TROLLHATTAN, SWEDEN – Saab said earlier this week that it hopes to work out a deal with Pang Da and Youngman after General Motors stated concerns about the sale, according to an article in Bloomberg Business and from a press statement from Saab.
ZEEWOLDE, THE NETHERLANDS – Saab’s parent company announced that the Swedish court in Vanersborg approved the continuation of the voluntary reorganization process.
ZEEWOLDE, THE NETHERLANDS – Saab’s parent company Swedish Automobile N.V. (Swan) entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100 percent of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for EUR 100 million.
TROLLHATTAN, SWEDEN - Saab stated that although it terminated the agreement it entered into with Pang Da and Youngman, it said discussions are continuing.
TROLLHATTAN, SWEDEN - Although Saab has received a funding commitment from North Street Capital, the administrator of the voluntary reorganization of the company in Sweden said he will apply for termination of the process.
ZEEWOLDE, THE NETHERLANDS – Saab has received a funding commitment from North Street Capital, LP for a purchase of company shares and a $60 million loan.
TROLLHATTAN, SWEDEN – Earlier in September, Saab filed for voluntary reorganization but the court rejected the filing.
TROLLHATTAN, SWEDEN – This week Saab announced it lodged its appeal against the District Court’s decision to reject Saab’s request for voluntary reorganization and protection from creditors.
ZEEWOLDE, THE NETHERLANDS - Saab Automobile held a press conference where its Chairman and CEO Victor Muller confirmed that the company would appeal the decision.
ZEEWOLDE, THE NETHERLANDS - Saab said the proposed voluntary reorganization will be a self-managed legal process, under Swedish law. Saab Cars North America and other overseas subsidiaries are excluded from the reorganization.
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