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“Here are some guys who think they can take a shot at this” — TTELA

January 18, 2012 in News

TTela brings more news this morning — note how eager other governments are where SweGov completely failed to do anything other than talk:

Is it the Turks the receivers are focused on? The answer is ‘yes’ according to Brightwell Holdings.
“I work closely with Victor Muller, the receivers and others from Saab’s management group” says Brightwell’s Zamier Ahmed – which is even confirmed by Victor Muller.

As earlier reported by TTELA, the Turkish investors Brightwell Holdings want to buy what is left of Saab, and they are confident General Motors would welcome such a deal.

Zamier Ahmed, a board member of the company was yesterday in London. He confirms that the interest in Saab is intact.

“We want to keep Saab in Sweden”.

According to Mr Ahmed and Mr Muller, they have been cooperating closely with Saab’s receivers Anne-Marie Pouteaux and Hans L. Bergqvist and others in the management team of the bankrupted company.

“I believe Brightwell has sufficient funding to cope with this deal” says Victor Muller to TTELA.

Zamier Ahmed notes that Brightwell has been monitoring Saab’s development for more than six months and it is the high quality brand name and technology that is attracting their interest. Brightwell with their strong focus on environmental issues, feels that Saab’s technology fits in well with their policies.

They also have the full support of their own government for buying Saab and have previous experience in the automotive industry, among which is a 2010 acquisition of a European electric car. They are also negotiating with an American yet to be named manufacturer.

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Updated: “Saab might get split up” – CLEPA and others interviewed by TTela

January 18, 2012 in News

Update: A source close to SU says that Youngman are back in the race. The receivers are now back in touch with Youngman.

Several stakeholders are critical of the way the bankruptcy gets handled. TTela reports: “What are the receivers doing? That is the question posed by several stakeholders concerning Saab’s bankruptcy – Youngman’s advances are rejected, the Swedish stakeholders receives no feedback while Semcon could be getting their hands on some of the estate.”.

Fredrik Sidahl, CEO of FKG (An interest group for suppliers in Scandinavia), points out that the receivers were invited to visit Youngman’s facilities in China, but will not be represented today. “Every proposal for a complete solution should be carefully examined”. He notes that the receivers have not been in touch with neither himself nor any of his member companies.

Instead, among others, IF Metall (one of the unions) will meet with Youngman.

Lars Holmqvist, CEO of CLEPA, is also critical: “One can voice different opinion of Youngman, but they are the only ones truly familiar with the case after having spent half a year negotiating with the company. For other interested parties it would take months before a complete solution could be presented. There is no available time for that.”

“Youngman has a plan involving the next generation 9-3, producing a new Lotus in the Saab factory and access the Phoenix technology. They should be considered.”
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Request to add one more receiver granted

January 12, 2012 in News

The courts today decided to grant the receivers’ request to add a third receiver to resolve issues pertaining to the “SAAB” trademark, the Griffin logo, the SAAB consortium and related concerns.

Kent Hägglund from DLA Nordic thus becomes the third receiver working on Sweden’s largest bankruptcy.

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Request for an additional receiver to be processed by the court

January 9, 2012 in News

The court today announced that they have received a petition from the receivers to add another receiver to the team. The receivers have nominated Kent Hägglund from DLA Nordic.

“Circumstances exists that could mean a conflict of interest for both receivers in questions pertaining to the ‘SAAB’ trademark, the griffin logo and the SAAB company ["firmadominanten SAAB"] and related issues.” (from the petition filed by the receivers)

It is also worth pointing out that the unions have been talking about requesting new receivers since they feel they have not received enough information. The workers need information pertaining to salaries, and be told when they should apply for unemployment benefits.

Hopefully adding a third receiver will speed up the process. This seems to be a better solution than start over from scratch with a completely new receiver team.

At least one of the receivers have owned several Saabs. I believe Saab’s future is in the hands of someone with good intentions. And that counts for a lot.

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Saab’s receivers meet with TTela

December 30, 2011 in News

News are coming in fast today…

The receivers have been interviewed by TTela.

