Saab files for bankruptcy - DFWstangs Forums
 
LinkBack Thread Tools Display Modes
post #1 of 10 (permalink) Old 02-20-2009, 06:32 AM Thread Starter
WE ARE THE CHAMPIONS!
 
Sgt Beavis's Avatar
 
Join Date: Jul 2002
Location: Lake Dallas, TX
Posts: 10,859
Saab files for bankruptcy

Saab filed for bankruptcy in Swedish court today. GM plans to reorganize it as an independent car company so it no longer has to deal with it or wait for a buyer.

One down, several more brands to go..

There was word yesterday that GM might sell or spin off Vauxhaul too. Vauxhaul is basically the British brand of Opel and Holden. It seems like GM is pretty firm on holding onto Opel. My speculation that Holden might go on the block seems to have been way off.

GM also outlined their plans for closing down Saturn however Saturn dealers are trying to put together an investment group to try and save the brand as an independent company. Frankly I think that could be a very successful endeavor.

http://www.autoblog.com/2009/02/20/s...urts-wants-1b/

Quote:
General Motors confirmed this morning that Saab's days as a part of the Detroit based company are numbered. The Swedish brand has filed paperwork with courts in its home country for reorganization that would lead to its independence. This self-managed reorganization is analogous to the US chapter 11 bankruptcy process, and would lead to the establishment of an independent entity based in Sweden. In order for that to happen, however, GM needs to line up financing for the new company, which may be problematic. Automotive News reports that as much as $1 billion may be in order to make Saab sustainable on its own.

GM plans to concentrate Saab's engineering, design and manufacturing operations back in Sweden. The brand plans to launch three new products between now and mid 2010: the new 9-3X, 9-5 and 9-4X. The first two are already set to be produced in Sweden, but the new 9-4X crossover was scheduled to be built in Mexico alongside the Cadillac SRX. The Swedish government has already rejected a GM request for funds, so the money will have to come from somewhere else. The GM press release is after the jump.

[Source: General Motors]



SAAB ON THE ROAD TO INDEPENDENCE

* Swedish court process to reorganise Saab into a fully independent business
* Three new models ready to be launched over the next year and a half
* Saab aims to bring resources back to Sweden
* Funding sought for 'new independent Saab'

Trollhättan. As a result of GM's strategic review of the global Saab business the Saab Board announced today that it will file for reorganisation under a self-managed Swedish court process to create a fully independent business entity that would be sustainable and suitable for investment.

The reorganisation is a self-managed, Swedish legal process headed by an independent administrator appointed by the court who will work closely with the Saab management team. As part of the process, Saab will formulate its proposal for reorganisation, which will include the concentration of design, engineering and manufacturing in Sweden. This proposal will be presented to creditors within three weeks of the filing. Pending court approval, the reorganisation will be executed over a three-month period and will require independent funding to succeed.

"We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganisation would be the best way to create a truly independent entity that is ready for investment," said Jan Ake Jonsson, Managing Director for Saab Automobile. "With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs. Reorganisation will give us the time and means that help get these products to market while minimising the liquidity impact of Saab on GM."

Funding for the restructured company will need to be secured during the reorganisation process and will be sought from both public and private sources.

Saab will continue to operate as usual and in accordance with the formal reorganisation process, with the Government providing some support during this period. The reorganisation should have no impact on other GM operations. Details of the progress will be provided as milestones are achieved.

We're Adopting. Contact us through our website.

http://www.theboyetts.com

You can also LIKE us on Facebook
Sgt Beavis is offline  
Sponsored Links
Advertisement
 
post #2 of 10 (permalink) Old 02-20-2009, 10:19 AM
Clown
 
Join Date: May 2005
Location: With the real El Chupacabra
Posts: 2,190
Sold my 02' Saab 93 vert this past summer. It was a sweet car but after the 1K dealer bill for a faulty DI cassette and a trans service with only 50K on the clock then reading about a sludge problem in that year Saab, I decided to get rid of it.....The car was prestine and I still took a beating even on a private sale....Glad I sold it when I did.
J&T's 82 is offline  
post #3 of 10 (permalink) Old 02-20-2009, 05:08 PM
Time Served
 
Join Date: Jul 2006
Location: deep ellum
Posts: 311
Quote:
Originally Posted by Sgt Beavis View Post
My speculation that Holden might go on the block seems to have been way off.

2004 GTO <---- 690rwhp Twin Turbo meth injected.... daily driver?

1971 Torino <---- never-ending project
torinoman460 is offline  
 
post #4 of 10 (permalink) Old 02-21-2009, 02:06 AM
BP
Keep your unicorns
 
BP's Avatar
 
Join Date: Apr 2000
Location: At the Dexter Lake Club
Posts: 12,422
Sweden still has a constitutional monarchy, I wouldn't be suprised to see the King himself buy up a stake in Saab. Same goes with Vauxhaul, the good people of England would love to have their home brand be Brit owned again.

