Saab might go bankrupt within 10 days?
Saab may be the next automotive manufacturer casualty in this recession, right after Ssangyong filed for court receivership earlier this year. GM says Saab is just 10 days away from bankruptcy, and if it does not get financial aid soon it will have to file for reorganization or bankruptcy.
Reorganization will allow them to negotiate with their creditors and convince them that it will be able to reorganize and writedown the value of its debts in goodwill. Once in a state of reorganization (receivership), creditors cannot come knocking for debts and GM will also cease control over Saab.
Saab will then be able to go to the Swedish government for help again, although attempts at asking for a bailout have not been successful in the past. GM says it only wants a bailout to keep Saab running long enough to find a buyer.
It asked for US$568 million, however Swedish Industry Minister Maud Olofsson said Saab has been running at a loss for years now and she did not get elected to give a bailout to a company with a bad track record, something that she views as irresponsible. She also says she will not put the burden of owning car companies and car factories on the Swedish taxpayer.
Anyway, if their creditors are not convinced that a successful reorganization can occur in the first place, it will have to proceed with bankruptcy.
February 20, 2009 @ 3:19 am
wow , this financial crisis is on full blow now , sweeping its victimes like no tmr….god bless us all!
February 20, 2009 @ 4:37 am
good car is going to end pitty for the company
February 20, 2009 @ 7:53 am
Proton… what are u waiting for this is your time hahahaha…
February 20, 2009 @ 8:01 am
[quote comment="212123"]Proton… what are u waiting for this is your time hahahaha…[/quote]
doesnt seem to be happening though.
February 20, 2009 @ 8:03 am
Saab better come up with more unique/exiciting cars in the future..
February 20, 2009 @ 8:16 am
Proton can buy SAAB now. 1 us dollar is enough.
February 20, 2009 @ 8:33 am
saab was the first turbocharged car to enter rallying.
i remember my dad almost bought a saab900 turbo in the 80’s, but ended up buying a volvo 240 turbo, then world touring car champion.
February 20, 2009 @ 9:56 am
Swedish Industry Minister Maud Olofsson said Saab has been running at a loss for years now and she did not get elected to give a bailout to a company with a bad track record, something that she views as irresponsible. She also says she will not put the burden of owning car companies and car factories on the Swedish taxpayer.
Wished that our Bolehland goverment can say the same thing !!!!
February 20, 2009 @ 11:01 am
[quote comment="212199"]Swedish Industry Minister Maud Olofsson said Saab has been running at a loss for years now and she did not get elected to give a bailout to a company with a bad track record, something that she views as irresponsible. She also says she will not put the burden of owning car companies and car factories on the Swedish taxpayer.
Wished that our Bolehland goverment can say the same thing !!!![/quote]
the difference is, saab has been running at a loss for many years.. and dont forget, saab is wholly owned by GM. technically, saab is no longer a swedish company.. so its not right for the swedish govt. to bail out saab.
proton is different, first, at least they are making money now, and 2nd , they’re still owned by the govt.
imagine then if VW bought proton, but still didnt make any money, and then come back to malaysian govt, and ask for bailout.
February 20, 2009 @ 12:56 pm
[quote comment="212258"]
the difference is, saab has been running at a loss for many years.. and dont forget, saab is wholly owned by GM.
technically, saab is no longer a swedish company.. so its not right for the swedish govt. to bail out saab.
proton is different, first, at least they are making money now, and 2nd , they’re still owned by the govt.[/quote]
Also another difference is, Sweden does not spoonfeed its car industry and practice protectionism on its cars.
If Malaysia is a “open market” like Sweden, Proton will has losses 2x more than Saab and bankrupt already.
One more difference is – Volvo cars are actually quite good. Same cannot be said for most Proton cars.
February 20, 2009 @ 3:46 pm
[quote comment="212339"]
Also another difference is, Sweden does not spoonfeed its car industry and practice protectionism on its cars.
If Malaysia is a “open market” like Sweden, Proton will has losses 2x more than Saab and bankrupt already.
One more difference is – Volvo cars are actually quite good. Same cannot be said for most Proton cars.[/quote]
so i suppose since the swedish govt. didnt spoonfeed their car companies, is the reason why both got into trouble, and had to be sold to foreigners. and even then, one is now in danger of going bankrupt.
February 20, 2009 @ 5:16 pm
I wonder how many billions proton ask gov for “incjecttion” during crisis? If more than that Saab, then better buy Saab and forgo proton
February 20, 2009 @ 6:27 pm
better buy saab…. then? u have any intention to buy it?
if no…. then no use also… better inject proton (if there is any) to support the malaysian working there rather than buying other company and no money flow into the country…
February 20, 2009 @ 6:35 pm
and to not_ah_beng… to confident about open market eh?
why dont u go working at other country, and see urself either u r fit or not for the “open market”… u talk about how good is Japan, how good is saab… yet u still stay in Malaysia and try to get the best thing here…
why dont u market urself there?
February 20, 2009 @ 8:16 pm
SAAB should not end.
It’s a great carmaker.
Hoping omeone will buy ‘em in 10 days.
That’s what you call rush for survival.
February 20, 2009 @ 8:59 pm
[quote comment="212458"]and to not_ah_beng… to confident about open market eh?
why dont u go working at other country, and see urself either u r fit or not for the “open market”… u talk about how good is Japan, how good is saab… yet u still stay in Malaysia and try to get the best thing here…
why dont u market urself there?[/quote]
i am agree with u..NATO..no action talk only..
February 21, 2009 @ 2:14 pm
Only if our Malaysian government would adopt the concept of the Swedish government. By now we won’t have Proton and MAS (just to name a few) with us today.
February 21, 2009 @ 7:37 pm
without proton n mas, what’s left of us? do u want everything in our country controls by other ppl n monopolize? when they hv the intention to take over, it wont be to lower overall price, its to take out a opponent to allow 1 self to have less reason to lower profit margin. my god, still have kids that think open market is good!
February 21, 2009 @ 8:05 pm
so another one bites the dust. Well, back in early 2000s, i read that Saab was going to cease existing by about 2012 because it was just a brand no one recognised.
February 21, 2009 @ 10:58 pm
my swedish friends told me that sweden was planning on a buyover of SAAB
March 12, 2009 @ 5:51 pm
There is NO way SAAB is going man. Already they have secured help from the Swedish government and are well on their way to being independent. Go go!
http://www.motorauthority.com/gm-finds-no-buyers-for-saab.html