Tag Archives: GM

Fmr Saab Presidents Shannon, Spenchian, Let Go By GM

Posted on 05. Mar, 2010 by .

3

4

Photo Credit: Saab History (Left to Right) Bob Sinclair, Jay Spenchian, Jan-Willem Vester & Steve Shannon. – 2007 Saab Owners Convention, Troy Michigan

The former Presidents of Saab Automobile in the United States while under previous GM ownership, Jay Spenchian (2005-2007) as well as Steve Shannon (2007-2009), were both dismissed from their duties as executives at GM this week, according to Ad Age.

Jay Spenchian began with Saab Automobile USA on March 31st, 2005 and was involved in the “Born From Jets” advertising campaign and saw the 50th anniversary of Saab in the United States in 2006.

Steve Shannon, who was interviewed at the New York Auto Show last year, led the company beginning on April 16th 2007, during a challenging time as the company itself was converted into a premium brand group, then dissolved as GM began to express its interest in shedding it’s former Saab brand.

Continue Reading

Saab Factory Gears Up For Increase In Saab Car Production

Posted on 26. Feb, 2010 by .

2

fact

Photo Credit: Saab History

The Saab Factory is gearing up for an increase in Saab Car production, with the 9-3 Sedan, SportCombi, 9-3 Convertible, 9-3x and all new Saab 9-5 Sedan according to TTELA.

In the near future, the Saab factory will be prepared to take on a significant upswing in production meeting the expected demand.

In addition, there are also plans to focus on the recruitment of staff in order to support the new Saab’s mission.

The road ahead is looking bright, for newly owned Saab Automobile.

TROLLHÄTTAN

Now Saab gears up new recruits and new ways of working to take the company into the future

Recruitment of staff in key positions in finance and purchasing, as well as new employment in production.

There are some concrete things that are now waiting for the new Saab leaving GM and concentrating all its activities to Trollhättan.

With the final documents that make Saab into an independent company signed on Tuesday, now begins a frantic activity to tow the company out of the frozen lake that GM put the Swedish subsidiary in, while setting a new course on the global market again.

There is much that must happen in a short time now, “says Mats Fägerhag , director of technology development at Saab, and mentions the sub-contractors must begin to deliver the material again.

Continue Reading

The Saab Spyker Deal Is Expected To Close With GM Today

Posted on 15. Feb, 2010 by .

1

Today, the long awaited Saab Spyker deal is expected to close with GM as originally scheduled.

Radio West have recently indicated that the deal is expected to be done by the end of the day. Whether that is the end of the business day for Sweden, or the United States is uncertain. If history tells us anything then perhaps it will be before noon EST in the United States as Sweden will be wrapping up the end of their business day.

In the meantime, here’s the article below:

Today Spykers purchase of Saab Automobile’s will be clear. All of pieces of the puzzle are now in place so it’s all about GM and Spyker closing the deal.

Spykers initial payment: 350 million Swedish kronor.

The plan indicates that Spyker will complete negotiating with GM on the sale of Saab Automobile by the end of the day.

Some of the last pieces of the puzzle fell into place in the course last Friday when Spykers extraordinary congress voted for the purchase, the Swedish National Debt Office said yes to the loan guarantees and the European Investment Bank gave the green light to the loan.

If everything goes according to plan, Spyker’s first installment will be 50 million U.S. dollars to GM, equivalent to just over 350 million Swedish kronor.

Spykers CEO Victor Muller provided clarity recently about his funding a week ago with his business acquaintance, Pieter Heerema, the offshore company set up with a loan.

The rest of the money to purchase 24 million U.S. dollars is to be paid under the agreement July 15.

But most of the money that GM will want to remain in the Saab Spyker as the reference shares and paid in due course.

And an agreement between Spyker and GM must be done as soon as possible.

As long as the situation is presently, Saab can not go further and conclude agreements with its suppliers, making it impossible to get started with production.

So once a purchase agreement is completed, the Saab staff will finally begin to see a glimpse of the future where it will start building cars again, perhaps as before.

Continue Reading

GENERAL MOTORS AND SPYKER CARS REACH AGREEMENT ON SAAB

Posted on 26. Jan, 2010 by .

