Showing posts with label Youngman. Show all posts
Showing posts with label Youngman. Show all posts

Wednesday, November 30, 2011

More Troubles for Swedish Carmaker as Saab Great Britain Files for Administration



The impasse on the sales of Saab Vehicle to Pang Da and Youngman has not been solved, due to Saab investors and business Common Engines objecting to its program and technological innovation technological innovation being moved to the China.

Swedish Vehicle N.V. (Swan), though, declared these days that Saab Excellent The united kingdom (Saab GB) submitted for present administration with the Substantial Courtroom in Ones.

Saab GB says it wants that this measures gives both the business and its lenders the necessary appropriate security until acceptable money has been guaranteed. If its demand is recognized, the Substantial Court-appointed manager will take over the changeable administration from its present panel of administrators.

Swan included that, even though it has gotten a money responsibility from Youngman for the transaction of Saab Vehicle employees’ income, this has yet to materialize…

 

Monday, November 7, 2011

GM Will Not Hand Over The Technology Or The 9-4X Crossover For Saab Owners In China



Last Exclusive, GM spokesperson Jim Cain said that the business would "not be able to aid a modify in the possession of Saab which could badly result GM's established interactions in The far east or otherwise badly result GM's pursuits worldwide.”

Today, Common Engines has lastly ceased defeating around the plant and determined to come out in the start about the Saab-Pang Da-Youngman package. And what the Detroit-based car maker said is that it's not supplying away its Epsilon program technological innovation nor its 9-4X SUV.

“Although Common Engines is start to the extended deliver of powertrains and other elements to Saab under appropriate circumstances, GM will not accept the extension of the established technological innovation permit or the extended deliver of 9-4X autos to Saab following the recommended modify in possession, as it would not be in the best desire of GM investors,” Cain said in a report.

This indicates that Saab’s former operator, which still is a desire stakeholder and key business, has honestly compared with the The far east takeover and the move of GM technological innovation that it requires.

Saab lover website SaabsUnited called Cain, who further resolved GM’s position: “It’s about a modify of management in possession. When Saab was marketed to Spyker, we authored technological innovation permit, deliver legal agreements and other items and those were according to a marriage with your own strategic business strategy and our knowing of their technique and how they were going to be implementing perceptive home and the scientific research of a making a automobile that we’ve created over generations of time.”

Now that the The far east are considering getting over Saab, Cain says that the Spyker package is off. GM is prepared to discuss, but on new conditions.

“As you can see in our report, the matter of supplying elements and energy practice and other items to Saab is something we’d be start to carrying on under the right circumstances. But when you discuss the 9-4X and the technological innovation permit, that is something we have to deal with so properly because it possibly has an effect on us in areas all over the world. We need to be able to management our own technological innovation as a way to be profitable for the future.”

Saab’s present operator Remedial Car said with an recognized statement: “We have taken observe of a push report from Common Engines regarding the recommended sales to Pang Da Car and Youngman Car. We recognize the location taken by Common Engines, and will now discuss with Pang Da and Youngman to see whether a design can be arranged which is appropriate to all events worried.”

This properly indicates that Saab is rear again to block one or as its CEO, Winner Muller, put it, “we have to go rear again to the pulling board".

Story References: Autonews and SaabsUnited

 

Thursday, October 13, 2011

Saab was the first part of the loan Youngman, waiting for the rest of October 22



Another day, another episode in the saga of saving Saab. Fortunately, the company's employees, is good news at this time. The Swedish Automobile NV, the owner of the Saab announced Thursday that he received the first payment of € 70 million bridge loan to a Chinese partner Youngman, adding that the restructuring is proceeding as planned. The company said that the additional payments modified, and the last bridge loan agreements signed between Saab Automobile and Youngman, September 12 is expected this week, and October 22. "It is supposed to repay the bridge loan income of 245 million euros in investments in Youngman and Pang Da, which are still obtain approval from the competent authorities and parts of the Swan is expected in the coming weeks," the company said in a statement. This has led the Saab seems to show that far more lives than anyone had expected at all ...

 

Tuesday, October 11, 2011

Delays in Chinese Loan May Spell the End for Saab



If this were a movie, it would have more sequels than Rocky, Rambo and Mission Impossible together. However, it is not: It is the story of the survival of Saab.

And the last chapter may be the last. According to the Swedish newspaper Svenska Dagbladet, is Guy Lofalk, the administrator appointed by the court to oversee the implementation of Saab's restructuring plan, ready to stop the process, remove the protection of company creditors and, indeed automaker said bankruptcy.

The reason is that Saab did not receive the € 70 million ($ 95.4 million) bridge loan pledged by the Chinese partner Youngman Pang DA, as it plays a crucial role in desperate need of the company for financing the short term.

Lofalk not be reached while the automaker has Victor Muller declined to comment. Saab declined by 7.2% this morning, while the spokeswoman Gunilla Gustavs automaker said: "We are still waiting to get the loan Youngman." She could not say when that would happen or how long the company may proceed without the loan.

Local Judge Cecilia Tisell told Reuters it is possible that the same Saab, rather than an administrator, ask the judge to remove the protection from creditors when it comes to the conclusion that the restructuring process will not succeed.

He added, however, that no such request has not yet been filed, "No, we have not heard anything like it in all companies Lofalk Saab Guy".

Can the Swedish government in the relief phase and Saab, to pay his debts to the European Investment Bank and effectively acquire the company, as some reports suggest?

"No, the Debt Office has no such mandate," said a spokesman for the Swedish Debt Office in the newspaper when asked to comment.

No help from the government then. Last chance to Saab for the administrator can be expected until at least Friday when the National Development Reform Commisssion China and is expected to decide on Saab Pang Da-Youngman loans.

Story References: The Guardian

 

Tuesday, September 13, 2011

Phoenix Sun: Saab Announces €70 million Technology Agreement



Like Phoenix, the mythological bird that burns down only to rise afresh from its ashes, Saab has been given a stay of execution.

That's because today, Saab Automobile AB announced the signing of a technology license agreement with the Swedish Automobile Coöperatief U.A. (SPV) for the non-exclusive rights in Saab’s (appropriately named, as it turns out) Phoenix architecture technology.

According to a press statement, Saab will receive €70 million (US$97 million) for the licensing agreement, thus securing the short-term funds it so desperately needed – especially after the courts rejected its reorganization plan and denied it protection from its creditors.

In the same deal, Youngman also signed a technology transfer license agreement with SPV for purchasing the license and guaranteeing its payment. The transaction is not yet sealed and the funds will be received when the appropriate documentation is finalized.

Saab intends to repay this short-term bridge loan with a part of the €245 million (US$338 million) it will receive when the Chinese authorities eventually approve the Panga Da-Youngman deal -something the company sincerely hopes will happen sooner rather than later.

 
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