Law and Rights
Saab finally got to the point where the roof was going to cave in (economically) so they filed for court protection from creditors in Sweden - something akin to a bankruptcy reorganization filing sort of. It protects them from creditor collection efforts while they continue the effort to get their finances in order with more loan money from one source or another. Meanwhile, the Saab North America chief is publicly saying that is is optimistic about the company's survival.
With the filing, Saab corporate said that it "is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co." Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20110907/COPY01/309079907/1491#ixzz1XIpLZKav
Will Saab survive? Only time will tell. Saab quality is pretty good and their latest entry into the "cross-over" vehicle market got some good reviews in spite of availability difficulties.
But for now, buying a Saab (new or used) may not be smart.
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- Saab Kicked Out Of Court; Preparing For The Worst As Bankruptcy Nears
Saab's effort appears to have failed to get it non-bankruptcy court protection from the millions of dollars it owes to creditors and almost two weeks of employee salaries, according to Automotive News and The Detroit Bureau industry insiders. While...
- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
Is Saab going, going, gone? Rumors of near-bankruptcy circulate as Saab delayed its release of the first half 2011 financial report which, obviously, will likely be printed with red ink. News reports say Saab missed another payroll and its suppliers still...
- Saab Troubles Continue As Asset Seizure Nears
It's a sad story for Saab owners around the world. The only vehicle actually being built right now is reportedly just the 9-4X Suv model with the rest of the Saab model line on hold while every day is undoubtedly causing heartburn in the board room....
- For Saab, What's Behind Door #2? Or Is It #3? Survival?
Cash-shy Swedish carmaker Saab is still out panhandling it seems, but maybe things are looking more hopeful. After the Russian banker (Vladimit Antonov) fell through, after the Chinese company (Hawtai) didn't happen, now they're on to "door #3"...
- Saab Plant Continues Shut Down; Parts Shortage; Millions Owed To Suppliers?
Saab's main assembly plant in Sweden remains shut down while parts suppliers line up with hand outstretched, wanting paid for parts deliveries. Saab officials say they have $200 million in the bank, according to The Detroit Bureau, but still are trying...
Law and Rights
Saab Files for Court Protection - is that water going down the drain I hear?
Saab finally got to the point where the roof was going to cave in (economically) so they filed for court protection from creditors in Sweden - something akin to a bankruptcy reorganization filing sort of. It protects them from creditor collection efforts while they continue the effort to get their finances in order with more loan money from one source or another. Meanwhile, the Saab North America chief is publicly saying that is is optimistic about the company's survival.
With the filing, Saab corporate said that it "is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co." Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20110907/COPY01/309079907/1491#ixzz1XIpLZKav
Will Saab survive? Only time will tell. Saab quality is pretty good and their latest entry into the "cross-over" vehicle market got some good reviews in spite of availability difficulties.
But for now, buying a Saab (new or used) may not be smart.
Burdge Law Office
http://www.newcarlemonlaw.com/
Because life's too short to drive a lemon.
Subscribe in a reader- Saab Kicked Out Of Court; Preparing For The Worst As Bankruptcy Nears
Saab's effort appears to have failed to get it non-bankruptcy court protection from the millions of dollars it owes to creditors and almost two weeks of employee salaries, according to Automotive News and The Detroit Bureau industry insiders. While...
- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
Is Saab going, going, gone? Rumors of near-bankruptcy circulate as Saab delayed its release of the first half 2011 financial report which, obviously, will likely be printed with red ink. News reports say Saab missed another payroll and its suppliers still...
- Saab Troubles Continue As Asset Seizure Nears
It's a sad story for Saab owners around the world. The only vehicle actually being built right now is reportedly just the 9-4X Suv model with the rest of the Saab model line on hold while every day is undoubtedly causing heartburn in the board room....
- For Saab, What's Behind Door #2? Or Is It #3? Survival?
Cash-shy Swedish carmaker Saab is still out panhandling it seems, but maybe things are looking more hopeful. After the Russian banker (Vladimit Antonov) fell through, after the Chinese company (Hawtai) didn't happen, now they're on to "door #3"...
- Saab Plant Continues Shut Down; Parts Shortage; Millions Owed To Suppliers?
Saab's main assembly plant in Sweden remains shut down while parts suppliers line up with hand outstretched, wanting paid for parts deliveries. Saab officials say they have $200 million in the bank, according to The Detroit Bureau, but still are trying...