GM Spokesperson Says Company May Object to Change of Saab Ownership

Buddhism preaches that karma passes from one life to another in reincarnation and that the outcome is based on what deeds are done in previous lives.

Now, Saab must have a really bad karma. There’s really no other explanation for the constant problem that arise, preventing the ailing Swedish carmaker from finding peace in securing its existence.

This time it’s not the Chinese government, the creditors, the suppliers, the workers’ unions, the Swedish debt office or the court-appointed administrator. All of the aforementioned parties have given their approval. Instead, in a surprising move, it's the company's former owner and current preference shareholder, General Motors, that’s may try to block the sale to Pang Da and Youngman.

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Saab Deal Supported “In Principle” by Chinese Authorities

Last Friday, Swedish Automobile N.V. [Swan] signed a Memorandum of Understanding with Pang Da and Youngman for the sale of the Saab brand to the two Chinese companies.

A MoU, however, does not mean that the transaction is completed. Especially when the Chinese are involved: recently Subaru and Toyota were denied a new joint venture in the country by the local authorities, which have also been stalling on approving the previous Saab-Pang Da-Youngman deal that was signed back in July.

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2013 Saab 9-3 Design Proposal Leaks on the Internet

The past two years have been a very bumpy ride for Saab. However, after the rain comes the rainbow – and after narrowly escaping bankruptcy and making a deal with Pang Da and Youngman, a sketch for a replacement of the ageing 9-3 has appeared online.

The image was discovered by Swedish daily newspaper SvD Naringsliv that managed to get access to a power point presentation that was made by the automaker to the National Debt Office and the European Investment Bank back in January.

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Saab Presents New Restructuring Plan to its Creditors

On Monday, Swedish Automobile presented the restructuring plan of Saab Automobile to the company's creditors at a preliminary meeting in Vanersborg, Sweden.

Saab’s management informed the creditors about the key points of the reorganization process, which has the support both of the administrators who are overseeing the process as well as future owners Pang Da and Youngman.

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China's Pang Da and Youngman Agree to Buy Saab for €100 million and Save it from Bankruptcy

Saab's parent company Swedish Automobile N.V. [Swan] said on Friday that it has agreed to sell the company to China's Pang Da and Youngman.

If the deal goes through, the Chinese will own Sweden’s car industry bar Koenigsegg as Volvo was sold to Geely in 2009 – admittedly at the much higher price of US$2 billion dollars than the €100 million (US$141.7 million) Pang Da and Youngman are willing to pay for acquiring 100% of Saab Automobile and Saab GB shares.

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Saab Attempts an 11th Hour Rescue Deal Before Friday's Court Hearing

This is your daily news info about the current state of affairs of the ongoing saga that is the Svenska Aeroplan AktieBolaget restructuring story or, more accurately, your second Saab news story of the day.

In this latest chapter, Saab's parent company Swedish Automobile NV [Swan] said that it is “in intense final negotiations” with investors in order to secure its financing and, thus, avoid bankruptcy.

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China's Youngman and Pang Da Say Saab Deal is Still On

Earlier this week, Saab announced that it was terminating the deal with Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., since their bridge loan that would help the Swedish automaker survive in the short term did not materialize in the agreed period.

Yet the two Chinese companies that provided only part of the €70 million (US$ 95.4 million) loan and which recently offered to buy 100% of Saab’s shares, say that the €240 million (US$340 million) July agreement is still on the table.

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Saab’s Groundhog Day: Chinese Want 100%, Original Deal is Off but Talks Will Continue

Not a day passes by without Some news from Saab. On Sunday, the parent company of Saab, Swedish Automobile N.V. (Swan), announced that, effective immediately, it terminates the subscription agreement of July 2011 with Pang Da and Youngman.

The Chinese companies were supposed to provide a bridge loan to help Saab proceed with the restructuring plan approved by the Swedish court. Ten days ago, the Swedish company announced that it received the first installment with the next expected on October 22.