Buell 1125R
Raptor 700R
No fast cars though
BP is offline  
post #5 of 10 (permalink) Old 02-21-2009, 05:48 AM
ebay pimp
 
Join Date: Oct 2001
Location: Carrollton, TX
Posts: 4,360
Maybe Saab automobiles will be re-married to Saab Aircraft? I don't know about Opel's currents sales, but over the past 40 years, Opel has been a HUGE money maker for GM.

GM also announced discontinueing Saturn after 2011. Most of the Saturn dealers are banding together to attempt to "sell" themselves to another make trying to enter the USA....namely, China or India. GM might agree with that, because when they killed Oldsmobile, it cost them a billion dollars to pay off the dealers who throats they had just cut.
White trash wagon is offline  
post #6 of 10 (permalink) Old 02-21-2009, 06:47 AM
Married Man on 14Feb2010
 
TexasDevilDog's Avatar
 
Join Date: Jun 2001
Location: Fort Worth, Texas (North Side)
Posts: 14,140
TexasDevilDog is offline  
post #7 of 10 (permalink) Old 02-21-2009, 09:46 AM
BP
Keep your unicorns
 
BP's Avatar
 
Join Date: Apr 2000
Location: At the Dexter Lake Club
Posts: 12,422
Quote:
Originally Posted by TexasDevilDog View Post
Saturn as a division has never profitted one cent.
No, but the line was great for beta testing new technology without exposing the entire fleet to poor engineering.

The Saturn Vue VTi transmission is a great example. It works great in the Ion but in a Vue it's junk. Nearly every Vue on the road will get a new CVT unit in less than 50k miles and it'll cost over $3,000.

On the other hand all of their 1.9L engines were cast using the lost-foam process, the first time ever tried in an automotive application. Today all of their Trailblazer and Colorado engines (other than the V8s) are cast this way.

Buell 1125R
Raptor 700R
No fast cars though
BP is offline  
post #8 of 10 (permalink) Old 02-21-2009, 01:41 PM
Married Man on 14Feb2010
 
TexasDevilDog's Avatar
 
Join Date: Jun 2001
Location: Fort Worth, Texas (North Side)
Posts: 14,140
Quote:
Originally Posted by BP View Post
No, but the line was great for beta testing new technology without exposing the entire fleet to poor engineering.
Saturn has been around since 1985. It was 24 year technology capture program?
TexasDevilDog is offline  
post #9 of 10 (permalink) Old 02-21-2009, 04:52 PM
BP
Keep your unicorns
 
BP's Avatar
 
Join Date: Apr 2000
Location: At the Dexter Lake Club
Posts: 12,422
Quote:
Originally Posted by TexasDevilDog View Post
Saturn has been around since 1985. It was 24 year technology capture program?
They didn't build any cars until 1990 but yes they field tested lots of concepts that GM wouldn't have dared trying with one of their large product lines. Do you think anyone would have bought a 1990 Caprice with plastic fenders and doors? No way, but people lined up to buy Saturns. They couldn't have done it anyways since their stamping plants were all UAW, no way would they allow a Chevrolet with doors that are glued together. Since Saturn was a seperate division they could do whatever they wanted. The system was proven to work and it's slowly been adapted to everything from F-bodies to Silverados (truck beds).

How about having a Honda drivetrain in an American SUV? Try it with a Trailblazer and you'd have all off the UAW workers on strike over night. Throw it in a Saturn Vue though and no one even pays attention. For years the Japanese SUVs used GM drivetrain parts, it's not supposed to go the other way.

Buell 1125R
Raptor 700R
No fast cars though
BP is offline  
post #10 of 10 (permalink) Old 02-21-2009, 06:58 PM
Censored
 
big_tiger's Avatar
 
Join Date: Aug 2005
Location: Arlington, TX
Posts: 3,699
Quote:
Originally Posted by BP View Post
How about having a Honda drivetrain in an American SUV? Try it with a Trailblazer and you'd have all off the UAW workers on strike over night. Throw it in a Saturn Vue though and no one even pays attention. For years the Japanese SUVs used GM drivetrain parts, it's not supposed to go the other way.
Suzuki has been using GM parts, and upgraded the design to make it better than the GM counterpart. The prices are the same, between a Suzuki XL7, and a Equinox, but the XL7 has a stronger subframe I think it looks better too!

Doors Done Rite
big_tiger is offline  
Sponsored Links
Advertisement
 
Reply

Bookmarks

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the DFWstangs Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome