Vänersborg District Court now confirms that it has received Saab's appeal on the court's rejection of Saab's application for voluntary reconstruction of the companies Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB.
The District Court will send the appeal over to the Court of Appeal for Western Sweden tomorrow Tuesday.
According to Swedish news agency TT, Saab asked that the application would be held confidential, which the court did not approve.
So it seems that Saab missed the deadline at 15:30 CET and the appeal was not sent to the Court of Appeal today. The appeal will therefor be sent from the District Court to the Court of Appeal tomorrow and the decision of the Court of Appeal will thus be one day later than expected. We can also assume that this application contains information that Saab wanted to keep confidential, and this information probably concerns the founding plans.
Saab has now published a press release confirming that the appeal has been filed. In the press release Saab says that the EUR 70 million bridge funding announced earlier today is expected to be finalized by 26 September. Furthermore that the Chinese companies Pang Da and Youngman intend to contribute more capital to Saab than the EUR 245 million in initial equity. The EUR 245 million is a buy-in investment and addition capital will be contributed.
Also worth noting from the press release is the mention of a patent application for Saab Automobile-developed extended range propulsion technology (EREV) that would considerably reduce fuel consumption in next-generation Saab vehicles. Is this the e-AAM hybrid system, or something completely different?
In the press release Saab also claims that the District Court applied a much stricter standard of proof than is required under the Act when examining Saab's application for voluntary reconstruction and then rejecting it.
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
Monday, September 12, 2011
Labor unions Ledarna and Unionen to file for bankruptcy in Saab
Latest news from local Trollhättan newspaper TTELA is that the two labor unions Ledarna (the union of the managers with 131 Saab employees) and Unionen (white-collar union with approx. 1,100 Saab employees) have decided to file for bankruptcy in Saab today.
"We have to do this to secure our members the compensation they are entitled to through the wage guarantee," says Chairman of Unionen Cecilia Fahlgren.
According to Cecilia Fahlgren of Unionen, the filing will be withdrawn if Saab is approved the reconstruction by the Court of Appeal or if the wages are paid.
"We are very sorry to being forced to do this. But the situation is intolerable and the limit for fairness has been crossed over," says general counsel Andreas Olsson at Ledarna.
The Vänersborg District Court has confirmed that they have received the bankruptcy filings. The court will take three to five weeks to rule on the bankruptcy filing.
This piece of bad news comes just two hours after Saab announced an agreement that will secure EUR 70 million in bridge funding.
All I can say is keep the faith. With EUR 70 million in the way it ain't over yet!
The bankruptcy filing from Unionen.
The bankruptcy filing from Ledarna (which the court has done a really bad job to anonymize).
"We have to do this to secure our members the compensation they are entitled to through the wage guarantee," says Chairman of Unionen Cecilia Fahlgren.
According to Cecilia Fahlgren of Unionen, the filing will be withdrawn if Saab is approved the reconstruction by the Court of Appeal or if the wages are paid.
"We are very sorry to being forced to do this. But the situation is intolerable and the limit for fairness has been crossed over," says general counsel Andreas Olsson at Ledarna.
The Vänersborg District Court has confirmed that they have received the bankruptcy filings. The court will take three to five weeks to rule on the bankruptcy filing.
This piece of bad news comes just two hours after Saab announced an agreement that will secure EUR 70 million in bridge funding.
All I can say is keep the faith. With EUR 70 million in the way it ain't over yet!
The bankruptcy filing from Unionen.
The bankruptcy filing from Ledarna (which the court has done a really bad job to anonymize).
Saab signs EUR 70 million technology license agreement to secure bridge funding
Saab has just announced that the company has signed a EUR 70 million technology license agreement.
The technology license agreement is between Saab and a special purpose vehicle called Swedish Automobile coöperatief U.A. (SPV). A special purpose vehicle is a legal entity created to fulfill specific objectives. In this case the objective is to secure Saab with bridge funding until the investment agreements with the Chinese companies Pang Da and Youngman is finalized.
In this agreement Saab gives the SPV non-exclusive rights in Saab's Phoenix architecture technology for a consideration of EUR 70 million. Chinese company Youngman signs an agreement with the SPV to purchase the license to the Phoenix architecture technology and providing a guarantee for its payment of the license.
This deal which will secure Saab EUR 70 million in bridge funding is still subject to finalization of definitive transaction documentation with the lender that will provide the bridge loan.
Dagens Industri reports that according to Saab, China's National Development and Reform Commission (NDRC) has approved this deal.
Even if the agreement is subject to finalization of definitive transaction documentation, I would say this is giant leap towards getting rid of the bankruptcy scare!!!
