Saab says goodbye after 64 years – Swedish automaker declared bankrupt after Youngman rescue attempt fails

Saab says goodbye after 64 years – Swedish automaker declared bankrupt after Youngman rescue attempt failsIt’s curtains for Saab Automobile after 64 years in the business, as the last-ditch rescue plan by Chinese investor Zhejiang Youngman Lotus Automobile fell through, the attempt blocked by former owner and key licence holder General Motors. The Swedish automaker, which hasn’t made any vehicles since April, filed for voluntary bankruptcy yesterday, and a court approved the bankruptcy request, reports say.

“After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganisation of Saab Automobile could not be concluded,” Saab’s owner Swedish Automobile said in a statement.

“The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors,” and Swedish Automobile “does not expect to realise any value from its shares,” the statement added. Two receivers have been appointed to run the company.

“There are parties out there that have expressed an interest to pursue a possible acquisition of Saab from bankruptcy,” Swedish Automobile CEO Victor Muller told reporters,. He said that it was now up to receivers appointed to oversee the bankruptcy process to judge such offers, the reports add.

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • Saab 9-3 - SS on Dec 20, 2011 at 12:05 pm

    wht will happen to my 93 in future? keep as an example in garage?

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    • no more SAAB in the making.. keep ur car in goog health for the next 15years .. it will become a COLLECTOR CAR

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    • Collectors’ Items

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      • Saab 9-3 - SS on Dec 20, 2011 at 1:17 pm

        yeah man…collector item !!!

        i m happy with my 93 performance & its quality built. of course, technology installed on-board

        common parts are easily available as it is share with Opel / Vauxhall …..

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    • If GM or VW bought de Potongs,they will never stole the NA tec but just try to test crash and test like a toy lolx

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  • better closed rather technology harvested by competitors (china)…i think its more than car they so worried about…may be jet engine or etc

    Like or Dislike: Thumb up 1 Thumb down 0
    • taboogen on Dec 20, 2011 at 12:58 pm

      easier said and done bro.. just imagine you work with SAAB… what is ur future then.. yeah you’ll be saying go and find another job… but not all worker are age 30-ish… most company reluctant to employed worker age 40 and above… think about that first… for me working in a automotive industry.. i feel sad to hear this.. not because of the brand.. because of the workforce.. who gonna support their family…….. :(

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    • separate business unit for the defence sector, this is saab automobile, same like rolls royce differentiation, the rolls royce for car and rolls royce for jet engines.

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    • razor on Dec 20, 2011 at 1:40 pm

      saab automobile only not other company in saab group… jet engine in saab AB

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    • I'm from Beijing on Dec 20, 2011 at 2:21 pm

      Sorry to rain on your parade, China’s Youngman have set up another entity Saab Development Corporation to purchase NEW Saab phoenix platform (on which new 91?92?93?94?95?96?97 will be produced in the coming years) with the previous payment to Saab to plannedly take a stake in Saab. The strategic takeover is turned down by GM but the part of technology transfer (the part with nothing to do with GM’s Intellectual property) has been done, money talks.

      In addition, Youngman has the preemption to get Saab’s tools, equipment and other assets after the bankrupt of Saab.

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    • MapTun on Dec 20, 2011 at 11:04 pm

      The automobile business and aeroplane business are two companies that started out from one source but are today, two separate companies.

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  • Gavin on Dec 20, 2011 at 1:17 pm

    Someone should buy their turbocharging know how if any, they were pioneers in turbo tech

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  • kington on Dec 20, 2011 at 1:21 pm

    I’ve always had a soft spot for SAAB and Volvo, true automotive inventors and innovators at the same time.

    Sad to see this.

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  • chuakz on Dec 20, 2011 at 1:24 pm

    they are too selfish, GM…bought Saab, stole tech, left for dead…sold Saab, dead for good because they don’t want others stealing their tech??

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    • draftboy on Dec 21, 2011 at 9:55 am

      If you look at Lotus history, they don’t want same story happen when Proton bought Lotus and got the technology and absorb for national car. Same situation happen when Geely got Volvo. China is a big industrial player, their automobile industry keep rising. One day their automobile industry will beat European and US car maker. If Youngman buy Saab sure youngman got the Saab technology and will use it for their own car. GM got scared this situation will rise in the future, so the solution is leave Saab death. What a sad ending… So, now we know how selfish GM…

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  • I’ve got a 1999 and 2006 95. Does this mean the value goes up or down in Malaysian markets?

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  • eggman01 on Dec 20, 2011 at 1:34 pm

    GM loves killing car brands!

    Like or Dislike: Thumb up 1 Thumb down 0
  • freddie on Dec 20, 2011 at 1:42 pm

    I’ve seen this before, someone will resurrect Saab again…

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  • What a waste. Should be Proton instead of Saab.

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    • sharon on Dec 20, 2011 at 2:26 pm

      what a waste amoi put your nonsense statement here!!!!

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    • blackbox on Dec 20, 2011 at 2:44 pm

      I know Proton are crab, but imagine how many Malaysian will become jobless if it is Proton?
      For Malaysia, Proton is too big to fall. The only way we can do is to make it good, even I didn’t see any sign of Proton is going to be good.

