Tag Archives: General Motors Corp

Saab Automobile’s Spokesperson Says Koenigsegg-Saab Deal Will Be Done At End Of Third Quarter

Posted on 10. Aug, 2009 by .

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Saab Automobile’s spokesperson, Gunilla Gustavs says that the Koenigsegg-Saab deal will be done at the end of the third quarter according to the Wall Street Journal.

I guess this information certainly coincides with the news last week by TTELA that September 30th would be the date of completion due to the European Investment Bank (EIB) Loans dispersed.

I must say that I object to this decision to wait until then, as a decision should be made by or at the end of reconstruction, preferably sooner because the EIB loans are earmarked for future research & development and products, not current operating expenses which should be coming from the investors at Koenigsegg.

STOCKHOLM (Dow Jones)–General Motors Corp (GM) is on track with its plans to complete the sale of its Swedish unit Saab Automobile AB by the end of September, representatives for Saab and the buyer, Koenigsegg Group, said Monday.

“Everything’s proceeding, we’re still looking to be done by the end of the third quarter,” Saab spokeswoman Gunilla Gustavs said.

Speculation has been increasing in Sweden that the deal may be in jeopardy since last week, when the government’s main laision to the …

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GM Funding Cut After July 10th, How Will This Affect Saab?

Posted on 02. Jul, 2009 by .

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The Wall Street Journal & MSN report that there will be no funding for General Motors from the U.S. Treasury or elsewhere after July 10th.

The question now is, since Saab Automobile’s funding as of today, continues to come from General Motors, what will this mean for them in lieu of any more funding?

We originally heard that Saab Automobile will be funded until the end of December of GM, but now that GM is in bankruptcy court, will that change?

Official: No Funding for GM After July 10

WNEW YORK – Warning that the demise of General Motors Corp. would have a disastrous ripple effect over the entire U.S. economy, an attorney for the automaker called Wednesday for the speedy approval of GM’s plan to sell the bulk of its assets and emerge from court oversight as a new company.

GM attorney Harvey Miller said in a bankruptcy court hearing that the automaker’s only option to the sale is liquidation. He noted the Treasury Department will cut off funding for the company’s operations after July 10 if the sale is not approved by then.

No other investors have stepped forward with an alternate plan or to supply the more than $50 billion in financing the Treasury will have put into GM before all is said and done, Miller said.
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“The economics in this case don’t change if this sale doesn’t get approved, they just get worse,” Miller said, adding that the resulting liquidation would place the future of GM’s hundreds of suppliers in danger, as well as send the U.S. into an even deeper economic crisis.

Detroit-based GM’s government-backed plan for a quick exit from Chapter 11 hinges on the sale plan, which would allow the automaker to leave behind many of the costs and liabilities that have made it unprofitable.

But hundreds of parties including bondholders, unions, state officials, consumer groups and individuals have filed objections to the sale, threatening to hold up the process.

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Saab History Receives Saab-i Newsletter

Posted on 17. Jun, 2009 by .

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Photo Credit: Saab Automobile AB

I recently received a copy of the Saab Automobile “Saab-i” newsletter that is distributed every month. In this issue, front and center is the Saab-Koenigsegg group agreement.

I think this newsletter remains the consistent delivered dialogue to customers since the Saab Magazine officially stopped publishing at the end of 2008.

Here is a brief snippet from the newsletter, which helps clarify any remaining bits about the memorandum of understanding.

GM and Koenigsegg agree over Saab´s sale

General Motors Corp. and Koenigsegg Group AB have made a tentative agreement over the sale of Saab Automobile. Rest assured this is not an 11th hour deal but is the culmination of a strategic review, legal reorganization and thorough search for the best investor. All parties are focussed on a smooth transition of ownership and expect that a new structure will be finalised in the summer.

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Saab Dealerships Receive Letter From Jan Åke Jonsson

Posted on 16. Jun, 2009 by .

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Saab dealerships receive letter from Jan Ã…ke Jonsson, Managing Director of Saab Automobile AB.

The dealerships have until Friday to submit letters of intent to transfer their GM dealer agreements to the new Koenigsegg-Saab dealership agreement.

This is probably one of the best letters Saab dealerships have received, those lucky enough to be alive today, waiting a whole 20-years to see this day.

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Jan Ã…ke Jonsson, Managing Director June 16, 2009
_______________________________________________________________________
Dear Saab dealer,

I am very happy to announce that we are one step closer to a new independent Saab Automobile. Today General
Motors announced that it had entered into a memorandum of understanding to sell its Swedish operation, Saab
Automobile AB, to Koenigsegg GroupAB. The following is an extract from the Press Release that is submitted today.

Deal will secure Saab’s future
EIB expected to provide $600 million financing with state guarantee by the Swedish government
GM reinvention achieves another milestone

General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully
emerge from its reorganization process.

“This is yet another significant step in the reinvention of GM and its European operations,” said GM Europe President, Carl-Peter Forster. “Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group’s unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg’s proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors.”

I would like to take this opportunity to thank you all for your unwavering support during the last months and I would ask you to remain focused as we move into the next exiting chapter of Saab
Automobile’s history.

Best regards,

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Jan Ã…ke Jonsson

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Saab Automobile Down To Two Possible Buyers?

Posted on 03. Jun, 2009 by .

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Saab Automobile AB’s Managing Director, Jan-Ake Jonsson indicates that the company is now down to two possible buyers in an interview conducted with Dagens Industri via reuters.

