Saab: Still Alive!

This morning we posted that Saab was done. That it wrong. We learnt just minuted ago that Saab is still alive. Swedish national papers indicate that a total 13 points were addressed over the past two days. They also state that GM and Spyker will have until tomorrow evening to decide is Saab stays alive or not. GM and Spyker say they are now working on a final solution before the deadline.

GM’s statement:

Following Friday’s announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. We will not comment further until these evaluations have been completed.

Spyker’s statement:

We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer. We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st.

Rest in Peace SAAB

Thanks to Carscoop for the nice photo.

"Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution. We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers."

These were the words of GM Europe President Nick Reilly. It is now official: GM is closing down Saab. But, their could be a second life for Saab because before Saab's death, they had an agreement with China's BAIC that they would be able to sell the current-generation Saab 9-5 (but not the 2010 model shown in Frankfurt) and some of the 9-3 models. What we do not know is what will become of th upcoming 9-5 Sedan and the 9-4x. Stay tuned for more information.

Thanks to carscoop for the nice photo

Saab's no deal with Spyker

not with

Saab continues it's race. After a no deal with Koenigsegg last month. Yesterday, Saab has closed another deal, this time with Spyker. Here is the official statement:

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed a reasonable time. In order to maintain operations, Saab needed a quick resolution,” said GM Europe President Nick Reilly. “We regret that we were not able to complete this transaction with Spyker Cars. We will work closely with the Saab organization to wind down the business in an orderly and responsible manner. This is not a bankruptcy or forced liquidation process. Consequently, we expect Saab to satisfy debts including supplier payments, and to wind down production and the distribution channel in an orderly manner while looking after our customers.”

Spyker trying to buy Saab

Koenigsegg was not able to finish the deal this past week, but Spyker is showing interest in buying Saab. There is thing no one understands; Spyker is not doing well lately selling supercars for over $200,000. Saab hasn’t made any profit the last eight years. It even lost about $340 million in 2008. So why take over Saab? NO one knows!