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      • looking-good on Dec 20, 2011 at 5:40 pm

        yeah, many will jobless but Proton shouldn’t be exist in the first place!!
        life will goes on…

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        • blackbox on Dec 20, 2011 at 6:22 pm

          Agree, blame Dr. M and his ego.
          Proton contribute (not all but most) a lot of problems for our nation,
          1) Fuel / diesel quality
          2) Bad public transport
          3) AP king and AP queen
          4) High import tax for cars and parts
          5) etc….

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      • msia will b very different without potong… cheaper foreign car, better public transport by now, better use of public funding, malaysian dun have to be burden by heavy car installment

        transportation is an important key in economy growth, we might be even better off by now…

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      • ignoramus on Dec 21, 2011 at 10:00 am

        Does Thailand have a thriving automotive industry where lots of people have jobs and livelihood, simultaneously spurring their economy forward? Ans: YES. Does Thailand have its own national car? NO! Think about this.

        PROTON IS holding Malaysia back. It’s hurting Malaysians. It’s better to bite the bullet and free ourselves from this ball and chain. We have the potential to have a thriving auto industry but we’ve so lost the plot in the name of protecting a liability which we confuse as an asset. So full of ourselves that our neighbours have progressed their industries so far ahead of us.

        Just think about. What is Malaysia so great at these days? We’ve fallen behind so much.

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      • porsche911 on Dec 22, 2011 at 8:34 am

        actually think about it, if Proton were to go, many other more carmakers could make their presence in the country. More showrooms, workshops, assembly plants could be opened.

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    • Mastermind on Dec 20, 2011 at 4:39 pm

      Better urself… declared bankrupt…..good for MAlaysia…citizen by.
      mentality problem n third class minded …Amoi…

      Time to wake up…friend…SAAB death…is realty…

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    • rogaz on Jun 30, 2015 at 12:02 pm

      Malaysia better than Sweeden

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  • I foresee in near future that P2 will face the same fate as SAAB. P1 has strong back up from former PM and government. Toyota wanted to sell with their badge thus earning profit from both manufacturing arm and sales arm. The only way of doing this by opening another plant for South East Asean Compact Car market. They got Daihatsu to cater Indonesia market. So why not Toyota Compact Car Manufacturing in Malaysia.

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    • Josh Ling on Dec 20, 2011 at 3:04 pm

      erhm…..for your info, the new Daihatsu Sirion for Indonesian market is made by P2, so I don’t think toyota has any intention of setting up Toyota Compact Car Manufacturing thingy here…..they are happy with P2 here, and not to mention P2 can really manufacture some quality compact cars with Daihatsu badge on for them (if I am not mistaken, Avanza for Malaysia was once also assembled in P2 factory, not sure about now lah.). So why bother to start something completely new, when you have all the facilities up and running already ?? P2 is going nowhere in the foreseeable future for me.

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      • not the new Avanza anymore, the new one will not be built by P2, they said it’s not worth it to do CKD here
        i agree with commenter “P2” that Perodua’s life and death is dependent on Toyota, unlike Proton with strong government backing
        i believe the end of Perodua is getting nearer too, even in these days of (supposed) Perodua glory years, they have to import CBU the Nautica and just recently Daihatsu (the parent) decided instead to invest in Indonesia to make it their regional compact car centre eventhgh they already have Perodua here.. heck, they even have to use Daihatsu badge to sell the Myvi-Sirion in Indonesia!
        be warned Perodua, don’t be so proud of your “achievement”, your end is getting closer

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  • klguy on Dec 20, 2011 at 2:50 pm

    i dont think i would hv been this sad if i heard proton is bankrupt. RIP Saab.

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  • kamaji on Dec 20, 2011 at 3:34 pm

    It’s sad that Saab has to go down but then again what’s the fuss for not allowing a Chinese takeover.What technology in a car that is so secret this days.Practically none as most tech are ancient in nature but merely improve.As for GM, everything it touches…DIE.

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    • agreed. GM just sucks from the way they handled saab. even the tech that GM used for saab is so old already. dunno what’s the big fuss there.

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  • Dentist on Dec 20, 2011 at 3:35 pm

    when’s Proton’s turn?

    Like or Dislike: Thumb up 1 Thumb down 0
  • sawi cool on Dec 20, 2011 at 3:41 pm

    This is a sad and cruel story.

    Indeed, GM loves to kill car brands.
    When you have so many brands, it’s natural not to keep that doesn’t make money.

    That’s why i dont like the idea of VW taking Proton stake.
    It’ll be a secondary brand, and when it’s no longer profitable, they’ll close it down.

    Perodua need to be careful.
    Now they are enjoying good time as Malaysians are worshipping T’s DNA in Lagi Power, Lagi Best, Lagi Mahal..

    The Perodua Nautica saga teaches us a lesson, what T will do to push their sale.
    They introduce Nautica at premium price to boost Rush sales…

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    • “That’s why i dont like the idea of VW taking Proton stake.
      It’ll be a secondary brand, and when it’s no longer profitable, they’ll close it down.”

