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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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$141.7 million) Pang Da and Youngman are willing to pay for acquiring 100% of Saab Automobile and Saab GB shares.
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Yet the two Chinese companies that provided only part of the €70 million (US$ 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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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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On October 17, the Detroit maker it announced that it sold more than 2 million vehicles in the world’s largest car market since January 1st. This is the second consecutive year that GM manages to top the 2 million mark in China, only this time it achieved it a little earlier than 2010, when it happened on November 4.
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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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Manufactured locally in cooperation with Peugeot's Chinese partner Dongfeng Motor Corporation, the new 308 Sedan joins the carmaker's extended offerings in the C-segment that also include the 307 and 408 saloons.
Peugeot said that with the new launch, it intends to strengthen its presence within the very competitive category, with a full year sales target of 60,000 units.
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Named "SS Jiugang", the luxury vessel is a 17 million RMB (US$2.7 million) project financed by China's Jiugang Group and built by the Lanzhou Ministry of Transportation.
As with any maiden voyage, government and company officials organized a special event to roll out the boat into the Yellow River, complete with champagne bottles, fireworks and…plenty of cameras. You can only imagine what happened when the boat begun to sink as it touched the water…
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The development program calls for the reduction of manufacturing complexity by consolidating three engine families into one and increasing the interchangeable global components.
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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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"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."Read more »
The EN-V, which stands for Electric Networked-Vehicle, is an ultra-compact and futuristic-looking two-seater model that addresses the basic needs for transportation in today's mega-cities. The Detroit company said that all future concepts of the EN-V will carry a Chevrolet badge
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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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In July, we reported that Jaguar and Land Rover owner, Tata Motors, would invest heavily in the two brands in order to improve their sales, especially those of Jaguar, which are on a sharp decline.
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JAC originally intended to invest US$600 million in building a plant in Brazil, but cancelled the project when the government increased taxes on cars with less than two-thirds domestic content, in its effort to protect local jobs.
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Not that sales are plummeting – on the contrary. It’s just that, according to J.D. Power, the increase in the luxury car segment this year is slowing down to 29%, compared to a 48% growth in 2010. And this despite the fact that overall car sales in China are expected to drop by 5% compared to 2010.
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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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“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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The Linley limited edition will only be available in what is now Bentley’s biggest market in the world. According to the British carmaker, it “incorporates signature Linley elements that will appeal to customers who value pedigree, lineage, handcrafted quality and peerless design”.
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