5

News Release
spykerheader

• GM and Spyker Cars announce a binding agreement over the transfer of ownership
of Saab
• Terms are agreed and the deal is expected to close in February
• Saab’s future as an independent company is secured
• Saab will exit the orderly wind-down process
• Spyker shareholders will restructure at closure of the deal
• Swedish Government issues guarantee in favour of EIB

ZEEWOLDE, The Netherlands (26 January, 2010) – General Motors Company and Spyker Cars N.V, today confirmed the details of a binding agreement over the transfer of ownership of Saab Automobile AB of Trollhättan, Sweden. The transaction is expected to close in February and Saab Automobile will exit the orderly wind down process in line with that timetable.

The transaction will be accomplished as follows:

• Spyker acquires from Saab Automobile Investering AB, a subsidiary of General Motors (“GM”), all the issued and outstanding ordinary shares in the capital of Saab Automobile A.B. (“Saab”) for a consideration of USD 74 million (“Purchase Price”).

• The Purchase Price will be paid in two instalments. The first instalment of USD 50 million will be paid on the date of completion of the transaction, expected to take place on or before February 15, 2010 (“the Closing”). The second instalment of USD 24 million will be paid on July 15, 2010.

• The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank (“EIB”), guaranteed by the
Swedish Government. Today, the Swedish government announced approval of this guarantee. The guarantee is subject to approval by the European Commission, which is expected shortly.

• Upon completion of the transaction GM will retain redeemable preference shares of USD 326 million. The preference shares represent less than 1% of the voting rights in the capital of Saab. The mandatory redemption date is 31 December 2016 and Saab has the right to request voluntary redemption at any time prior to this date. The preference shares carry a dividend entitlement of 6% starting from January 2012, increasing to 12% as from July 1, 2014. The dividend over 2012 will be added to the principal, but as from January 1, 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor.

• In order to allow Saab to operate on a stand-alone basis outside GM, Saab and GM will enter into a number of ancillary agreements. As part of the transaction, Spyker intends to negotiate the acquisition of all the outstanding shares in Saab Great Britain Limited, the UK distribution, marketing and sales company for Saab from General Motors UK Limited.

• Spyker will issue a corporate guarantee not exceeding USD 10 million for Saab’s obligations to and for the benefit of the financing company GMAC.

• Spyker will as soon as practically possible convene a general meeting of shareholders to approve the transaction. Spyker obtained irrevocable voting undertakings to vote in favour of the transaction representing the voting majority of its current shareholders.

• It is the intention to change the name of Spyker Cars N.V. at that general meeting of shareholders to Saab Spyker Automobiles N.V.

• As back-up financing, Spyker entered into a EUR 150 million Equity Credit Line Facility with GEM Global Yield Fund Limited (“GEM”) for a term of 3 years. According to this facility, Spyker may issue shares to GEM at 90 per cent of the volume weighted average price of the shares over a period of 15 trading days following a draw down notice sent to GEM by Spyker. In relation to the GEM facility, Spyker has issued to GEM share warrants in respect of 1,570,000 ordinary shares at an exercise price of EUR 4 per ordinary share. The warrants have a 5 year
term.

The object of acquisition
• In spite of media reports that certain parts have already been sold off, the object is Saab as a complete entity and going concern with all IP rights, trademarks, facilities and other infrastructures. The sale of pre 2003 Saab 9-3 and current Saab 9-5 technology to BAIC in December 2009 did not result in any part of Saab’s business being divested or devalued. On the contrary, Saab has already started the production of the new generation Saab 9-5 in Trollhättan.

• Both Saab management and Saab GB management prepared an estimated balance sheet as at 31 December 2009 for the purpose of this transaction. These estimated balance sheets are
still subject to final account closing and audit procedures.

• Spyker Cars does not yet have a balance sheet as at 31 December 2009 ready for reporting purposes. As such, it would be premature to show a pro-forma combined balance sheet for
Spyker, Saab and Saab GB as at 31 December 2009.

• Therefore Spyker only disclose an indicative combined balance sheet of Saab and Saab GB as at Closing date based on the estimated balance sheets for both entities as at 31 December
2009, adjusted for the impact of the transaction items as at Closing date.

