SCNA Has Won Approval For Its Chapter 11 Plan

While checking for what Saab news I could come across this morning, I came across a completion to the almost year and a half bankruptcy process of Saab Cars North America. The article was posted yesterday at 7:58PM and stated that Saab’s US unit gets nod for ch. 11 liquidation.

Some of the important points from the Law360 post are below:

The estate of Saab Cars North America Inc. is expected to have a liquidating trust of about $20 million to use for disbursements that will see administrative, priority and secured claims paid in full, attorneys for the company said in court.

U.S. Bankruptcy Judge Christopher S. Sontchi said “good lawyering” helped navigate what began as a rancorous case into the home stretch of a seemingly peaceful close.

“This is certainly a much better result than it looked like it would be in the beginning,” Judge Sontchi said from the bench. “I’m happy to sign the [confirmation] order.”

Under the plan, all classes of creditors except those holding unsecured and equity claims are expected to receive a full recovery.

Unsecured creditors owed $77 million are expected to receive anywhere between a 25- to 82-percent recovery depending on the success of certain estate causes of action and whether Saab AB and Saab Parts AB eliminate or substantially reduce each of their intercompany claims against SCNA, according to the disclosure statement.

Equity holders are expected to receive nothing.

Ally Financials claim of 18.5 million will be listed as satisfied after reaching a settlement in May, according to the court records.

Under the settlement agreement, Ally will see about 3.8 million from the sale of vehicles that had been in port with the rest, about 13.6 million going back to the SCNA estate.

I had reached out to Tim Colbeck to ask for his thoughts on yesterdays decision and his response was that “Yesterday was bittersweet, in that it represented the final disposition of SCNA, but  also the result was as good as it could have been given the circumstances.”

Yes, this really does seem to be as good as it could get given all the circumstances surrounding it and it feels good to see that a large number of creditors are expected to receive a full recovery. This chapter is nice to finally see come to a close.


SAAB Spirit Lives On And Then Some

This past Friday night over 250 of Saabs faithful came together under one roof at the Simeone Museum to share a night talking about the cars and people that make Saab so different. This is an event that will not be forgotten by those in attendance that got a chance to speak and listen to the former head of Saab Cars North America and present head of Saab Parts North America, Tim Colbeck. Victor Muller former owner of Saab Cars and present owner of Spyker was scheduled to have attended as a speaker but had to withdraw at the last minute which sounds like a big let down and to some I’m sure it was but Tim Colbeck did an amazing job of taking over as a main speaker and his personal stories really showed everyone how dedicated he is to the Saab faithful and brand. Tim along with John Moss and Bill Jacobson were great and very appreciated by those in attendance.

Photo: Andrew Taylor

When I spoke to Harry Hurst from the museum this week, he had said that Dr. Simeone had said of the event:

“This was the biggest – by a factor of two – event of this nature that we’ve ever done. It is a testament to the loyalty and love that Saab owners have for their cars.”

Read moreSAAB Spirit Lives On And Then Some

Change Of Speaker At The Saab Spirit Lives On Event

I received an email this morning from Saab Parts North America stating that they had learned that Victor Muller will no longer be able to make it out to be a guest speaker at the event at the Simeone Automotive Museum this friday in Philadelphia. SPNA has been in contact with the Simeone Museum and will be participating in the event. In fact, Tim Colbeck will now step in and be doing the speaking and I think for the North American market, he will be well worth the listen. If anyone knows Saab and the North American market, it’s him.

Here is a little bio on Tim Colbeck for you and what he will share:

Tim Colbeck is the most recent President of Saab Cars North America and current CEO of Saab Automobile Parts North America (SPNA).  Tim will share his experience and insights on the Saab brand both as the Car Company wound down and the new Parts and Service company started up.  He will also share the plans that SPNA has to support owners and the brand for years to come and help keep the spirit of Saab alive. To me this sounds even better for the crowd of enthusiast at the event, to be able to listen to someone connected to ensuring their cars are kept on the road.


Some other facts about Tim:

Tim spent 25 years at Subaru of America, most recently as Senior VP of Sales before joining the fight to save Saab. Tim currently owns a 2011 9-5 Aero and also owned a 1985 900 SPG and wishes he still did.

