforcement agency there is a waiting period where the debt has to be established, that wait is now over. According to P4 West the first of the debts are now being forced upon NEVS and NEVS has a couple of days to either pay the debt or to refuse it. If refused the enforcement agency can basically go to NEVS and grab assets worth the amount of the debt, sell it to the highest bidder and bring the money back that way.
We all remember that it happened to SWAN as well, even the cars in the museum were marked that time. This time, due to some good decision making by its custodian Peter Bäckström, at least the museum is safe!
I’d say that the next few week or so will bring answers to our questions to if NEVS and Saab as a car brand will survive or not. I keep my fingers crossed!
August 4, 2014 in News
August 1, 2014 in Sotw
Please find two pictures for Saab of the week as “Windsurfing life with Saab TX”.
For your reference, the slalom board is Fanatic Falcon 121, sail is Simmer SCS 7.5m2.
Takaki Naito from Japan
Many thanks to Takaki for sharing, as always there are bigger pictures here.
Last Sunday there was a realy nice Saab-meeting in Gävle, Sweden, a couple of hours north of Stockholm. I finally decided Friday evening to set of early Saturday morning in my 9-5 Aero, and thought this will be a nice trip over the weekend. And sure it was! Keywords are nice people, great warm weather (approx. +30 deg. C) and good looking cars in wonderful surroundings!
The local guys from Gävle had like when I visited them last year done a very good job planing the meeting; they had managed to borrow a 2014 9-3 Aero from the local dealer in Bollnäs so visitors could have a closer look at the car, Saab Turbo Club of Sweden was there with their clubshop and a some great guys talking about the club, there was local company that have new body-panels for SAABs for sale, and finally the guys from Gävle that have a tent there they sold lottery tickets for their big lottery. Their lottery is worth a few words, it’s probably one of the few lotteries where the value of the prizes are bigger then the value of all the tickets… So if you’re early on site you actually can buy all the tickets and still earn on it compared to buy all the prizes. The most of the prizes are related to cars and are sponsored by many companies, like our friends at Maptun – so it’s no local home-made handicraft you can win here!
We first meet up at the local SAAB-dealer in Gävle, Eriksson Bilteam, and after some small-talk and kicking some tyres we went together to the meeting point a few kilometres outside Gävle city. Here you had the chance to look at the different cars from the classic two-strokes to the newer 9-5s. Here could you find almost all of the common Saab-models, the one I noticed was missing was the 92 and 93, and the more rare 9-4 and 9-7. Actually I spotted a 9-2x, hard-to-find here in Sweden. A accurate number of cars and guests that was visiting during the day is hard to say exactly, since there was no need to sign up, and many came and left during the day, but I heard 120 cars, and I believe that is quite right. There also where some great activities during the day; Throw a turbo as long you can, hold a flywheel as long you can, and my favourite: a Saab-quiz. If you was hungry or warm after all the activities, it was possible to buy a grill buffet in the restaurant, or you could simply go 100 meters from the cars for a refreshing dip in the lake. At the end of the day a few of us cruised the few miles down to Tierp Arena, a world class drag-racing arena for a very interesting guided tour, and some pizzas afterwards down town Tierp.
All in all a really nice weekend, I will definitive come back next year if I have the chance!
A few photos from the day, I managed to forgot my big memory-card at home, so I found a 512MB card in the Aero, but some photos are better then none photos!
PS. This young mate over here was totally lost in the middle of the road, or maybe it was more comfortable to walk on asphalt???
Neo Brothers are planning an open day on the 4th October and you are all welcome.
The doors open at 10am until about 3pm.
During the day there will be Guided Tours of their extensive facilities.
Entertainment in their hospitality rig including racing Saabs on the games consoles.
Light refreshments will be available all day.
Get close to the 96ss as well as the other track cars and Saab Projects.
Special discounted parts and Special offers for the day.
And a chance to meet many other Saab Enthusiasts’ and their unique Saabs.
Please put the date in your diaries and we will see you there.