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General Motors Co. faces a lawsuit filed by Spyker in the U.S. District Court in Detroit for over $3 billion on behalf of its subsidiary Saab, claiming that GM had intentionally bankrupted the Swedish group by opposing a deal with a Chinese investor. In May 2011, Saab Automobile halted production when it couldn’t anymore pay suppliers and workers.
Saab, which is one of the most famous brands in Sweden, was discontinued in December, almost two years after GM sold it to Spyker, the Dutch sportscar maker. Spyker said that GM’s attempts to prevent a sale were made to get rid of a potential rival in China. According to Spyker CEO Victor Muller, GM "had it coming" with regards to the lawsuit.
Muller told Reuters that they weren’t expecting to survive but then Spyker is “still here.” In its complaint, Spyker said that GM never meant to allow Saab to compete with it in China. Spyker said that when Saab discovered a way to secure liquidity and continue as a going concern with the help of Chinese investors, GM wanted to spoil the deal by using any methods it could think of, including publishing wrong information about its rights under the parties' contracts.Read the entire article Spyker sues GM for $3 billion over driving Saab into bankruptcy
The bids for Saab are currently being evaluated by its bankruptcy administrators. A decision will come before summer arrives. The administrators declined to reveal the identities of the bidders. The deadline for offers was last Monday. Aside from Chinese-based automaker Youngman, there are other companies that have expressed interest to purchase Saab’s estate.
Those who have made offers according to the media are India automaker Mahindra & Mahindra and a Japanese-Chinese consortium that hopes to build electric vehicles at Saab. According to bankruptcy administrator Hans Bergqvist, all the bidders aim to resume car production at Saab's plant in Trollhatten, Sweden.
He said that they are assessing the bids so that they can continue with the talks. Bergqvist's law firm Delphi has announced last Tuesday that Saab’s assets amount to 13 billion kronor ($1.9 billion) while it has assets of only 3.6 billion kronor.Read the entire article Saab bids are currently evaluated by bankruptcy administrators
It’s official: Saab Automobile AB filed for bankruptcy today with the district court in Vaenersborg, Sweden. Earlier today, we told you that GM will not support the latest investment and loan proposals from China's Zhejiang Youngman Lotus Automobile in order to keep Saab alive. Apparently, GM said that the proposals to save Saab were not "meaningfully different from what was originally proposed to General Motors and rejected,".
"Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders," said GM spokesman Jim Cain.
“After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.” said Saab’s official statement. Moreover, Saab Automobile Tools AB and Saab Powertrain AB also have filed for bankruptcy.Read the entire article Official: Saab files for bankruptcy
Saab is on the brink of being declared bankrupt as it’s possible that the administrator responsible for Saab's restructuring under court protection may terminate the process, according to Swedish newspaper Svenska Dagbladet.
Sources say that Saab still hasn’t received a bridge loan of 70 million euros ($96 million) that Chinese car company Zhejiang Youngman Lotus Automobile secured. Saab has a shortage of cash and it has to pay wages before the restructuring process could proceed. A state salary insurance scheme expires on Oct. 21.
The paper said that the end may come as early as Tuesday when Saab's court-appointed administrator may stop the restructuring process.Read the entire article Saab expected to be declared bankrupt
Saab may still be able to avoid bankruptcy as last Monday, a court in Sweden gave the automaker leave to appeal the decision of a lower court that denied the company protection from creditors. Earlier this month, Saab applied for protection from creditors, but it was denied. Saab owes around 150 million euros or $207 million to suppliers as well as the August wages to its workers.
The automaker asked for leave to have the case re-examined, pointing to a promise of new financing that it received last week, among other things. The Swedish court did not provide the details on its decision to grant leave to appeal.
Gunilla Gustavs, a Saab spokesperson, said that they are "naturally pleased" and the decision was an "important step in the right direction, according to Autonews.Read the entire article Saab may still be able to avoid bankruptcy
Saab goes up against another major threat as the union said that it will make a legal move next week for the automaker to go bankrupt. Saab’s workers have yet to receive their pay for August. Unions have the right to push the company into bankruptcy so that a state scheme could be activated for the payment of their salaries.