I won’t over sell Tim to you, but if you’ve ever read anything I’ve ever written about him, you will know that my respect level for him is higher then that of most other heads of companies. I really hope that all who attend this event come away feeling more secure about the cars they love.

Parts Update From SPNA

I had promised a follow up to one of my recent post on Saab Parts North America. In that post there were some questions raised that I had forwarded to Tim Colbeck. Thanks again to Tim for taking the time to follow up on our questions and for always being available.

We need to remember that in a very short period of time considering all that has happened, Saab Parts has accomplished an awful lot and continue to work through everything in front of them.

Below are the questions and answers from the post:

Read moreParts Update From SPNA

Big Updates From Saab Parts North America

For those that attended the SOC in Iowa, you will know that Saab Parts North America was there and answering questions and handing out goodies. Today dealers and service centers received an email from Saab Parts North America with some very exciting news and some needed answers. Here are some of the key highlights to dealers from the attached file are below.

It’s been a busy summer at SPNA. We’ve been working hard on many fronts to improve the company and make it easier for you to do business with us.

Our network has increased with 20 new OSC’s in the last month. Our website is being actively updated with content and seeing weekly increases in traffic. Progress in the availability of parts is getting better by the day.

Some highlights of our parts sourcing activities are out- lined below:

Read moreBig Updates From Saab Parts North America

Update: Saab Automobile Parts North America

Lets take a little break for a moment if we can on the discussions on NEVS and what it means to the future of the Saab brand. Everyone has their own opinion of what this means and a lot of predictions good and bad. I want to discus for a moment here the newly formed Saab Automobile Parts North America.

With all the comments about whats going on right now and some of the people who are lets say less then thrilled, I find it important to state that regardless of some predictions of what any of this means for future cars, your present car is still worth driving and parts will be easy to once again attain. Weather you’re happy or sad about the buyer of Saab, your Saab is still just as much fun to drive today as it was yesterday and dare I say it maybe even more. I only mention this because I’ve heard crazy comments about “well I guess I’ll get rid of my Saab now” and I think that would be a shame.

As noted in Tim’s post on the press release on SPNA, they were formed June 5 and will be responsible to provide genuine Saab parts to North America including the USA and Canada. This newly formed company is a wholly owned subsidiary of Saab Automobile Parts AB in Sweden. As we have seen in a couple of posts from RedJ, Saab Parts AB has been taken over by the NDO which some see as a bad thing, I personally see this as a great thing as the NDO will bring Saab Parts AB back to where it once was as they have no real option, they need to get it making money again to get their money back. We also saw from the press conference today that NEVS have an option to buy Saab Parts for 200 million Euro in 3 years allowing the government time to rebuild Saab Parts and the Network.

Back to the North American Saab Parts piece of the puzzle, I received a very welcomed email from Tim Colbeck. If you remember, he came on as the head of Saab Cars North America just as everything fell apart. I know a lot of people in his shoes would have packed up and walked, scratch that, ran away from the issues he had to deal with in his first few months at a new job. None of the issues Saab was facing were issues he at that time could have changed or fixed but this man has been there through every step of the process with us all. He attended two of the We Are Many, We Are Saab events and to me has proven to be everything that Saab is meant to be. The important parts of the email are as follows:

 With the sale of the parts, the wind down of SCNA is near complete.  I have agreed to support SCNA as needed going forward.  Now that there is a new company for Parts Distribution I have signed on to be the CEO for the initial period to help bring that company up to speed.  Hopefully the new company can make life infinitely easier for Saab owners and Saab retailers going forward.  I am happy to be working to that new goal, versus winding down operations.

So again, Tim is with us all through this and I see this as great news that someone who knows inside and out what to do and how to do it is at the helm. I have spoken to people that worked for him under SCNA and everyone has had great things to say about him and his commitment to the brand, the customers and the dealers. I think we are fortunate to still have him there to help get things back on track. He has also told me they will be contacting Saab owners shortly too, so we will continue to monitor.

I know some will ask the big warranty question here and before you do, I have to tell you that I right now know the same as you which is nothing in regards to warranty. Saab Parts is its own company run by the NDO so I think it’s safe to say that they will not be the ones to get those answers from.


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