One day after thoughts…. now looking forward :-)

Well yesterday it happened, guess few was really surprised. It is of course a sad day in many ways but it can also be a springboard for something else or different. Now when Victor Muller is “out-of-the-picture”, there might be sufficient space for someone else to step in with fresh new ideas or old remodeled ones. I had a long conversation with lawyer Rolf Åbjörnsson last night. He had been approached by several interested parties guess the the is the same with the by the district court appointed lawyers. Guess it is like Wanna White says “The price is right”, now the price for Saab is right. Now it is the true market price. What parties really are willing to pay for the company plus debts. Swedish media talks today of a Youngman delegation arriving soon to Trollhättan (well those guys have already put substantial amounts in the Saab business), also the Turkish embassy in Stockholm has met with the Department of Industry and Commerce. Turkey is already a big country for car manufacturing but the still do not have a brand of their own.
My guess is that we will see more suitors courting the Saab-bride in the coming days, but there is not much time to be wasted now. Skilled labour is not bolted to the factory floor as the machines, they are free to run their lives. Lets hope for a new REAL buyer soon.

Keep the good spirit up and the Saab-Andan. The whole world is watching and keeping their fingers crossed. Saab is right now a bargain wish that we at SU had the fundings to buy the whole company. What about the employee and unions do they have the financial muscles to pull this off. Where are the Swedish Risk Capitalists now? Lets hope they are following this, but I guess the will not sail a ship if the revenue is less then 20% annually. Is that possible to do with Saab?

30 thoughts on “One day after thoughts…. now looking forward :-)”

  1. Re; ”if the revenue is less then 20% annually”

    Gross profit, yes!!

    Unfortunately, A gross profit is a while away yet.
    The outgoings will be heavy for a few years, but after that [if the investments are in now] the Co, will make good profits.

    For the receiver, is is important to get a deal done quickly. The key is of course, which deal saves the Saab brand & production facilities if full & in Sweden.

    YM could of course buy it & ship the lot to China, which personally I think they would do…there is no point in holding on to THN, without:

    1. The Saab name

    2. GMs consent to carry on making the current model range, till [2-3 years] new models are ready.

    • Yes, as VM said, only several buyers are serious. YM definitely is one of them (perhaps the only one?). Let’s just hope YM can buy Saab as a whole and keep the R&D and part of production in Sweden…That is the only way our loved brand Saab can contiguous…

  2. As much as the news hurt over the past few days, I can’t help thinking there has to be a future for such an admired and desired brand as SAAB.

    Having purchased a 2011 9-3, I really hope this doesn’t mean i’ve made a terrible decision after all, despite loving my 6/7th SAAB more than any other, not being able to repair or maintain it would be bad.

    Thinking of everyone at SAAB, it must be a terrible time for you all. Try and remember, there are thousands of us who still totally believe in you both now, and for the future.

    • It is too bad cannot be repair in the future. I got a new Saab several months ago. At the time, lots of people told me that the resale value of this car was very bad. But I never think to resell it, I just want to drive it as long as I can. However, right now it seems hard to find a part or place to fix it in the future… too bad…

      • I’m truly hoping the 9-3 turns out to be as reliable as all of my others, then I wont need to panic for a while.

        I did call SAAB GB a few weeks ago, and they told me all warranties would now be honoured by SAAB Sweden, I hope this actually proves to be true.

    • You won’t have a warranty but according to the press conference yesterday, Saab Parts is still running, so if that’s the case you’ll still be able to at least get parts.

  3. Good post Trued. Not being familiar with Swedish bankruptcy law I was surprised to read:

    ‘Now it is the true market price. What parties really are willing to pay for the company plus debts’.

    Does this mean that Saab could be sold with debts thereby allowing quick revival and the payment of suppliers? Perhaps a legal expert could create a post about this.

    • Also; quickbird

      The bottom line is that ALL debts are now gone, excluding one’s secured on assets.

      Anyone buying what assets are for sale, will do so, with NO debts attached

      • Also, to add:

        The role of the Receiver is to sell assets at whatever price they can get.