• It should be noted that the indicative closing balance sheet is based on the latest estimated balance sheets of both entities by Saab and Saab GB management which are subject to final closing and audit procedures and therefore subject to change, and does not reflect any potential fair value or purchase price allocation adjustments. The indicative closing balance sheet should therefore not be considered as the actual closing balance sheet, but only as an indication for the assets and liabilities to be acquired at closing date.

stats

Saab’s and Saab GB’s combined revenue amounted to some EUR 1.0 billion in 2009 (2008:
EUR 1.6 billion). Earnings before interest, taxes and depreciation amounted to EUR 0.4 billion
negative in 2009 (2008: EUR 0.3 billion negative). In 2009 Saab sold 39.903 cars and
produced 20.791 cars versus selling 94.751 cars in 2008 and producing 89.086 cars.

4

RESTRUCTURING AND MANAGEMENT BUY-OUT

As from Closing of the Saab acquisition, the ownership structure of Spyker will change as follows:

• Tenaci Capital B.V. (“Tenaci”), a company wholly owned by Mr. V.R. Muller has made a successful bid on Mr. V. Antonov’s current shareholding in Spyker consisting of 4.6 million ordinary shares. As agreed in 2007, when Mr V. Antonov acquired his shares in Spyker, Mr. V. Antonov will cause the transfer of the priority share to Spyker if and when he would dispose of his shareholding. A resolution to cancel the priority share will be proposed at the upcoming EGM.

• Messrs. N. Stancikas, M. Bondars and Mr. V. Antonov will retire as members of Spyker’s Supervisory Board effective as per the date of Closing.

• Tenaci will grant to Spyker two loans. One for an amount of USD 25 million towards payment of part of the Purchase Price for Saab upon completion of the transaction. A second loan for an amount of EUR 57 million for repayment of all of Spyker’s current outstanding loans to banks and other financial institutions controlled directly, or indirectly by Mr. V. Antonov. This loan mirrors the existing terms (including the lender’s right to convert EUR 9.5 million into ordinary shares at a conversion price of EUR 4.00 per share).

• The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale are not being disclosed at this time. Victor R. Muller, Spyker’s CEO, stated: “We are very much looking forward to being part of the next chapter in Saab’s illustrious history. Saab is an iconic brand that we are honoured to shepherd. We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world. It was breathtaking to see so much support from the global Saab community over the last months which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done.”

“Spyker Cars will provide Saab with the backing required to compete as a competitive global brand along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. I would like to extend my sincere gratitude to Vladimir Antonov for his formidable support during the past two years. His contribution has allowed Spyker to get to the point that this
transaction was made possible. I also want to extend my gratitude to Messrs. Stancikas and Bondars as Members of the Supervisory Board. They have made very valuable contributions to our company
during their respective terms.”

“Finally I would like to thank the Swedish Government for its constant support for our efforts culminating in granting the Guarantee in favour of the European Investment Bank today for an EUR
400 Million loan to Saab which we hope to secure in the coming weeks.”

5
Jan Åke Jonsson, CEO of Saab Automobile AB said: “It has been a challenging 15 months for Saab but our global organization has shown a fighting spirit that will serve us well going forward. The
agreement with Spyker Cars has secured Saab’s future and will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Saab character.”

“Today’s news is great for Saab’s customers, dealers, suppliers and employees around the globe. The level of passion and support shown to Saab over recent months has been remarkable and I would like
to take this opportunity to thank all of those people who continued to believe that Saab deserved a future. Now we aim to get back to the execution of our business plan and with the continued support
of our employees and business partners I am confident we will succeed.”

Nick Reilly, President GM Europe, added: “As a responsible corporate citizen in Europe, and throughout the entire period, GM has always had the hope to find a positive solution for Saab that
would avoid a wind-down of the brand. We have worked very hard with many parties, including governments and investors, and I’m very pleased that we could come to such a positive conclusion
that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker Cars on their way forward.”

-Ends-

Note for the media, not for publication
For further media information, please contact:

Saab Automobile Press Office
Tel: +46 (0)520 279797

Spyker Cars Europe, PFPR Communications:
Mike Stainton
T: +44 (0) 1622 77 66 87
M: +44 (0) 7739 891 040
E: mike.stainton@pfpr.com

Tom Housley
T: +44 (0) 1622 766510
M: +44 (0) 7746 646 356
E: thomas.housley@pfpr.com

Peter Rawlinson
T: +44 (0) 1622 691 361
M: +44 (0) 7971 472 715
E: peter.rawlinson@pfpr.com

Spyker Cars North America, PCG Campbell:
Shane Smith
T: +1 310 224 4965
M: +1 310 224 4965
E: ssmith@pcgcampbell.com

Continue Reading

The Globally Acclaimed “SAVE SAAB” Campaign

Posted on 19. Jan, 2010 by .

5

It’s been very impressive to see so many people all around do their own versions of the “Save Saab” campaign.

The results of this “SAVE SAAB” campaign have continued in over 30 countries and have been one of the most impressive efforts in sending a unified message around the world. The folks that spearheaded each and every one of these initiatives in every country deserve some significant credit where it is due.

As negotiations continue on the sale of Saab Automobile with GM, our international community has grown stronger and I believe that we’ve met that original objective in sending a message to GM to sell Saab.

A thanks to everyone around the world that have participated in and supported the “SAVE SAAB” campaign.

Continue Reading

A Status Update On Bids To Buy Saab Automobile

Posted on 11. Jan, 2010 by .

0

There has been a lot of news surrounding the statement that GM posted this past Friday, however there have been no official statements on the 4 bids themselves, only rhetoric the media is picking up.

That being said, there have been a lot of GM executives saying that Saab is winding down, etc. but we have not heard anything public from the bidders themselves with regards the responses to their bids. The reason behind this is that these bidders, have not received any responses yet about their bids, in terms of whether or not they have been approved or not approved. As of now, both Spyker Cars & Merbanco indicate that their bidding review process continues. That is very good to hear!

As we continue the waiting game here along with the bidders, we must try hard to ignore the media rhetoric and allow for an official statement from each bidder when they receive a response from GM. Then and only then we can fully understand the future of Saab Automobile.

Continue Reading

Saab History Looks Forward To The Week Ahead

Posted on 10. Jan, 2010 by .

7

This past weekend is our last weekend we have until we learn about the fate of Saab Automobile this coming week.

As the news over this weekend is pretty much a non-event so far, I did manage to visit Boston on Saturday. During this trip, I visited the old neighborhood where I bought my first Saab (Charlestown, Massachusetts)! and even took a photo of the street corner where I bought it! I almost feel like I’ve come around full circle, and ironically, just before the news that we’ll learn about this week!

In gaining a lot of information with all of the appropriate parties, I cannot expect anything other than good news this coming week. Opposed to all of the drama we’ve been experiencing over the year, especially the big bumps this past fall from the dealership closures on Nov 13th, the Koenigsegg termination on Nov 24th, the wind down notice on the 18th of December, and the liquidation notice this past Friday the 8th, are all part of the bumpy road to broader horizons for Saab Automobile’s future. I had tough time believing this statement too until learning more about the status of Saab Automobile’s sale process recently.

We have until January 15th until Saab Automobile would be liquidated and as of now, the management of Saab Automobile in Sweden no longer has any autonomy over their subsidiary of GM, so it’s up to a new buyer to save the company.

I must say that from all of the good news I’ve learned over the last 24-48 hours that I hope will become a reality soon, I would be extremely surprised that Saab Automobile does not end up on top with a new buyer this coming week!

Continue Reading

Saab Owner Receives "GM Loyalty Letter" Today

Posted on 10. Jan, 2010 by .

18

A Saab owner in the United States has received today, of all days, a “GM loyalty letter”. This Saab owner was so appalled and insulted by the letter due to all of the GM drama with Saab over the year, they sent Saab History a copy to share it with us.

According to the letter, GM believes it’s a good time to send out letters to Saab owners encouraging them to buy a new GM product or Saab models “while supplies last”. Oh yes, it’s a great time to buy from GM, are they kidding?

The Saab owner asked me what they could do to respond to this letter since they don’t support GM. I indicated that the best thing they could do is sign up on www.iwontbuyfromgm.com. In addition, I also asked them to tell their friends and family to tell their friends and family to never buy any GM products and have all of them also sign up here.

GM thinks that those of us living in a cave disconnected from reality, would respond to this letter and buy a new GM product. Is GM serious? Of all times to send a letter like this out, they thought that this past week would be a good time, especially after the news this past Friday?

I encourage you to submit your thoughts about how outrageous this letter is. Here’s the letter below:

gmloyaltyletter

check1

Continue Reading



Production Concept