Here’s hoping that one of those possible buyers at this time is Koenigsegg, the other, who really knows at this point as they were apparently one that was part of the original 27 bidders.

It’s really getting down to the wire, and hopefully it will be disclosed shortly. We must continue to respect the process, it’s in our interest, but it’s still tough to continue to wait.

While waiting is one thing, the articles that continue to include “loss making unit” are also starting to annoy me. I hope that people begin to change their tone and give Saab Automobile a break, it was GM that caused this trouble for them, not themselves. Here’s hoping that when their new buyer comes, they will be more optimistic and positive.

STOCKHOLM (Reuters) – General Motors Corp’ Saab Automobile unit has narrowed talks with potential buyers for the loss-making Swedish brand to two, Saab’s top executive was quoted as saying in a Swedish business daily on Tuesday.

“Now we are negotiating with just two parties,” Saab’s chief executive, Jan-Ake Jonsson, said in Dagens Industri.

Jonsson said final negotiations with one of those two potential suitors could start this week.

“This can go fast now and should absolutely be wrapped up in a maximum of two weeks,” he said in the report, adding a letter of intent with a “serious buyer” could be ready before mid-June.
[…]

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GM’s Premium Channel VP, Mark McNabb, Resigns From General Motors After Only 13 Months

Posted on 22. May, 2009 by .

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GM’s Premium Channel VP, Mark McNabb, the one that has been writing all of the letters recently to Saab Automobile dealers, has just resigned after 13 months.

It’s interesting, because he has resigned just before June 1st, when GM needs to prove that they are restructuring properly so that they aren’t forced into bankruptcy. I am guessing that he’s leaving with his golden parachute before GM goes belly up on June 1st.

Here’s the piece from the Detroit News.

This leaves just Steve Shannon, as the only one spending some of his day with Saab in the United States. That’s effectively all that Saab USA is today, but that’s under the old GM regime, which I hope will be changed with the new Saab just around the corner.

Detroit — Mark McNabb, vice president of General Motors Corp.’s premium Cadillac, Hummer and Saab brands, has resigned after 13 months with the automaker, the company said Thursday.

He will be replaced on an interim basis by Stephen J. Hill, general sales manager for GM’s premium channel.

Prior to joining GM, McNabb was a senior vice president for sales and marketing at Nissan North America.

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Earlier this month, GM warned there would be cuts among the ranks of salaried employees and executives, but a company spokesman said it was McNabb’s decision to leave.

“He elected to pursue other career opportunities,” Cadillac spokesman Klaus-Peter Martin said Thursday. “A big part had to do with he wanted to be closer to his family,” in New Jersey.

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New Salem Saab Featured In Albany Business Journal

Posted on 19. May, 2009 by .

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Photo Credit: Albany Biz Journal

New Salem Saab of Albany, New York, a Saab History site sponsor and advertiser dealership has been covered in their local business journal.

Here is a snippet from the article.

The Carls have always been a one-car family: no Chevrolets, no Cadillacs, no other GMC products on the lot. Since 1961, the Carl family has made a living selling Saabs.

But Saab’s days may be numbered. Unless someone buys the division, General Motors Corp. will drop Saab in 2010.

And that leaves Darryl Carl questioning what will become of his family’s third-generation auto dealership.

“We have no idea what’s actually going to happen to Saab and the brand, and to me and my small group of people. You just hold on to your pants every single day, and you hold on to your pennies,” says Carl, president and owner of New Salem Saab in Albany.

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2 Exclusive Saab Dealerships Close In Indiana, USA

Posted on 08. May, 2009 by .

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Video Info: Click on the video for it to start playing, and please wait for the ad to pass first.

According to the Indiana Business Journal and Channel 8 in Indiana, two exclusive Saab dealerships in Indiana, one my younger brother visited back in 2000 on his way from Denver, Colorado, that being Indy Saab as well as Fishers Saab, are both closed. This reduces the Saab dealership count in the United States to 223 in total, with just 75 exclusives left.

I hope Falcone can turn around his now service-only facility (smart move keeping the lights on for Saab), so that when a new buyer comes, you can ramp things up again once the products come, how’s that for optimism?

I leave you with the piece below.

Dealer closes Saab locations, adds VW, Subaru
Chris O’Malley – comalley@ibj.com

Central Indiana’s only Saab new-car franchise has closed its stores in Fishers and Indianapolis.

Saab dealer Bob Falcone, however, has acquired the former Duke Gold Speedway Volkswagen Subaru dealership at 1930 W. 16th St. in Indianapolis, which will also service Saab cars. The VW-Subaru dealership closed abruptly last November after Gold’s death.

Falcone closed Indy Saab, 2444 W. 16th St., and Saab of Fishers, 13417 Britton Park Road, last Friday. He took over the Indianapolis dealership in 1990 and opened the Fishers location in 2001.

Falcone said he transferred all of his 45 Saab employees in Fishers and Indianapolis to the former Duke Gold facility, and has hired some key employees who worked for Gold.

The Saab brand has been put up for sale by General Motors Corp., which is nearly bankrupt. GM couldn’t provide enough direction about the future of the division, Falcone said, leaving his franchise vulnerable. He said he held $4 million in inventory.

Falcone said that although he terminated his Saab sales agreement, he will continue to operate a factory-authorized Saab repair facility at the new location.

The VW sales, parts and service business is scheduled to operate fully on May 11, and the Subaru line on May 18.

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