Tag Archives: The Detroit Free Press

Saab Automobile AB Status Meeting Set For April 6th

Posted on 27. Mar, 2009 by .

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As I mentioned earlier, Saab Automobile is setting up their reconstruction mid-review status meeting for April 6th.

The Detroit Free Press has also updated us on this status meeting with an e-mail over to Joe Oliver, who works at Saab Automobile AB who is the Manager, Global Media Initiatives within the Mölnlycke facility just outside of Gothenburg, Sweden.

Update: Saab History has also just received a more detailed update from Saab Automobile’s Joe Oliver to augment this piece below, with a second follow-up from Joe saying that the Detroit Free Press piece is not 100% correct, and will be removing it per his suggestion.

Here is this brief summary below:

Joe Oliver to Saab History

Background:
On the 6th April there will be a creditors meeting which will be administered by the court of Vänersborg. Saab Automobile’s reorganization team, interested creditors and court staff will be in attendance. As a result of the meeting the court will determine if Saab is on track to proceed to the 3 month point in the reorganization process.

“This meeting will act as a “check-point” for the court to confirm that reorganization plans are moving forward as expected. Our primary focus has been for some time and continues to be to reorganize effectively and attract potential new investors – we are making good progress on both of these fronts.”

“We still plan to launch 3 new cars in the next 18 months and are very confident that Saab will move forward as a sustainable, profitable company.”

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Saab History On The General Motors Press Conference

Posted on 18. Feb, 2009 by .

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The General Motors Press Conference Took Place On 6:30pm and ran for nearly an hour until 7:30pm, on February 17th, 2009.

I managed to capture the dialog from what was said with specific attention to Saab Automobile by what the GM Execs have said in addition to what they have said in response to the questions that the journalists both in person and on the phone have asked:

It’s clear General Motors wants “nothing” to do with Saab Automobile AB at all, and could offer GM technology if Saab Automobile were able to “buy” it from them.

The writing on the wall for Saab Automobile AB in terms of General Motors future with them was indicated by none other than Rick Wagoner’s response to Mark Phelan of the Detroit Free Press when asked if there could be a third option with Saab if they aren’t sold or owned by the Swedish Government:

Rick Wagoneer, CEO of GM: “I do not see any continued ownership of Saab”

So, Saab Automobile in the words of GM, have NO future with General Motors at all, so it’s either Saab becomes an independent company and/or sold to a new company because the Swedish Government has expressed that they are also not interested in “owning” Saab Automobile.

What really got under my skin is Rick Wagoneer’s second answer to I believe it was a journalist from Auto Magazine who called in asking if Saab could “buy” GM technology if they got spun off or sold.

Rick Wagoneer, CEO of GM”:: “Yes, Saab could buy the GM technology if that happened, yes”

This really sickens me because this was originally Saab’s innovations and technology, and now Saab Automobile may have to buy their own technology back again?? Not nice at all.

Here is my recap below verbatim:

6:33pm – Thanked Sweden for helping with the plan

6:35pm – GM has conducted a strategic review of the global Saab business and has offered it for sale. Given the urgency of stemming sizeable cash demands associated with Saab operations, GM is requesting Swedish government support prior to any sale. The company has developed a specific proposal that would have the effect of capping GM’s financial support, with Saab’s operations effectively becoming an independent business entity Jan. 1, 2010. While GM hopes to reach agreement with the Swedish government, the Saab Automobile AB subsidiary could file for reorganization as early as this month.

6:36pm GM’s Rick Wagoner indicates that the PR version of the “GM 2009 – 2014 Restructuring Plan” which you can download directly at this link here.

7:00pm – Swedish Journalist in person asks question: How have you been treated in your relations with the Swedish Government regarding the Saab situation?

Fritz Henderson: “We haven’t found a solution yet, has the highest regard”. Fritz Henderson has no difficulties with how they have been treated by the Swedish Government.

7:06pm – Auto Magazine calls in: Could Saab buy GM technology if they were to be spun off?

Rick Wagoneer: Yes, Saab could buy the GM technology if that happened, yes.

7:12pm – Mark Phelan, Detroit Free Press: Talks that if Saab not sold, there will be a 3rd option if the Swedish Government does not take it?

Rick Wagoneer: “I do not see any continued ownership of Saab”

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U.S. Treasury To Give GM A Second Loan For $5.4 Billion

Posted on 06. Jan, 2009 by .

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Photo Credit: Saab History

The U.S. Treasury has just indicated plans on providing GM a second loan for $5.4 on Jan 16th, following the first loan for $4 billion just last week according to the Detroit Free Press.

I thought that the $4 billion was supposed to hold GM over until March? GM needed to prove that it was worthy of it with a written report due by February 17th, so what does this do shelling out more cash to GM prior to providing such proof that they are worthy? This is not a good precident to set for GM, because now GM is probably thinking that no matter what they do, they don’t really need to prove anything because they’ll get money no matter what from the general public.

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