The technology license agreement is between Saab and a special purpose vehicle called Swedish Automobile coöperatief U.A. (SPV). A special purpose vehicle is a legal entity created to fulfill specific objectives. In this case the objective is to secure Saab with bridge funding until the investment agreements with the Chinese companies Pang Da and Youngman is finalized.
In this agreement Saab gives the SPV non-exclusive rights in Saab's Phoenix architecture technology for a consideration of EUR 70 million. Chinese company Youngman signs an agreement with the SPV to purchase the license to the Phoenix architecture technology and providing a guarantee for its payment of the license.
This deal which will secure Saab EUR 70 million in bridge funding is still subject to finalization of definitive transaction documentation with the lender that will provide the bridge loan.
Dagens Industri reports that according to Saab, China's National Development and Reform Commission (NDRC) has approved this deal.
Even if the agreement is subject to finalization of definitive transaction documentation, I would say this is giant leap towards getting rid of the bankruptcy scare!!!
Blue-collar union IF Metall will not file for bankruptcy today
The blue-collar labor union at Saab, IF Metall, has announced that it will not file for bankruptcy in Saab today Monday.
"After talks with Victor Muller on Sunday evening, we got a confirmation that Saab today will file an appeal asking that the Court of Appeal for Western Sweden examines the company's request for reconstruction. The Court of Appeal has said that the matter will be handled promptly. Under these circumstances I do not feel that it is in our members' interest that we file for bankruptcy today," says IF Metall Chairman Stefan Löfven.
"I still have hope that Saab will be allowed a reconstruction. Then IF Metall's members will get their wages quicker through the wage guarantee and the company will be given a much needed breathing room," says head of IF Metall at Saab Håkan Skött.
"We expect the Court of Appeal to carefully examine and assessing the statements made by both Pang Da and Youngman concerning their interest and substantial investment in Saab. One can not ignore the importance of Saab in the automotive cluster in the region. Saab's survival is not just about the 3,400 employees at Saab, but many more in the supply chain, in service, trade and transport," say Stefan Löfven and Håkan Skött.
Today's deadline for Saab to file the appeal at the Vänersborg District Court on the reconstruction rejection is at 15:30 CET this afternoon according to TTELA. If filed by then, the appeal will be sent to the Court of Appeal for Western Sweden this afternoon and then the appeal will hopefully be looked into tomorrow. If Saab does not meet today's deadline, then the next chance is tomorrow. Saab has until 29 September to file the appeal.
"After talks with Victor Muller on Sunday evening, we got a confirmation that Saab today will file an appeal asking that the Court of Appeal for Western Sweden examines the company's request for reconstruction. The Court of Appeal has said that the matter will be handled promptly. Under these circumstances I do not feel that it is in our members' interest that we file for bankruptcy today," says IF Metall Chairman Stefan Löfven.
"I still have hope that Saab will be allowed a reconstruction. Then IF Metall's members will get their wages quicker through the wage guarantee and the company will be given a much needed breathing room," says head of IF Metall at Saab Håkan Skött.
"We expect the Court of Appeal to carefully examine and assessing the statements made by both Pang Da and Youngman concerning their interest and substantial investment in Saab. One can not ignore the importance of Saab in the automotive cluster in the region. Saab's survival is not just about the 3,400 employees at Saab, but many more in the supply chain, in service, trade and transport," say Stefan Löfven and Håkan Skött.
Today's deadline for Saab to file the appeal at the Vänersborg District Court on the reconstruction rejection is at 15:30 CET this afternoon according to TTELA. If filed by then, the appeal will be sent to the Court of Appeal for Western Sweden this afternoon and then the appeal will hopefully be looked into tomorrow. If Saab does not meet today's deadline, then the next chance is tomorrow. Saab has until 29 September to file the appeal.
Sunday, September 11, 2011
Swedish Government waking up at the eleventh hour
Latest news from Swedish TV is that the Swedish Ambassador to China on Tuesday will meet China's National Development and Reform Commission (NDRC) to discuss Saab. The task is to ensure that the Chinese understand that a quick decision is of uttermost importance.
Let's hope it's not too late!
Saab now also confirms that the appeal to the District Court's rejection of Saab's application for a voluntary reconstruction will be filed tomorrow Monday.
Let's hope it's not too late!
Saab now also confirms that the appeal to the District Court's rejection of Saab's application for a voluntary reconstruction will be filed tomorrow Monday.
Saturday, September 10, 2011
It ain't over yet
On Thursday the Vänersborg District Court rejected Saab's application for voluntary reconstruction. The reason for the rejection was, among other things, that the court was not convinced that Saab would be able to secure funding to go through a reconstruction and turn the business around. The court did for instance say that the long-term funding from Chinese partners were very uncertain. Then I guess the court didn't know what Svenska Dagbladet reports today...
