Saab Automobile Issue Official Press Release On Their Road To Independence

Posted on 20. Feb, 2009 by in 2000-2009

I just woke up this morning to find this in my inbox, wow, this is really positive news for once. Most people I talked to yesterday were preparing for the worst case scenario, so I guess this is a pleasant surprise for all!

Take a look at the press release below:

2009-02-20

CONTACTS

Saab On The Road to Independence

# Swedish court process to reorganize Saab into a fully independent business
# Three new models ready to be launched over the next year and a half
# Saab aims to bring resources back to Sweden
# Funding sought for ‘new independent Saab’

Trollhättan. As a result of GM’s strategic review of the global Saab business the Saab Board announced today that it will file for reorganization under a self-managed Swedish court process to create a fully independent business entity that would be sustainable and suitable for investment.

The reorganization is a self-managed, Swedish legal process headed by an independent administrator appointed by the court who will work closely with the Saab management team. As part of the process, Saab will formulate its proposal for reorganization, which will include the concentration of design, engineering and manufacturing in Sweden. This proposal will be presented to creditors within three weeks of the filing. Pending court approval, the reorganization will be executed over a three-month period and will require independent funding to succeed.

“We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment,” said Jan Ake Jonsson, Managing Director for Saab Automobile. “With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs. Reorganization will give us the time and means that help get these products to market while minimizing the liquidity impact of Saab on GM.”

Funding for the restructured company will need to be secured during the reorganization process and will be sought from both public and private sources.

Saab will continue to operate as usual and in accordance with the formal reorganization process, with the Government providing some support during this period. The reorganization should have no impact on other GM operations. Details of the progress will be provided as milestones are achieved.

CONTACT(S):

Public Relations
+46(0)520-279 797

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12 Responses to “Saab Automobile Issue Official Press Release On Their Road To Independence”

  1. Ted Y

    20. Feb, 2009

    If I read the document correctly, GM Powertrain Sweden will remain with SAAB. If so, that’s good news. Am I correct though?

    Reply to this comment
  2. Ryan

    20. Feb, 2009

    Ted,

    Yes, this is good news!

    R

    Reply to this comment
  3. TW

    20. Feb, 2009

    Whew hew!!! Now for the real work…..

    Reply to this comment
  4. Ryan

    20. Feb, 2009

    TW,

    Exactly!

    R

    Reply to this comment
  5. peter

    20. Feb, 2009

    Do we know exactly what GM Powertrain Sweden are producing ?

    Peter

    Reply to this comment
  6. Ryan

    20. Feb, 2009

    Peter,

    Hello. Good question, you mean right now or will be in the near future?

    R

    Reply to this comment
  7. Ted Y

    20. Feb, 2009

    Well, I don’t know overall, but for one, they make a nice 5-speed (I have one in my 04 9-3 Arc).
    See here:
    http://media.gm.com/us/powertrain/en/product_services/2009/Stories/Transmissions/2009%20Manual%20Transmission/09_F35_MC2_n.doc
    Snippet:
    “The F35 is a Saab-designed five-speed manual transaxle built in Saab’s Gothenburg, Sweden, powertrain plant. This extensively tested manual transmission was originally introduced in the 1984 Saab 9000, and today it is used in the Saab 9-3 and 9-5, Chevrolet Cobalt SS and on various Opel applications.”

    Reply to this comment
  8. Ryan

    20. Feb, 2009

    Ted,

    That’s why I love the shifting in our 1997 9000 CS!

    R

    Reply to this comment
  9. peter

    20. Feb, 2009

    Well, my feeling is that Saab will eventually need to source new powertrains.

    2009 is the last year for the old Saab 4 cylinder engine which was planned to end with the old 9-5. I doubt that the new 9-5 is designed to take that engine. So Saab are currently dependant on GM for petrol engines, and Fiat for diesels ………….. at what price ?

    Peter

    Reply to this comment
  10. Rena

    28. Apr, 2016

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    Reply to this comment
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