Ttela and Sverigesradio on the bankrupcy rumors

Rumors have been floating around stating that Saab may file for bankrupcy as soon as today. It looks like they were started by di.se and their sources. As Tim posted earlier we can not confirm this, neither can ttela.se:

But the situation right now is that the process of Youngman is still ongoing, but not finished. It is a very worrying situation for Saab, according to sources TTELA spoken to, but there is no decision on a petition yet. But the time period for achieving success in this last attempt to ownership solution is very limited, why bankruptcy issue may show up soon if you are unable to resolve a number of knots in the process. It is said to be important to present a bankruptcy process for the Swedish Automobile – if this is the only possible outcome – among other things, to prevent members of the board of the Swedish Automobile become personally liable.

Sverigesradio have also contacted their sources but got no confirmation for the rumors:

P4 The West has tried to reach Victor Muller and other persons with knowledge of Saab’s business, none of which we have reached has confirmed the information. Several people who P4 West talked to say that nothing is going on right now.
– It is not true right now. It depends on whether the Chinese are paying or not paying, says a source of P4 West.
Union trade President at Saab in Trollhattan, Anette Hellgren said to P4 West that she had not heard anything about an application and that she did not want to comment on rumors.
Sources say the P4 Western Saab’s parent company, Swan, works with an application to ask for Saab in bankruptcy. But it should have lasted a long time.

To make it short, both news outlets could not find a source that would confirm that Saab would file for bankrupcy today. Discussions with Youngman seem to be ongoing but as both reports mention, SWAN of course has to be prepared for a possible bankrupcy scenario given the short timeframe for finding a solution.

But for now we ask you to keep calm. As soon as we get reliable info we let you know.

26 thoughts on “Ttela and Sverigesradio on the bankrupcy rumors”

      • An excerpt! SU has been reporting on this matter before, this is nonetheless their latest article…

        **Saab seeks 5B yuan bank loan to fend off liquidation
        Wire services | 2011/12/9

        AMSTERDAM — Saab Automobile AB is holding discussions with China’s Zhejiang Youngman Lotus Automobile and a Chinese bank over borrowing about 600 million euros (5 billion yuan) over two years, Saab CEO Victor Muller said Wednesday in a phone interview.

        The deal would replace earlier proposals that involved Youngman taking a stake in Saab and would not require General Motors’ approval, Muller said.

        China’s Pang Da Automobile Trade Co. said it is continuing talks with Saab and other parties on plans to invest in the crisis-hit Swedish carmaker. **

  1. I understand this rumor as following: SAAB is still negotiating and waiting for the Chinese money, but is prepared for the worst, in case the money don’t show up. Also I think that this shows the Youngman track is the only one. So, it is either Youngman (and a Chinese bank) gives the convertible loan or SAAB is bust.
    Also some here are mentioning that eventual bankruptcy is not the end of the world. I wish this is true, but unfortunately SAAB is just an empty shell, not even having rights to the name in case of the bankruptcy. So, no car can be make for at least two years. Of course everything is negotiable, but who wish to enter that minefield now the SAAB reputation is at the bottom of the ocean?
    So let’s hope some deal is done during the week, but be prepared for the worst.

    • Saab hit a mine a long time ago, at the moment it is still above the surface, we all hope that some extra buoyancy will be found, of course the Captain made his money in Marine Salvage, does this mean he is well qualified to re-float the hulk if the worse happens or will he go down with his ship?

  2. both news outlets could find a source that would confirm

    Isn’t that phrase missing a “not”? Ie. “both news outlets could *not* find a source”

  3. Celebrations at work today amongst coworkers: “Finally Muller caved and applied for bankruptcy”.

    True or not true, the article in Di.se causes even more damage to Saab than ever before.

    Still hoping Youngman will step in to save Saab, I’m not giving up yet 🙂

  4. Whether these rumors are true or not, a Swan press release with more information is to be expected soon now – as a listed company they have to respond to these type or rumors. Let’s wait and see.

      • AFM suspends trading in Swedish Automobile N.V.
        12-12-2011

        The AFM (Netherlands Authority for the Financial Markets) announces that it has given an instruction to suspend trading in the following instrument: Name of issuer: Swedish Automobile N.V.

        Financial instrument: shares
        ISIN code: NL0009816248
        Reason for suspension: pending press release
        Requested by operator of regulated market? No

        Date: 12 December 2011
        As from: 14:22 hours CET
        Until: to be announced

        • Just hope that we will not get another “bankruptcy rumors not true still talking with Youngman” release. Another interesting news is that SAAB must pay state fees as of today, otherwise VM will be obliged to pay himself. So something must happen really soon!

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