The gist is this: Saab received 400 million Euros (~$580 million) from the European Investment Bank so it could keep on ticking. Sweden guaranteed the loan, meaning whatever Spyker's resolution calls for must get the go-ahead from the Man.
Read more »
"Production is stopped right now. It was stopped this morning," said Saab spokesperson Gunilla Gustavs. "We are working intensively to make sure the flow gets going again. We are having discussions with suppliers and doing our best to come to mutual agreements," Gustavs added.
Read more »
“Certain suppliers halted supplies to Saab Automobile pending discussions about payments and supply terms,” Spyker said in a statement on Wednesday. “Saab Automobile expects to resolve these issues in the short term, also to prevent any further disruptions in supply. Saab Automobile has sufficient means to meet its immediate liquidity needs from existing and available sources,” the company added.
Read more »
The 59-year old executive, who has worked for Saab for close to 40 years, took over the helm of the company in 2005 when it was still under the ownership of General Motors. Jonsson has been credited for playing a key role in the savior of Saab when the Detroit automaker wanted to close down the brand.
“I have been with Saab Automobile for almost my entire career of 40 years, of which almost six years as the head of Saab Automobile,” said Jonsson in a statement. “The last three years have of course been very demanding and forced me to focus on one thing only – my work. Now it is time for me to also spend some time on other things that had to stand back for my duties to Saab Automobile.”
Read more »
The Dutch company said it will sell the assets of its Spyker sportscar business to the UK-based CPP Global Holdings Limited, owned by Russian millionaire Vladimir Antonov. The terms of the deal include an initial purchase price of EUR15 million, plus a further EUR17 million to be paid from future earnings over a six-year period. The money will be used by Spyker Cars N.V. to reduce its debt.
Read more »
Vastra Gotaland, where Saab's main production plant is located, covered worker wages to the tune while the company was in administration. Now that Saab has its very own 'Daddy Warbucks' in the form of Spyker, the regional government wants its money back.
"We are signing up Spyker dealerships left, right and center," Muller said in an interview with the Bloomberg news agency at Saab's headquarters in Trollhaettan, Sweden.
"We've created something very special and unique with the LM85," said Victor Muller, CEO of Spyker and recently, of Saab Automobile as well. "It's very exciting to share our creation and passion with the Xbox and Forza Motorsport community, and we can't wait to see how players put it through the paces on the track."
The first Saab to roll off the production line today was an all-new 9-5 saloon, destined to join a test fleet prior to the premium sedan's official launch later this year. The 9-5 was joined shortly after by a 9-3 Convertible.
Of course, we're pretty sure that the creation of a supercar is (rightfully) not among the top priorities of the people who manage the newly formed SAAB Spyker Automobiles, as there are much more important issues to take care of at the time being.
Nevertheless, independent designer Eduard Gray took it upon himself to digitally visualize a conceptual mid-engined Saab supercar that would make use of Spyker hardware.
The deal is still subject to a European Commission approval of a €400 million loan from the European Investment Bank, but GM expects that the sale will be completed in mid-February.
Shortly after the two companies agreed on the terms of the sale, GM's European unit released a video with interviews with Jan Åke Jonsson, CEO of Saab Automobile and Victor Muller, CEO of Spyker Cars.
The two men talk about the deal and their hopes for the future of Saab. Watch it after the jump.
"
Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.
"General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," Smith said.
Very few details were released on the agreement, but in a joint statement, the two parties said that Spyker intends to form a new company called Saab Spyker Automobiles and that the Swedish government is currently reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.
GM said that the SAAB sale is expected to be finalized in mid-February, adding that the previously announced wind down activities at SAAB will be immediately suspended, pending the close of the transaction.
Citing "people familiar with the matter", the Wall Street Journal reported today that the tiny Dutch sports carmaker agreed to buy SAAB from General Motors for around $74 million in cash while the American firm will also receive preferred shares in the newly formed company under the name Saab Spyker Automobiles.
General Motors did not respond to Wall Street Journal's report, but it did note in the press release that "the terms and conditions specific to the sale will be disclosed in due time".
Nick Reilly, president of GM Europe, said: "Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand. We've worked with many parties over the past year, including governments and investors, and I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward."
The tiny supercar manufacturer from The Netherlands stressed the fact that since Saab is currently in liquidation, the talks must come to an end soon. As always, we'll keep a close eye on this story and will report upon any further developments.
GM issued today an official statement saying that, following Friday's announcement on the closure of SAAB, it "received inquiries from several parties" and it will evaluate each and every one without disclosing any more details on the matter.
Spyker CEO Victor R. Muller said that he believes the company's new offer will be successful.
"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", said Muller in a statement.
"Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management. The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM's deadline."
"Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand", he added.
Spyker, which sold somewhere around 40 cars last year and recently decided to lay off a third of its 135-strong workforce in The Netherlands and move production to the UK, is said to be backed by Russian banker Vladimir Antonov and his Convers Group, which has a 30 percent stake in the Dutch company.
The sports car maker said that the deal would "add a lot of value to both parties", with Spyker benefiting from SAAB's global distribution network of 1100 dealers, its facilities and R&D capabilities, and the Swedes from financial backing and what the Dutch company describes as "an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand."
"Our company motto is nulla tenaci invia est via - for the tenacious no road is impassable," said Spyker's boss. "And we intend to remain true to that throughout these negotiations as we bid to secure Saab's future and revive the company," Muller concluded.
"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," said GM Europe President Nick Reilly.
General Motors had turned to Spyker Cars after a failed effort to sell the Swedish brand to a consortium led by the Koenigsegg Group AB.
The Detroit automaker said that Saab will continue to honor warranties, while providing service and spare parts to current owners around the world.
"We will work closely with the Saab organization to wind down the business in an orderly and responsible manner," Reilly said. "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."
What GM did not say, is what's going to happen with the Swedish firm's upcoming models such as the all-new 9-5 sedan and the Cadillac SRX-based, 9-4x.
Earlier this week, the Detroit automaker revealed that it had come to an agreement with China's BAIC for the sale of the intellectual rights of the current-generation Saab 9-5 (not the 2010 model shown in Frankfurt) and certain 9-3 models.
Saab follows the same fate as several other GM-owned brands such as Pontiac and Saturn which were also axed.
