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Saab Shooting to Re-Start Production Mid-November

Maker now under court protection.

by on Sep.26, 2011

A Saab 9-5 in the Trollhattan plant.

Struggling under court protection to raise cash and pay off angry creditors Swedish automaker Saab hopes to get back into the business of building cars by sometime in mid-November.

That is just the latest in a series of plans to restart the company’s headquarters assembly plant in Trollhattan, Sweden, however, and skeptics would be far from surprised if the maker misses that goal, as well.

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After being rescued from the automotive rubbish heap in early 2010, Saab’s new parent – now known as Swedish Automobile – fell short of its sales targets and steadily deeper in debt.  By late March of this year the company’s unpaid vendors decided to boycott, leading to the shutdown of the Trollhattan plant.


Saab Forming Partnership with Chinese Automaker Hawtai Motor Group

Additional deal with Gemini Investment should help reopen Saab plant this week.

by on May.02, 2011

Saab hopes to restart its Trollhattan plant this week.

Struggling to head off a collapse, the cash-strapped Swedish carmaker Saab has lined up a pair of deals that could allow it to reopen its headquarters assembly plant later this week.

Saab’s Dutch parent company, Spyker Cars NV, plans to borrow 30 million Euros ($44.6 million) from the Gemini Investment Fund, money that apparently will be used to pay off suppliers who have been boycotting the Swedish maker for nearly a month.

“We’re hoping to restart production in the next week, however it’s dependent upon our conversation with suppliers and parts availability,” cautioned Saab’s U.S. spokeswoman Michele Tinson.

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While the Gemini deal could head off a near-term catastrophe, the longer-term news involves the aspiring Chinese automaker Hawtai Automotive Group, which plans to announce a new partnership with Saab on Tuesday during a Beijing news conference.

Sources tell that Vladimir Antonov, the wealthy Russian businessman who had hoped to pull off a deal of his own with Saab may yet align himself with the struggling maker as part of the latest developments.


Saab Rescue Delayed Again

Asset sale stalled, plant still shuttered.

by on Apr.27, 2011

Image By: Len Katz

Saab Chairman Victor Muller may be looking for an alternate rescue plan to reopen the company's plant.

With a proposed rescue plan still stalled, struggling Swedish automaker Saab’s headquarters assembly plant remains shuttered for the third week, raising questions about its long-term prospects.

The European Investment Bank, which provided the loan permitting Dutch-based Spyker Cars to buy Saab last year from General Motors, has so far refused to approve a deal that would involve the sale of Saab’s factory and other assets to a Russian businessman.  A one-time Spyker partner, Vladimir Antonov would then lease those assets back to the Swedes.

That has sent Saab scrambling to line up other options, the company announced in a release that states, “Spyker and Saab Automobile continue to work on securing additional funding. To that end Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various strategic partners, including various Chinese car manufacturers. No commitments have been received to date.”

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There have also been reports that Saab may turn to former owner General Motors for assistance.

The crisis was touched off, on March 29, when several suppliers demanded immediate payment of overdue bills before they would unload trucks delivering parts needed for the Trollhattan assembly line.  The suppliers briefly agreed to work with Saab but the boycott resumed a few days later.  The closure of the factory, located next to Saab’s Swedish headquarters, is now in its third week.