      Are you kidding? Proton doesn’t have the strength to compete globally without protectionism. It WILL die of its own accord if it had to stand on its own.

      Look at VW’s track record and how it has kept the various brands it acquired, in a healthy(profitable) state. More so AFTER VW took control. VW offers economies of scale and thats how you ensure profitability. Proton doesn’t have that benefit, neither does it have the culture to position themselves as global player. It should be a corporation that bring foreign income for the country through export but in fact in the last 18 months it seems they have done the reverse thanks to Group Lotus etc.

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    • chuakz on Dec 20, 2011 at 11:09 pm

      Who wanted to buy Audis, Skodas and Seats before VW took charge?? Noone…with VW in the picture…protons will still keep their own design language with better VW tech…I’m sure that’s welcomed by most Malaysians….unfortunately the top people are too thick-skinned to “surrender” the brand to westerners

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  • For Saab fans, do have a read:

    http://www.saabsunited.com/2011/12/december-19th-what-a-horrible-day.html

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  • jay8393 on Dec 20, 2011 at 6:48 pm

    Was GM trying to kill Saab by saying “no” to the Chinese buy-out plan?

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  • BMW POWER FOREVER on Dec 20, 2011 at 8:57 pm

    the way general motors does thing is hugely unethical but legal. that’s the irony of the law.

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  • Hirsch on Dec 20, 2011 at 11:11 pm

    GM probably wants Saab to die because if the Chinese get the company, it represents one foot into the European car business for the Chinese company. The European car business has been with GM for a long time under Opel and a rejuvenated Saab could be added competition in an already crowded market place.

    Furthermore, GM wants to push Chevrolet in Europe and their effort does not seem to be bringing much returns. Therefore, a Saab, restarted by the Chinese would definitely be a threat as Victor Muller had already said a while back that they will need cars to fight in the mass market to build up numbers rather than concentrate solely in the premium segment which it finds difficult to be competitive today.

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  • Another great name bites the dust…. R.I.P Saab Automobile.

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  • Inspector Saab on Dec 21, 2011 at 6:42 am

    This news made me wonder – “What happened to MG Rover now?”

    The Chinese bought it, changed the name to Roewe (hehehe), show off a few models based on the old Rovers, and…. ?

    Will Saab face the same fate even if it were “rescued” by the Chinese?

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    • Wednesday on Dec 21, 2011 at 11:49 am

      Roewe is exporting their new models back to the UK – MG models. It will take time for them to completely re-design new models.

      Considering that the company still exists, Saab could very well be in good hands as per the Volvo example with Geely.

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  • lchan on Dec 21, 2011 at 10:12 am

    why proton didnt pick it up? Proton is good at picking stuff like this. haha. Anyways, i think it would have been an opportunity if well manage to break into the european market.

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  • limaunipis on Dec 21, 2011 at 11:05 am

    sad to see SAAB go. :(

    here’s some bits as to why:
    http://news.yahoo.com/why-saab-had-die-164604269.html

    at the end of the day, it’s all about volume, volume, volume.

    but funnily though one certain Malaysian car manufacturer does not understand that and may well follow the same path of SAAB soon.

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    • porsche911 on Dec 22, 2011 at 8:31 am

      Saab was making profits till GM took over. GM bought over Saab because they wanted to take advantage of the then advanced manufacturing techniques technology Saab had back then (the Saab 900 was once BMW 3 Series closest rival). The problem with GM was that they never really expanded Saab the way it should (only 2 models in the company for a long time) nor gave it the chassis it deserved (opel cavalier chassis, seriously?) This time, it really had nothing to do with GM’s profits. GM was afraid that some China company might take over Saab, instill some good business strategy and affect their Buick and Cadillac sales, thus they veto’ed the sale (how this can happen still baffles me) . This also shows just how much potential GM realises Saab had but could never really materialise due to country obligations (GM had to ensure their American brands represent the halo brands of the company). Should we not blame GM? NO! GM is to be blamed for everything. In support of my case, other brands such as Pontiac, Oldsmobile, Plymouth and Saturn had already bite the dust thanks to GM. It’s somehow ironic that GM gets most of its sales from the foreign markets and most of its sales in the US are from Car Rental Companies or fleet sales, otherwise GM is a company in danger.

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  • Anti general motors on Dec 21, 2011 at 1:42 pm

    what a horrible way to celebrate the christmas season for the poor trollhattan saab employees

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    • Wednesday on Dec 21, 2011 at 5:39 pm

      Reports show that the Govt is trying to ensure salaries are paid… hopefully for the employees this should be a bit of silver lining to the dark cloud. But what limaunipis said is true too. It is all about the numbers.

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  • ahmadfaris93 on Dec 22, 2011 at 11:14 am

    “better closed rather technology harvested by competitors (china)…i think its more than car they so worried about…may be jet engine or etc” AGREED.

    Yes. it is different between Saab automobile and the jets and stuff. However, the Chinese will gain access to those soon. This is China we are \talking about. They are Asian for f***’s sake.

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