Svenska Dagbladet has been in contact with Rachel Pang, who is in the management of Youngman, and she tells SvD that Youngman and Pang Da's plans to invest EUR 245 million in Saab has been approved by the local branch of the National Development and Reform Commission (NDRC) in Hangzhou, the city where Youngman is located.
"Last week we got an approval from the local part of the NDRC in Hangzhou," Rachel Pang said to SvD.
This means that the first hurdle is passed. And next week Youngman expects that the NDRC committee in the province Zhejiang, the province where Youngman is located, will also approve the plans.
"Next week on Wednesday we hope to get approval from the Zhejiang province," Rachel Pang said.
Then the second hurdle will be passed. The last and most important hurdle is the NDRC department in Beijing. According to Rachel Pang the signals from Beijing have been positive. And one can expect a decision about a month from now.
"We are constantly in contact with the NDRC in Beijing. We have gotten positive signals from them. I have a good feeling about this," Rachel Pang said.
If the NDRC in Beijing approves the investment, then two more government decision authorities need to approve the plan, but these are expected to be quick when the NDRC has approved.
The Vänersborg District Court also noted that it did not consider the agreements between Saab and Youngman and Pang Da as binding deals. But according to Martin Larsson, head of business development at Saab, the deals are as binding as these kinds of deals can be.
"We have binding deals with Pang Da and Youngman. We signed a share subscription agreement and a shareholders agreement in July," Martin Larsson tells TTELA.
I would say that this is very uplifting and encouraging signals from China! And hopefully the Court Of Appeal will see that an approval of Chinese authorities is a very probable outcome and that the money from China is in fact only one month or so away!
Svenska Dagbladet has been in contact with Rachel Pang, who is in the management of Youngman, and she tells SvD that Youngman and Pang Da's plans to invest EUR 245 million in Saab has been approved by the local branch of the National Development and Reform Commission (NDRC) in Hangzhou, the city where Youngman is located.
"Last week we got an approval from the local part of the NDRC in Hangzhou," Rachel Pang said to SvD.
This means that the first hurdle is passed. And next week Youngman expects that the NDRC committee in the province Zhejiang, the province where Youngman is located, will also approve the plans.
"Next week on Wednesday we hope to get approval from the Zhejiang province," Rachel Pang said.
Then the second hurdle will be passed. The last and most important hurdle is the NDRC department in Beijing. According to Rachel Pang the signals from Beijing have been positive. And one can expect a decision about a month from now.
"We are constantly in contact with the NDRC in Beijing. We have gotten positive signals from them. I have a good feeling about this," Rachel Pang said.
If the NDRC in Beijing approves the investment, then two more government decision authorities need to approve the plan, but these are expected to be quick when the NDRC has approved.
The Vänersborg District Court also noted that it did not consider the agreements between Saab and Youngman and Pang Da as binding deals. But according to Martin Larsson, head of business development at Saab, the deals are as binding as these kinds of deals can be.
"We have binding deals with Pang Da and Youngman. We signed a share subscription agreement and a shareholders agreement in July," Martin Larsson tells TTELA.
I would say that this is very uplifting and encouraging signals from China! And hopefully the Court Of Appeal will see that an approval of Chinese authorities is a very probable outcome and that the money from China is in fact only one month or so away!
Saab 9-3 Viggen - Stealth Fighter
It is weekend and I am sure the people at Saab who are engaged in preparing the appeal for the court are working like heroes.
Eurotuner has taken a look at another hero of Trollhättan, the Saab 9-3 Viggen. They have had a talk with a happy Viggen owner and found out just what he has done with the car to make it a real stealth fighter. And here is some of what they write.
If you want to learn more about his Viggen, then check out Eurotuner.
Eurotuner has taken a look at another hero of Trollhättan, the Saab 9-3 Viggen. They have had a talk with a happy Viggen owner and found out just what he has done with the car to make it a real stealth fighter. And here is some of what they write.
Although many enthusiasts may dismiss Saab as quirky or undeserving of serious respect, take one ride in John Aldridge’s ’00 Viggen and its fighter jet roots become immediately apparent.
[...]
“I wanted a car that was different and unassuming, but equally unique and a little quirky: a bit like myself,” Aldridge said. “When I started looking into the Saab engineering I had to have one, especially a Viggen,” he added.
[...]
“These cars respond well to mods, and you can easily make unbelievable power,” Aldridge said. “Some people are making over 700whp on mostly stock internals,” he added.
[...]
“With 400hp at the wheels, it can be a handful at times,” he chuckled. “So I added a Taliaferro six-point subframe brace and steering-rack brace that transformed the car,” Aldridge said.
[...]
As for the next time you dismiss a modded Saab as unworthy, perhaps you’ll think twice. After all, just ask Aldridge how many assumptions he’s added to his kill-list.
If you want to learn more about his Viggen, then check out Eurotuner.
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