They are very impressed by the new 9-3, have met with Victor Muller and says there are serious interested parties that want to acquire Saab. At the same time, it is impossible to make any promises. TTela met with Saab’s receivers Hans L Bergqvist and Anne-Marie Pouteaux in Gothenborg.
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Friday evening local newspaper snippets

December 30, 2011 in News


TTela kept themselves busy this week.

They have interviewed Jason Castriota, talked to the supplier’s organization and this morning got a comment from GM.

Saab’s chief designer Jason Castriota says they were busy putting the final touches on the new 900 (née 9-3) when the bankruptcy was declared. “We had put in extra effort to get it ready fast given Saab’s predicament”.
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Lofalk’s request to be replaced turned down (for now)

December 16, 2011 in News

The court ruled this morning that Lofalk must remain at least until Monday. They want to give the creditors a chance to have their say in the choice of a new administrator.

Given the short time remaining until Monday’s meeting, the court decided they could not at this point grant Lofalk’s request.

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Request for new administrator

December 14, 2011 in News

Saab and Guy Lofalk have this afternoon filed a request to the court requesting a new administrator to replace Guy Lofalk.

In a fax to the court, Lofalk writes:

I have not had the opportunity to evaluate the new financial plan in detail. My view is that the new structure agreed upon between Saab and Youngman is such that it deserves a new administrator to be put in my place.

Lofalk goes on to explain the need for a fresh approach to the question at hand.

Lars-Henrik Andersson is nominated and has agreed to the assignment should the court decide to let the reconstruction continue.

SVD has more on this development (english translation).

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Antonov, Saab and their fans

November 25, 2011 in Editorial

Sigh.

Given the present situation, there are a number of problems I’d love to have in their stead.

Some of the comments left on SU the past couple of days are almost ecstatic. Most of you have seen them. Apparently a number of people told us that Antonov was a crook and Saab was better off without him.

First of all: An arrest does not guarantee a conviction in a court case. Antonov remains innocent until proven guilty.

With that out of the way, I am curious about what a worst case scenario would have been. We need to deploy the ‘what if?’-machine and go back in time.
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Fat Lady news snippets (What are GM and SweGov up to now?)

November 13, 2011 in News

Top Gear on Friday featured an article about Saab’s current predicament. Saab now only days from disappearing?.

It mentions what we have heard elsewhere, that the Swedish Government say they will try persuading GM to allow Saab continued access to GM technology and parts.

That’s big of them. The Swedish Government has been fantastically unhelpful to Saab ever since its funding crisis started almost a year ago. It has turned down various foreign investors and chucked several administrative spokes in the wheels.

It might be too late now for it to make sympathetic noises.

– Paul Horrell, Top Gear

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Saab defies logic

November 11, 2011 in News

TTela today brings an interview with Sven-Åke Berglie the ex-head of the suppliers’ organization [FKG] as well as a few quotes made by his successor Fredrik Sidahl in Sweden.
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Sales process snippets

November 3, 2011 in Uncategorized

TTela today features an interview with Anna Petre.

Two years ago, GM were skeptical towards Chinese ownership. Now there is going to be a negotiation that can go either way. I believe GM has good intentions for us, says Anna Petre.

Most urgent are guarantees for how the technology in the 9-3, 9-5 and 9-4x will be treated. GM owns the rights to those three models.
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Muller: “Good news for Trollhättan!”

October 28, 2011 in News

P4 Väst managed to get some comments from Victor Muller.

Lyssna: Victor Muller om att Saab blir kinesiskt

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Press release: Swedish Automobile Issues Subscription Notice Under GEM Facility

October 28, 2011 in News

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it issued a subscription notice for 3 million shares under the current EUR 150 million equity facility between Swan and GEM Global Yield Fund Limited. The exact number of shares to be issued and the price thereof will depend on the pricing period which commences today.

In light of recent developments, North Street Capital, LP will not subscribe for 2.3 million shares in Swan and revoked its commitment to provide a loan of USD 60 million to Saab Automobile.

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Press release: Swedish Automobile Signs MoU With Pang Da And Youngman For The Sale Of Saab Automobile And Saab GB

October 28, 2011 in News

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million.

Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties. The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.

The administrator in Saab Automobile’s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.