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Saab Receives Funding from Spyker Buyer but not from Chinese Partners, Administrator Proposes to Terminate Reorganization

The dramatic Saab roller-coaster continues to painfully drag on with good and bad news for the brand. But let's take it in chronologically order.

This morning, Saab's parent company Swedish Automobile N.V. (Swan) said it has accepted new funding from U.S. private-equity group North Street Capital, which is interested in Spyker.

The equity firm is paying US$10 million for 2.39 million new shares Swan while also providing a further US$60 million as a loan that will be "collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO".

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Saab Receives First Part of Youngman Loan, Expects the Rest by October 22

Another day, another episode in the Saab rescue saga. Fortunately for the company's workers, the news is good this time.

Swedish Automobile N.V., the owner of Saab, announced on Thursday that it has received the first payment of a €70 million bridging loan from its Chinese partner Youngman, adding that the reorganization is proceeding as planned.

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Saab Responds to Media Reports, Says Deal with Pang Da Still on

Responding to recent media reports, Saab's parent company Swedish Automobile N.V. [Swan] issued a short statement saying the investment deal with China's Pang Da Automobile is still on the table.

Pang Da Automobile had signed an agreement in July to buy a 53.9% stake in Swan for €245 million ($344.6 million), but Chinese regulators have not yet ratified the deal.

"Swedish Automobile N.V. (Swan) and Pang Da Automobile Trade Co., Ltd (Pang Da) have taken notice of media reports questioning the validity of the partnership agreements between Swan, Saab Automobile AB (Saab Automobile) and Pang Da after Saab Automobile entered into voluntary reorganization. Swan, Saab Automobile and Pang Da underline that these reports are based on a misunderstanding."

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Delays in Chinese Loan May Spell the End for Saab

If it were a movie, it would have more sequels than Rocky, Rambo and Mission Impossible all combined together. However, it is not: it is the story of Saab’s survival.

And the latest chapter may very well turn to be the last. According to the Swedish newspaper Svenska Dagbladet, Guy Lofalk, the administrator appointed by the court to oversee Saab’s implementation of its restructuring plan, is ready to stop the process, remove the company’s protection from its creditors and, effectively, declare the carmaker bankrupt.

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Say Again? Saab 9-5 Sedan 2.8V6 Turbo Named Car of the Year in Singapore

Unless you're one of those chaps that wear their Saab shades no matter what happens, the news that the 9-5 Sedan 2.8V6 Turbo has been named Car of the Year by a Consumer Guide, published by Wheels Asia in Singapore, can only provoke giggles.

And we say this not because the 9-5 is a bad car, but how can you possibly give a top recommendation (remember, this isn't a comparo but a Consumers Guide) to any vehicle from an automaker that has barely produced a car in the past six months and which recently went under bankruptcy protection and its future is clearly on the line?

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China's Geely, Owner of Volvo, Denies Interest in Buying Saab

Saab is in a crisis indeed. One day it is rescued, and the next it is on the brink of destruction. And this has been happening over and over again, like an automotive version of The Groundhog Day.

Yesterday we reported that Saab has not yet received the funds promised by Pang Da and Youngman as a bridge loan to keep the Swedish carmaker in business until the deal is approved by Chinese authorities.

Today, Swedish newspaper Dagens Nyheter published an article claiming that another Chinese automaker, Geely Automobile, which bought Volvo from Ford in 2010, is interested in acquiring Saab as well.

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Report: Saab has Yet to Receive Chinese Funds

It ain’t over until the fat lady sings green starts flowing in: cash-strapped Saab may have won a stay of execution last month by receiving court protection from its creditors, but the company is still waiting for the €70 million ($93 million USD) from its Chinese partners Pang Da and Youngman as part of their July deal.

“The money has not come in yet”, Saab spokesperson Eric Geers told Reuters. “We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money.”

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