Tag Archives: Luxembourg

Saab Automobile Cancels Saab 9-5 European Tour

Posted on 27. Nov, 2009 by .

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Photo Credit: Etienne Morsa / Saabhuy.net

The all new Saab 9-5 European tour that began in mid-October has apparently come to an abrupt ending.

Saab Automobile has apparently canceled the remaining two stops of Greece & Italy for the all new Saab 9-5’s European tour. The countries that did stay on track as part of this tour included the United Kingdom, Spain, Portugal, Switzerland, Belgium, Netherlands, Luxembourg, Poland, Hungary and most recently, Austria.

To end this European tour with only two remaining destinations does not send a good message to the outside public.

* United Kingdom – Oct 14-17
* Spain+Portugal – Oct 21-22
* BeNeLux – Oct 20-25
* Poland – Oct 29
* Hungary – Nov 10-11
* Austria – Nov 18-19

* Greece – Nov 26-28 – Cancelled
* Italy – Dec 10-11 – Cancelled

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G.M. To Decide The Fate Of Saab Automobile Next Tuesday

Posted on 25. Nov, 2009 by .

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The New York Times & Bloomberg report that GM will be holding a board meeting next Tuesday, December 1st where they will ultimately decide the fate of Saab Automobile.

Nov. 24 (Bloomberg) — GM’s board will review the future of the bankrupt unit at a Dec. 1 meeting, said the person, who asked not to be identified because the talks aren’t public. Directors could opt to keep Saab, as they did earlier this month in scrapping the sale of the Opel division in Germany, the person said.

Today’s pullout by Koenigsegg, which said it ran out of time to complete a deal, is the third brand sale to falter since GM’s July 10 bankruptcy exit. GM backed out of the Opel sale to a group led by Magna International Inc., and Penske Automotive Group Inc. withdrew in September from a plan to buy Saturn.

“What this indicates is it’s a pretty tough car market,” said Jim Hall, a principal at consultant 2953 Analytics in Birmingham, Michigan. While Detroit-based GM cut liabilities in the U.S. while in Chapter 11, “in Europe it’s a whole other story because they didn’t get this similar cleansing.”

GM began getting indications of a possible snag over the weekend, and Koenigsegg’s board decided yesterday to back away, the person said.

The Swedish company had sought to obtain in advance all 400 million euros ($600 million) of financing approved by the European Investment Bank, while the lender planned to disburse the funds in tranches, said a second person who was familiar with those negotiations.

‘We Believed’
[…]

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New Saab 9-5 Visits Belgium As Part Of European Tour

Posted on 22. Oct, 2009 by .

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Photo Credits: Etienne / Saabhuy.net

Etienne in Belgium has recently experienced the all new Saab 9-5 on tour that rolled into his country for the past few days from Oct 20-21st.

The tour then will move to the Netherlands then to Luxembourg as the last leg of this tour segment.

* BeNeLux – Oct 20-25

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Today Is The Most Important Day Of Saab’s Financial Future

Posted on 21. Oct, 2009 by .

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Today/Tomorrow, October 21st, depending on where you are is the most important day of Saab’s financial future. On this day, The European Investment Bank will be meeting in Luxembourg to determine whether Saab will be granted the loan of 4,1 Billion Crowns or approximately $400 Million USD.

The decision apparently as TTELA already reports won’t be ready until sometime in the afternoon, so that would certainly be by noon on the East Coast here in the United States.

I am looking forward to a positive decision, and while I am crossing my fingers, I see this milestone one of the last critical hurdles in finalizing the sale process of Saab Automobile from GM, over to the Koenigsegg Group.

Here is the piece below by TTELA.

Saab

Tomorrow, the EIB decision Saab loan
TROLLHÄTTAN Tomorrow 9 am start of the European Investment Bank, EIB, Luxembourg, the meeting shall determine whether Saab will be granted the loan of 4,1 billion.

– There are quite a few items on the agenda, so we do not anticipate being ready until the afternoon, “says Eva Srejber, Vice President of the EIB.

On the way up to Wednesday’s board meeting, the Saab’s loan application reviewed by the Bank’s experts, both in terms of project content and its ability to repay the loan.

But there are 28 members of the Board who are great decision-making body of the EIB, and then tomorrow it will take for Saab so important decision.

A positive response from the EIB would be another milestone in Saab’s journey towards Koenigsegg Group takes over as the new owner. The loan, which will be used for environmental initiatives, is one of the most important pieces of the puzzle for Saab affair attending a hitch.

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