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Saab Production Halted Again

Production “easily disturbed” by maker’s ongoing financial problems.

by on Jun.08, 2011

Saab's Trollhattan plant grinds to a halt once more.

Cash-starved Saab’s assembly lines have come to another grinding halt as the maker struggles to resolve a financial crisis that has shut down its headquarters plant for much of the last two months.

The news that the Trollhattan plant is down again, and likely won’t be running until at least next week – at the earliest – is a setback for the Swedish maker, which had hoped to resolve its problems with the partnership it inked last month with China’s largest dealer network.

But “the liquidity situation is still tense,” the Swedes acknowledged today, despite an initial payment from Pang Da.  A number of other issues apparently have yet to be resolved, a Saab release noted, meaning production can be “easily disturbed” in the near-term.

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“It is therefore very difficult to make further predictions,” as to when the Trollhattan plant will resume operations – and for how long, acknowledged production director Gunnar Brunius.  As a result, he said, “We have to take one day at a time. In order to avoid taking on more supplies than necessary, we have decided to reduce production plans this week. We are all working hard to get production running consistently again, and as soon as possible.”

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Chinese Deal Saves Cash-Starved Saab

Production set to resume, Swedish maker eying range of new product offerings.

by on May.03, 2011

Production of the Saab 9-5 will resume in Sweden and could soon begin in China, as well.

Swedish automaker Saab has found its white knight – or more accurately several of them – securing at least its near-term survival.

The maker has lined up a new alliance with ambitious Chinese manufacturer Hawtai Automotive Group, while also securing some much-needed cash in the form of a loan from the Gemini Investment Fund. Meanwhile, Saab officials say they anticipate a further investment will follow from Russian businessman Vladimir Antonov.

The impact of the various deals will be significant for cash-starved Saab, both in the short and long-term.  The initial financial infusion – 180 million Euros, or $266 million – should permit Saab to quickly re-open the headquarters assembly plant, in Trollhattan, Sweden, that was shuttered on March 29th due to a boycott by unpaid suppliers.

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The alliance will also provide a manufacturing base for Saab in China, which the company hopes will significantly expand its presence in the world’s largest and fastest-growing automotive market.

Longer-term, Saab Chairman Victor Muller told TheDetroitBureau.com, Saab may now be able to fund the development of some much-desired new product programs, including a small luxury car tentatively named the 9-2, and possibly a large SUV, among other vehicle options.

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Saab Readying to Re-Start Production

Russian bailout may not solve all problems for Swedish maker.

by on Apr.18, 2011

The Saab assembly plant, in Trollhattan, has been shut down for two weeks due to a supplier boycott.

With new funding coming and reluctant suppliers now beginning to ship parts again, Saab’s headquarters plant could be up and running in a matter of days, according to company and industry sources.

Operations at the maker’s Trollhattan, Sweden factory ground to a halt, two weeks ago, when parts makers staged a boycott demanding Saab follow up on unpaid bills.  Despite company claims that there was still more than $200 million in the bank, the move set off a frantic search for more capital.  Russian banker Vladimir Antonov then offered to assist by buying up Saab’s assets and leasing them back to the troubled maker.

On Friday, Swedish Enterprise Minister Maud Olofsson announced the government had decided “to conclude an agreement with Saab” that would help it get past a cash crunch triggered by slow sales last year.

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The deal would allow the asset sale to Antonov, who controls a number of banks in the former Soviet block, including Bankas Snoras, in Lithuania.  Antonov was a one-time partner of Saab Chairman Victor Muller who purchased the Swedish carmaker from General Motors in early 2010.  Muller, a Dutch entrepreneur, got into the automotive business, a decade ago, by founding a low-volume sports car company, Spyker.  But Antonov was forced out because GM declined to do business with the Russian.

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Saab Shutdown Drags On, Threaten Brand’s Survival

Suppliers claim Swedish maker owes millions.

by on Apr.08, 2011

The Saab 9-5 Aero at the maker's plant in Trollhattan, which has been idled by suppliers demanding payment.

The shutdown of Saab’s main assembly plant, at its Trollhattan, Sweden headquarters, could drag on for some time as the maker struggles to raise additional cash to help cover what parts suppliers claim are millions of dollars in unpaid bills.

The maker’s parent, Dutch-based Spyker Cars, nonetheless insists that Saab is not nearing a collapse.  The maker only emerged for near-insolvency a year ago, after Spyker purchased the failing brand and its assets from General Motors.

A spokesperson for the automaker, based several hours from capital city Stockholm, said Saab officials are “working hard” to find a solution, but also warned “could” stretch on for several days.

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Following the Geneva Motor Show, in March, Saab Chairman Victor Muller stated the company still has about $200 million of the money left from a 2010 European Investment Bank loan.  But he also said Spyker would be seeking to raise additional capital as quickly as possible.

Saab was hit with a brief production halt last week when suppliers temporarily halted deliveries.  Saab appeared to have addressed that problem, but the confrontation resumed this week, and the latest production halt is now in its fourth day.

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Saab Slammed By 2nd Supplier-led shutdown

by on Apr.06, 2011

A Saab 9-5 on the Trollhattan assembly line.

A “minor glitch” has led to the second shutdown of Saab’s headquarters plant, in Trollhattan, Sweden, in barely a week – suppliers refusing to provide critical parts because, they claim, they haven’t been paid.

Though Saab officials insists they have enough ongoing money to keep going through at least 2012, the latest crisis raises new concerns about the future of the struggling carmaker – which was purchased from General Motors in early 2010.

“We are trying to reach a solution with the suppliers,” asserted Saab spokeswoman Gunilla Gustavs, industry sources fear the situation is only growing worse.

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Saab’s Trollhattan plant was briefly shuttered last week but it initially appeared the maker was able to resolve what Chairman Victor Muller described as a “minor glitch” and make the necessary payments.

Though Muller last month told TheDetroitBureau.com Saab had more than $200 million remaining from the loan provided by the European Investment Bank, he also indicated the Swedish company was looking for new investors.  That was one reason why parent Spyker Cars sold off its Dutch-based sports car manufacturing operations.

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