Team-BHP (https://www.team-bhp.com/forum/)

-   The International Automotive Scene (https://www.team-bhp.com/forum/international-automotive-scene/)

-   -   End of SAAB in 10 days? EDIT : Sold! (https://www.team-bhp.com/forum/international-automotive-scene/53683-end-saab-10-days-edit-sold-3.html)

yes sir the websites down as well.

Why didn't any auto-biggie take over the ailing Saab? It could have definitely benefitted from it's plants to say the least.

1. The current economic environment
2. Saab's once-famous engineering prowess in its cars: once-famous. Nothing much to offer at the bargaining block now then.

The website's back up again. At least the Canadian one is.
Although the parent website is gm.ca

all websites are back up i guess.. but here's a story about it..

Bloomberg.com: U.S.

The only other car whose door close I loved listening to other than Porsche was Saab. And what a lovely sounding four. Sweet car.

SAAB has filed for bankruptcy protection today after losses threatened its survival.

"We explored and will continue to explore all available options for funding and/or selling Saab," Jan-Ake Jonsson, the managing director, said. "It was determined a formal reorganisation would be the best way to create a truly independent entity that is ready for investment."

Unnamed sources told Dagens Industri, a Swedish daily newspaper, that the American company had made an offer to put 3.5 billion Swedish kronor (£280 million) into the firm if the Swedish Government guaranteed a 5.2 billion kronor loan to Saab.

Part of the money would be used to launch new models and part to cover the loss made by Saab last year. The goal is to help it to reach annual sales of between 120,000 and 130,000 vehicles, which would make the carmaker profitable by 2011 or 2012, the paper reported.

In a business reorganization, the company seeks protection from creditors while it comes up with a plan to become profitable. It is an alternative to bankruptcy, said Sven Save at Ackordscentralen, a Swedish consultancy firm which handles insolvency issues.

A reconstruction plan could mean measures such as job cuts, a sale of assets or a debt writedown. Creditors who risk not getting any money at all if the company goes bankrupt, have to be convinced at a first court hearing that lowering their claims is in their best interest.

GM could save hundreds of millions of dollars in costs if Saab were to go bankrupt. The Swedish Government on Wednesday ruled out owning carmakers or their factories and accused GM of shirking its responsibility as an owner.

Source: Dagens Industri (Sweden), The Times (UK)

Now' the time to get those innovations into action and show the world if SAAB still has their edge.

Either be the best or go down.

Brabus E V12 > hello np, :)

thanks for the support and toughts from everyone in this thread.


the latest info is that GM will pay the part suppliers that delivers to SAAB. Also Opel will finance the tools for the New Generation 9-5.

today is the best day of this week.

btw the reason for the website of SAAB going down was the huge amount of traffic. The traffic has been re-routed now and the servers should work fine now.

Ah thats good news indeed! High time GM did something rather than just neglecting SAAB.

So is the government also helping SAAB or is it just GM thats doing everything?

I know how it feels to lose a job but it is only the person who lost the job that feels the pinch, not those around him. For people around him, it is not personal. So it is not insensitive to say that Big three should die.

If they go down, people like you will move back to India and create more competition for people who are already in India. Yes, but ever wondered why you (and I) had to move there in the first place?
The wheel is turning now, its time for Europe and US to die and newer developed nations to emerge. Modern america has enjoyed the luxuries for a long time now. People forgot what saving is, everything was easy. Well, time has changed and people are fighting for food... like the rest of world.

Sorry for OT rant.

well, the financial plan for the road ahead in detail is unknown. However GM is paying the suppliers and that is good because the production can continue as usuall.
Opel is keen to finance the tools for the NG 9-5

The state will pay the employees at Saab during the period of restruction.

Opel is now in the same situation but i dont know the full details there either but i think that this issue needs a european answer.

may be a company formed by Opel + SAAB + Vauxhall could be the future road ahead?

But the bottom problem is actually the lack of credits in the financial market. If the financial markets start to move again it is then future investors will get keen for a buy out.

cheers

Dippen

Thanks for the insight Dippen. Do you work for Saab?

Are you joking?
Neither Tata nor Mallya have any money. They have been spending money like drunken sailors & now are seeing the effects of it.
Tata Motors hasn't been paying their vendors in time.
Mallya is looking for someone to buy a stake in his liquor business.

That's how markets function - take it or leave it. When things were going good, it's not as if people in detroit gave half their
money to others that weren't doing good. Why are they expecting anything now?

The US bailout is probably one of the biggest scams of the world - essentially it says you don't have to be good. We'll bail you out if you screw up.

Don't worry. The sun will rise the next day. And the world will function.
Even if GM & Chrysler file Chapter 11 bankruptcy, it doesn't mean they will shut shop. They can still continue making
& selling cars. Actually it will be better for them, because Chapter 11 will allow them to renogiate Union & other contracts
& become more efficient.
Even if they do file Chapter 7 instead of Chapter 11, even then it's not the end. They still have plants which will be sold
& cars will continue being made & sold. And not all jobs will be lost.
On the other hand, bailing them out essentially means letting them continue to function like they doing currently - i.e.
another doomsday few years down the line.