White collar union Unionen will make the first step to bankruptcy next week. Legal officer Martin Wastfelt said last Friday that the move will be made “within a couple of working days."
On the other hand, IF Metall, the blue collar union, and a smaller engineers union preferred to wait but hoped for a quick wage solution, says Autonews.Read the entire article Saab union wants to make Saab go bankrupt
Swedish Automobile, which owns the struggling Saab, is expected to soon face demands from several European suppliers for it to be declared bankrupt. According to an auto industry group, these suppliers are hoping that this threat will force the carmaker to pay the debts.
Last April, Saab’s production had to stop since it didn’t receive the parts required to build the cars. The unpaid suppliers decided to stop the delivery of the components.
Saab was rescued from bankruptcy by Swedish Automobile in 2010. In a Reuters interview, Lars Holmqvist, head of the European Association of Automotive Suppliers, said that a bankruptcy request is presently being prepared by Spanish auto panels maker Matrici S. Coop, with a claim of 2 million euros ($2.8 million).Read the entire article More Saab suppliers preparing to demand Swedish Automobile be declared bankrupt
As Saab’s workers got their delayed salary last Friday, a white collar Swedish union halted its bankruptcy process against the carmaker, according to a union representative. Swedish Automobile, Saab’s owner, said last Wednesday that as an effort to raise cash, it entered a deal for GEM Global Yield Fund Ltd. to acquire about 5 million new shares to give it a 17% stake.
In a Reuters’ interview, Anette Hallengren of the Unionen union confirmed that their wages were already paid and that the union had put a stop to a process to ensure that staff gets their salary even if the company goes bankrupt.
Last July, Saab was able to settle with a supplier. This marked the first time that it fended off a bankruptcy claim.Read the entire article Union stopped its bankruptcy process against Saab after firm paid its workers
NEVS has recently released photos of its updated 9-3 Series, and guess what? It is now powered by an all-electric powertrain, which means that it’s another candidate to look out for in the EV segment.
National Electric Vehicle Sweden or NEVS, in collaboration with Tianjin Binhai Hi-tech Industrial Development Area, recently announced the launching of its new car-sharing and ride hailing program which will be run in Tianjin, a Chinese metropolis with an estimated 15 million population. The program will allow customers to access this new lineup of 9-3 EV series, providing both the vehicle as well as the mobility services (delivery of the vehicle).
The Swiss company is also planning to release two other models which include the classic four-door saloon and a jacked-up wagon version, the 9-3X EV.Read the entire article NEVS presents new (Saab) 9-3 Series Concept in China
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC Cars, another British brand. The consortium has acquired all of its assets including Zenos’ intellectual property, ten remaining cars assembled, as well as its Wymondham headquarters.
Zenos Cars was founded in 2012 by Ansar Ali and Mark Edwards ---both were formerly connected to two famous British automotive companies--Lotus and Caterham. The British automaker started out at Hethel Engineering Center with a small lineup of lightweight carbon-fiber sports cars including the Zenos E10. Using Ford EcoBoost for its engine, the Zenos E10 sports car is also made with an aluminum and composite chassis. Eventually, the company started experiencing financial setbacks due to high production cost.
AC Cars Limited meanwhile continues to manufacture the Cobra also known as the MkVI roadster or Shelby Cobra. Only recently, the British brand increased its lineup by building a right hand drive version of the iconic sports car.Read the entire article AC Cars saves Zenos brand from extinction
Remember Zenos Cars, a British carmaker that specializes in designing and building lightweight and high-performance sports cars? If you are wondering how the company is faring with their E10 lightweight car, Zenos hasn’t been doing well and is, in fact, in dire financial straits. The severity of its financial problems has the company compelled to enter into administration, a process that is similar to bankruptcy protection.
According to a notice on the carmaker’s Web site, the company was placed under administration on January 16, 2017, with Irvin Milton Cohen and Gary Paul Shankland -- both of Begbies Traynor (London) LLP -- being appointed as Joint Administrators. Cohen and Shankland are now acting as Zenos agents without any personal liability. As Joint Administrators, Cohen and Shankland are now in charge of the management of the carmaker’s affairs, business and property.
Zenos’ humble beginnings can be traced to May 2012, when it was founded by Ansar Ali and Mark Edwards. Edwards and Ali were both employees at Lotus, and then at Caterham. However, Ali left Zenos in 2015 and joined the ranks at McLaren – although he remained a shareholder. According to his LinkedIn account, Ali is now the managing director for McLaren Special Operations (MSO) at McLaren Automotive. Edwards is currently Zenos’ chief executive, although his management powers are now gone.Read the entire article British sports car startup Zenos Cars goes financially bust
A Dutch appeals court has declared the bankruptcy of financially troubled Dutch supercar maker Spyker "null and void with retrospective effect." A local court placed the company in bankruptcy on Dec. 18 by a Dutch court after the bridging funds promised during creditor protection failed to materialize. Spyker only received the funds 11 days later and then filed an appeal on bankruptcy ruling.
The nullification of the bankruptcy declaration means that Spyker is now back under the protection of the "moratorium of payment," which is similar to the Chapter 11 protection in the United States.
With the matter resolved, Spyker chief executive Victor Muller said he plans to push ahead with development of the B6 Venator entry-level luxury sports car as well as merge with a US-based maker of high performance electric aircraft.Read the entire article Dutch appeals court cancels bankruptcy of Spyker NV
A Dutch district court has declared Spyker NV bankrupt, placing the financially troubled supercar maker under court-supervised receivership. Also placed under receivership are Spyker’s wholly owned subsidiaries Spyker Automobielen and Spyker Events & Branding. The court-appointed administrator for Spyker is now tasked to guide the carmaker through bankruptcy proceedings, the Dutch company said in a statement.
The carmaker said that the court ruled to declare it bankruptcy after a planned bridge funding failed to reach it on time. Spyker founder and chief executive Victor Muller has vowed to revive the company and this time around, he said that his company’s bankruptcy “is not the end.”
He remarked that he will “relentlessly endeavor” to revive Spyker as soon as practically possible. He said that once Spyker is revived, it would merge with a high performance electric aircraft maker and develop electric vehicles with “disruptive sustainable technology.”Read the entire article Dutch court sends Spyker NV into bankruptcy
Mahindra & Mahindra is nearing to finalize an agreement to acquire a majority stake in the financially distressed National Electric Vehicle Sweden (NEVS), according to a report by the Financial Times, citing court documents. NEVS is the current owner of Saab. Mahindra plans to acquire what remains of Saab to accelerate its expansion into western markets and into premium and electric cars, the Times said.
Lars Eric Gustafsson, the appointed administrator for NEVS, said earlier this month that an Asian carmaker has agreed to purchase a majority stake in NEVS. However, both Gustafsson and NEVS didn’t disclosed the name of the carmaker.
According to the SaabsUnited Web site, NEVS and Mahindra have inked a deal for the Indian company to become a majority owner of NEVS. The investment company has disclosed that a Swedish court had green-lighted an extension of its reorganization for a three more months until March 2, 2015 to allow it to finalize discussion with potential investors.Read the entire article Mahindra nears final deal to buy majority of NEVS, current owner of Saab
General Motors Co. said it will issue a warning to some owners of Saab 9-2X and Pontiac Vibe hatchbacks in the United States not to have passengers sit on the front seat until faulty air bags from Takata Corp. are replaced.
The carmaker’s disclosure comes after the US National Highway Traffic Safety Administration recently expanded its warning over faulty airbags manufactured by the Japanese supplier to 6.1 million vehicles in the country.
The NHTSA said in a statement that it is urging owners of certain models built by Toyota, Honda, Mazda, BMW, Nissan, Mitsubishi, Subaru, Chrysler, Ford and GM “to act immediately on recall notices to replace defective Takata airbags.”Read the entire article GM to tell Saab 9-2X and Pontiac Vibe owners no to have front passengers
National Electric Vehicle Sweden (NEVS), now owner of Saab, has filed an application with a Swedish court for short-term protection from creditors while it concludes financing discussions with two major carmakers. NEVS resumed in 2013 low-volume output of Saab but stopped production in May saying it does not have enough cash to pay its outstanding debt.
NEVS has been holding discussions with two undisclosed carmakers to secure additional funds. NEVS President Mattias Bergman said in a statement that the negotiations the Chinese company has with two global carmakers are still progressing.
He remarked talks are complex and have taken more time than NEVS predicted. He added that the company needs more time to complete the negotiations and reach an agreement. NEVS has around 400 suppliers of direct materials and 500 suppliers of indirect materials.Read the entire article Saab owner files creditor protection with Swedish court
Although some reports were saying that Saab owner National Electric Vehicle Sweden (NEVS) was facing financial difficulties, the company surprised us all when it unveiled the 9-3 electric vehicle. The vehicle you see in the photos is based on the Saab 9-3 and uses an electric motor that generates 140 hp (100 kW) which takes its energy from the lithium-ion battery pack produced by Beijing National Battery Technology.
The prototype vehicle can accelerate from 0 to 100 km/h (62 mph) in 10 seconds and offers a top speed of 120 km/h or 74.5 mph. What is more interesting is that the vehicle has a range of almost 200 km (124 miles), which is considerably more than most of the electric vehicles found on the market, except the Tesla Model S of course.
As expected, the 9-3 EV is in fact a modified Saab 9-3 Aero Sedan and the batteries are located under the floor, which means that the vehicle retains its interior space and luggage compartment.Read the entire article NEVS unveils the Saab 9-3 Electric Vehicle (EV)
Things are not working quite well for the National Electric Vehicle of Sweden (NEVS) a.k.a. the company that lifted Saab out of bankruptcy. It appears that the parent company is now facing the same problems as Saab as a Swedish court declared NEVS bankrupt.
The reason is that the company failed to pay Labo Test, which supplies test equipment for car parts. NEVS has failed to pay SEK150,000 or $22,000 since February.
For those who don’t know, NEVS is owned by a group based on Hong Kong and acquired Saab out of bankruptcy after Spyker Cars failed to revive it. Back in May, we announced that Saab production was stopped due to lack of funds at National Electric Vehicle Sweden.Read the entire article Saab owner National Electric Vehicle Sweden (NEVS) facing financial difficulties
General Motors has issued a recall of 28,789 MY2004-2011 Saab 9-3 convertibles in the United States over a seat belt issue that had covered sedan models. GM was Saab’s previous owner from 2000 to 2010. GM disclosed that the automatic tensioning cable in the drivers’ side seat-belt retractor could break, which may render the seat belt to fail to retract.
GM said in a statement that it has no knowledge of crashes or injuries linked to the issue. GM likewise announced that passenger-side seat belt retractors in the 9-3 convertible will be covered under warranty over the unit’s lifetime if they need replacing.
GM has recalled the Saab 9-3 sedan twice in the US over a similar issue, covering 9,322 cars in 2004 and 14,126 cars in 2010. The convertible, however, wasn’t part of the recall. GM noted that while the convertibles and sedans were probed at the same time, the convertible parts were not identical to the sedan parts.Read the entire article GM is recalling 28,789 Saab 9-3 convertibles in the US
Production at Swedish carmaker Saab has been stopped temporarily due to lack of funds at parent National Electric Vehicle Sweden. NEVS recently disclosed in a statement that it currently has no sufficient cash to pay outstanding debt since its part-owner, Qingbo Investment Co., has not fulfilled its commitment to finance its activities when needed. NEVS is also cutting its workforce.
NEVS spokesman Mikael Ostlund divulged that the company will start idling its Trollhattan plant in Sweden on May 22, 2014. The production stoppage will last for four weeks. Qingbo -- the investment agency of the city of Qingdao, China – acquired a 22-percent stake in NEVS in 2013 and has ordered 200 Saab EVs for the city.
Ostlund clarified that Qingbo has not terminated the agreement and has vowed to complete it. NEVS is staking its revival plans for Saab on an EV version of a decade-old model, targeting China as its primary market.Read the entire article Lack of funding forces NEVS to suspend Saab production for 4 weeks
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