Thursday 8th September 2011

Is Saab Nearing The End Of The Road?

Swedish judge throws out bankruptcy protection plan

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A once proud badge...

Saab has failed to convince a Swedish court that the company should be protected from bankruptcy proceedings while it tries to refinance itself with Chinese money.

According to latest reports, a judge has today determined "there was no reason to believe the bankruptcy protection plan would help save Saab."

Unions are one of the creditor groups lining up to pursue bankruptcy, as this would activate a state wage compensation scheme for workers still owed money.

Unfortunately for Saab enthusiasts, it appears time may be running out for a company that has been battling for survival against the odds since GM threatened to close it in 2009. Spyker Cars bought the firm before renaming itself Swedish Automobile, but it hasn't appeared to have been able to do much to stave off disaster.

Victor Muller (Swedish Automobile's boss and main shareholder) has declared his intention to appeal, but as Saab has already benefited from bankruptcy protection in 2009, it can't make life any easier.

...and an innovative company

And we can't help but wonder about the Chinese interest in all this. If Saab does go bust, will those potential 'partners' who've been spinning out the drama so long be left to pick over the bones?

They can't build the new 9-5 in China because the property rights still belong to GM, but we know the Chinese want to build a new 9-3 locally - at least according to Mr Muller who says a deal is in the offing - in which case we fail to understand the apparent reluctant of Chinese officials to sign the paperwork.

[JMF894]

Is the writing on the wall again? I will be very sad if SAAB does finally curl it's toes up. Surely someone with solid backing can work some magic with the brand? VW?

Fingers crossed for now.

Jimbo

[sherman]

Its sad to say but SAAB is a niche brand that all the big car makers dont need in their portfolios of brands or they already produce a competitor to SAAB anyway.

[y2blade]

[anonymous-user]

A real achievement to take a brand that had as much credibility and respect as Saab and devalue it all the way to zero in about 15 years. Well done GM, it took decades of hard work by Leyland and it's successors to do the same to Rover and MG and they had FAR sttier cars to do it with.

[Otispunkmeyer]

Shame this, I love the new 95 as well, so much better looking than the insignia.

[Elroy Blue]

A bankrupt SAAB will be cheaper for the Chinese than a functioning company.

[Pistachio]

[Stu R]

Sad demise, I always quite liked Saab's quirkyness in years gone by. Even some of the more recent ones (pre-dame edna glasses) seemed pretty good fun. Wish they'd just let it die now though, writing's been on the wall for some time, and I can't see any far eastern investors being interested when they know they'll be able to rob the grave as soon as it's buried for a fraction of the price.

[Elroy Blue]

A bankrupt SAAB will be cheaper for the Chinese than a functioning company.

[Grey Ghost]

Sierra
Alpha
Alpha
Bye


Shame really.

[Oddball RS]

dme123 said:

A real achievement to take a brand that had as much credibility and respect as Saab and devalue it all the way to zero in about 15 years. Well done GM, it took decades of hard work by Leyland and it's successors to do the same to Rover and MG and they had FAR sttier cars to do it with.

Why did you have to turn that into yet another BL / Rover insult? have you had a good look at Saab's range recently? Ask yourself this.... I'd buy a new Saab over (The rest of the automtoive world) because...........................?????

Its a toughy

[JMF894]

Pistachio said:

I met Erik Carlsson as a kid. Grew up with SAABs as my Dad sold them and at one time provided caravans for the drivers to rest during the Lombard RAC rally.............when it was a proper continuous 4 day affair. Met Stig Blomqvist and Per Eklund too.

So you see I have a rather large soft spot for the brand.

GM really should be ashamed. They had a great opportunity when they aquired and interest in SAAB backj in the 80's. Proper it up.

Jimbo

[Saabthinking]

Need a new wiper motor for the 9-3 Sportcombi, packed up last night on the M1. No parts available at Saab dealer, going hopefully get a used one off Neo Brothers. Says it all really - struggeling by.

[JMF894]

Oddball RS said:

Why did you have to turn that into yet another BL / Rover insult? have you had a good look at Saab's range recently? Ask yourself this.... I'd buy a new Saab over (The rest of the automtoive world) because...........................?????

Its a toughy

Because no-one in the history of motor manufacture was/has been or probably ever will again be as complacent, arrogant, naive or blind as BL/Austin Rover were. Forget the BMW saga, it was all done way before then before then.

[thewheelman]

I really hope SAAB survive, what happened to Spyker owning them?

Anyway, thankyou SAAB for making one of my favourite cars from the 80's, the T16s.....(loved the 99 too)

[Pistachio]

Saabthinking said:

Need a new wiper motor for the 9-3 Sportcombi, packed up last night on the M1. No parts available at Saab dealer, going hopefully get a used one off Neo Brothers. Says it all really - struggeling by.

try the GM dealer probably the same...

[Grey Ghost]

thewheelman said:

what happened to Spyker owning them?

Spyker has renamed itself Swedish Autombile, so effectively still owns the SAAB brand.

[Twincam16]

sherman said:

Its sad to say but SAAB is a niche brand that all the big car makers dont need in their portfolios of brands or they already produce a competitor to SAAB anyway.

Quite - IMO the best way out of all this for Saab (providing the name survives at the very least) is to come out with a car that's definitively Saab, and either unique, or with few competitors. The problem once GM moved in was the fact that Saab was 'just another car'.

Perhaps something in the 'premium compact' sector, with hints of MINI, DS3 and Mito, but taking its design cues from the classic 96 rally car. It could be a lightweight streamlined eco-runabout with a three-cylinder diesel or a firebreathing turbocharged rally weapon, both would suit Saab to a tee without coming across as too 'retro' and living on past glories, and they'd be very much in keeping with today's big sellers.

I'm afraid things like the 9-4X don't stand a hope in hell of digging them out of the hole they're in. They're completely at odds with the current zeitgeist.

[Fetchez la vache]

The public don't buy them due to horrific depreciation.
Business buyers don't buy them as they're not German.

That leave's the business with a bit of a problem.

They've therefore been good 2nd hand buys though. Have kept mine so long as it's dead comfy & the thing won't die

[anonymous-user]

Oddball RS said:

dme123 said:

A real achievement to take a brand that had as much credibility and respect as Saab and devalue it all the way to zero in about 15 years. Well done GM, it took decades of hard work by Leyland and it's successors to do the same to Rover and MG and they had FAR sttier cars to do it with.

Why did you have to turn that into yet another BL / Rover insult? have you had a good look at Saab's range recently? Ask yourself this.... I'd buy a new Saab over (The rest of the automtoive world) because...........................?????

Its a toughy

I wouldn't buy one new, and it seems nobody else will, but the cars they are selling are still a far better ownership proposition than practically anything Leyland and it's successors had to sell - hence my point. Saabs have always, at the very least, been well built and reliable.