I try to avoid the media coverage on weekends. I can live with all of the negativity surrounding SAAB Monday - Friday thanks.
So this morning I re-capped on the various stories that made the headlines and I must admit it did not look good which ever way you sliced it.
These days I have become much more objective however I could only conclude that there was not even one positive piece of news. Everything looked pretty gloomy.
Had a great weekend where we at long last decorated the Christmas tree with the kids, drank a little glögg ( Hot spiced wine ) and generally brought in the Christmas spirit.
Then this
SAAB AUTOMOBILE FILES FOR BANKRUPTCY
Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.
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.
Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.
Monday 19 December 2011
Tuesday 13 December 2011
How things change
Was blogging just a passing phase ? - probably but it never really got started.
Just a quick reflection on how things change since April.
Production stopped and no plan for the forseeable future to re start.
Antanov rejected as a potential investor by EIB
Salary payments delayed
Youngman / Pang Da sign MOU with Swan to invest zillions in Saab with plans to develop new models and distribute and manufacture vehicles in both Trollhättan and China. -
Further delays in salary payments but I must admit it was fantastic to get two at relatively the same time.
The press remain on the attack particularly Dagens Industri ( Di ) with their copius amounts of vennom for Saab - I will never understand the reason why but if there isn't a story they invent one regardless and never positive.
Then we have Victor.
If I am truly honest I had serious doubts about this guy both in his words and his intentions.
I have to say that in recent weeks I humbly eat my words.
VM is the magicians magician . and indeed it reminds me a little of the Monty Python sketch where the brave knight fights on and on having had his arms and legs cut off.
I am still not sure of Victor's true intentions but one thing is for sure - True Respect.
Saab is today under court protection from its creditors and an administrator appointed ( Guy Lofalk )and will be defending its right to stay there in the coming days.
GM
As always there is a spnner in the works , a fly in the ointment so to speak
General Motors, Great Mistake, Gross Margin or whatever.
GM have seen the chance to finally kill off the brand that they could never develop. Thinking about it Pontiac, Hummer and Saturn died the death by their own hand. Saab was not so easy and therefore by GM's own in-action in not agreeing to 100% Chinese ownership they effectively do the same thing.
VM is not a man to give up and proposes another constellation. He was likened this morning to a bar of soap ( odly enough )Whenever you think its clearly over VM has another plan up his preverbial sleeve.
Back to Antanov.
Since his arrest in London 2 weeks ago it has been amazingly quiet in the news regarding his alleged bank theft and loaning of funds to VM's company. Only time will tell on this one . On one side without Antanov Saab would have gone straight down the toilet. On the other hand if he had been allowed in as a " visible " investor you can only imagine the field day our friends at Di would have had.
In the latest round we have just Youngman and an un-named Chinese bank.
This Saab journey has been the most amazing in my life and I am pretty certain in corporate history. One day I hope that VM writes about this in minute detail. A best seller in my book ( pardon the pun )
Two weeks without salary and two weeks to Christmas. The shops are pretty empty as half the towns working population is in the same boat.
One way or another it will sort itself out as my mum would say.
For sure it will but I am not brave enough to bet on which way.
Just a quick reflection on how things change since April.
Production stopped and no plan for the forseeable future to re start.
Antanov rejected as a potential investor by EIB
Salary payments delayed
Youngman / Pang Da sign MOU with Swan to invest zillions in Saab with plans to develop new models and distribute and manufacture vehicles in both Trollhättan and China. -
Further delays in salary payments but I must admit it was fantastic to get two at relatively the same time.
The press remain on the attack particularly Dagens Industri ( Di ) with their copius amounts of vennom for Saab - I will never understand the reason why but if there isn't a story they invent one regardless and never positive.
Then we have Victor.
If I am truly honest I had serious doubts about this guy both in his words and his intentions.
I have to say that in recent weeks I humbly eat my words.
VM is the magicians magician . and indeed it reminds me a little of the Monty Python sketch where the brave knight fights on and on having had his arms and legs cut off.
I am still not sure of Victor's true intentions but one thing is for sure - True Respect.
Saab is today under court protection from its creditors and an administrator appointed ( Guy Lofalk )and will be defending its right to stay there in the coming days.
GM
As always there is a spnner in the works , a fly in the ointment so to speak
General Motors, Great Mistake, Gross Margin or whatever.
GM have seen the chance to finally kill off the brand that they could never develop. Thinking about it Pontiac, Hummer and Saturn died the death by their own hand. Saab was not so easy and therefore by GM's own in-action in not agreeing to 100% Chinese ownership they effectively do the same thing.
VM is not a man to give up and proposes another constellation. He was likened this morning to a bar of soap ( odly enough )Whenever you think its clearly over VM has another plan up his preverbial sleeve.
Back to Antanov.
Since his arrest in London 2 weeks ago it has been amazingly quiet in the news regarding his alleged bank theft and loaning of funds to VM's company. Only time will tell on this one . On one side without Antanov Saab would have gone straight down the toilet. On the other hand if he had been allowed in as a " visible " investor you can only imagine the field day our friends at Di would have had.
In the latest round we have just Youngman and an un-named Chinese bank.
This Saab journey has been the most amazing in my life and I am pretty certain in corporate history. One day I hope that VM writes about this in minute detail. A best seller in my book ( pardon the pun )
Two weeks without salary and two weeks to Christmas. The shops are pretty empty as half the towns working population is in the same boat.
One way or another it will sort itself out as my mum would say.
For sure it will but I am not brave enough to bet on which way.
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