        Any money raised will be used to pay their [Receiver] fees, debts that have priority, like taxesVAT/etc & whatever is left, will be divided between unsecured creditors [ie; suppliers etc] although, being at the bottom of the stack, that could be as low as1p for any £1 owed UK {1¢ in every $ US – 1¢ in each €, etc}….ie 1% of their debts, which is quite often in these types of cases.

        • Thanks terry9000k. Then what happen if like this, someone take over Saab as a whole and exit the bankruptcy and continuous the operation? Still not need to pay the debt? Or need to change the name of the company?

          • What debts can be paid would depend on what deal the receiver comes to with any buyer.
            BUT that’s what the reconstruction was about, to see if a buyer [YM/pang da] would buy in & carry on the business including pay suppliers, etc……That failed.

            I understand Swedish law is quite lenient on the reformed business, but what that includes, I do not know the law in Sweden completely, although VM said this was a possible way forward for any new buyer with deep pockets full of money.
            TimR, or a Swedish commentator may know more on this.

            The law of Bankruptcy is exactly that, NO MONEY to pay in the Bank. Insolvent.

  4. Hope is good, as it keeps the fire burning. BUT….. can anybody explain to me why somenone should step in, buy Saab and start producing again in trollhattan? Nobody dared to do it two years ago. And at that time the network and the customerconfidence were in a way better shape than today. I really hope saab will be kick started again and will grow in trolhattan, but I am affraid that chinese or turkish plans are based on one thing only: get the technology and run away as fast as they can to their homecountry, leaving an empty factory and people with only hope to live for, behind. I really do hope I am wrong but….

    • That’s my point. Saab was a much healthier company 2 years ago and seemingly a much better buy. One difference, though, is that the NG 9-3 is presumably MUCH farther along now than it was then, which might make a difference, but without any dealers now…

      Frankly, let’s all be realistic here, the only way Saab survives as a brand is as another nation’s automaker – period. No entity in the world – really, in the WORLD – can afford to run the factory, pay the workers, and take 2 years of astronomical losses. For Saab to survive, the workers will have to be let go and the factory mothballed until the 9-3 is ready to go in 2 years (and possibly until it’s already been a hit in its new “home” country), and then it can be expanded to the factory and, afterwards, the world as the brand is relaunched. That’s the only (unlikely) scenario. Get used to it.

  5. If Youngman takes over the rest of Saab it looks forward to Phoenix and not look back to existing customers.
    Saab Parts has been burned out of money and it’s very questionable if they can really operate again on the market.
    I think we need two investors:
    – One looking for existing cars (keep Saab dealers in repair/ part sales business)
    If debts are written off than can be a way to ramp it up with some little effort
    – And the one developping a new Saab

  6. CUBA can save SAAB! No, I mean it. I know this sounds ridiculous but stay with me. Cuba bought an entire GM Chevy factory in the late 50s, moved it, and for many years produced the finest new 1956 Chevy’s in the world. We need a country, like Cuba, Turkey, or Kuwait, to buy up what’s left of SAAB’s factory and keep producing these vehicles…with or without GM’s cooperation. I’m sorry Sweden but you had your chance and blew it. The SAAB species is, after all, on the verge of extinction and all measures to save it, no matter how extreme, should be considered.

    We really do need to think way outside the box on this issue. We’ve allowed ourselves to be constrained by our assumptions and preconceptions on what it takes to save SAAB.

  7. One day after…so sad that SAAB is dead. Thanks to VM for a valiant try. So sad for the employees and the dealers and suppliers who worked so hard for a successful resolution. Perhaps it was inevitable. Saab was under-funded and perhaps a little naive. Too little product too late. Inept marketing and sales organization (at least in the US). Prices too high in a VERY competitive market. Unfortunately the consumers (at least in the US) spoke volumes–and bought few SAAB cars. The last few months have been a sorry soap opera, and I for one am glad the roller coaster is over. RIP SAAB.

  8. You have the story of classic American cars in Cuba completely wrong. If it makes you happy to dream of wonderful old Saab models being made alongside old ’56 Chevys in a mythical Caribbean car factory than by all means don’t let me stop you.

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