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More news from Sweden:
“On thursday, supplier P-E Plast stopped their delivieries of parts to Saab in Trollhättan.
The owner, Patrik Ekwall, who runs the company since some months back, is afraid he won’t get paid for his deliveries, reports Swedish Radio (SR).
At Saab, no one answered when he phoned them. “We are wating for a reply” he says.
The last month, P-E Plast has delivered parts for 400 000 kronor (around 80 000 dollars) to Trollhättan. The company makes plastic details for the car industry, and a third of its sales goes to Saab.
In spite of the current circumstances, Patrik Ekwall hopes to keep the eleven employees.”
[thanks to Ingvar for the link and translation]
A dead Saab will still push out sportier cars than Volvo.
Sorry, somebody had to say it.
Finally, an auto parts supplier with the backbone to stop getting screwed by manufacturers.
it doesn’t need much backbone to stick it to a costumer who won’t exist soon anyway and doesn’t pay anyway….
I wish more suppliers would do that to Chrysler and GM already to end this painful process… but wait, that won’t help. Since they don’t produce cars anymore anyway and we just pay them for not producing. So they wouldn’t care if suppliers deliver or not.
Since Saab was GM-anized at the moment when they gave up hatchbacks and produced sedans i won’t miss them at all. first they were cars for people who wanted to be different (like people who didn’t want cupholders, remember the old Saab??), then they became cars for people that wanted to have a GM with a different badge (with cupholders then)
No Saab enthusiast – and I think, in the last years you needed to be an enthusiast to still stay with the brand – would ever want to buy a GM!
Saab customers bought GMs, because GM had bought Saab. Still, there was and is enough Saabness in these cars – although – I agree with you – there could be more!
The new is just out: as was to be anticipated, SAAB has just filed for bankruptcy. Game Over.
TireGuy – they have filed for bankruptcy protection, that’s different. But I agree that the game is over.
Saab has now officially filed for bankruptcy protection, and for a reconstruction period to be approved. This means that a court appointed assessor will handle Saab’s debts, and try to reach accommodations on behalf of the company, while Saab’s creditors are unable to declare Saab bankrupt for non-payment in the reconstruction period.
No decision yet as to whether the court will grant a reconstruction period. To suppliers, this means that any new deliveries will go into a very uncertain sinkhole, and they’re naturally hedging.
Lots of talk about a possible Opel/Saab collaboration, and that’s developing.
This just in:
Saab in Reconstruction
Saab Automobile has put in a request at the local authorities office for reconstruction of the company. The papers were filed 9.20 local time today.
The company is waiting for an answer from the court if the reconstructtion is to be ratified. More information on a pressconference at 2.30 this afternoon.
The purpose of the reconstruction is to create a stand alone company. A reciever is to be appointed by the court, the time for the reconstruction will be three months, and an injection of money during that time will be necessary for this action to be successfull, GM writes in a press memo.
During the reconstruction, Saab will continue its operations as business as usual, with some help from the Swedish government.
http://www.e24.se/branscher/verkstadsindustri/artikel_1107413.e24
Translators note: The Swedish form of “Rekonstruktion” is more or less the same as the american eqiuvalent of Chapter 11.
“He will save Saab”
“The lawyer Guy Lofalk will be head of the reconstruction.
Guy Lofalk has a long experience of company reconstructions. Among his previous works are the reconstruction of the paper company Klippan in 2005, with 850 employees. that is so far the biggest reconstruction made in Sweden.
In a recent interview with E24, he was very critical against companies and their board of directors in general, who he believes acts too passively and refrains from the need of acting from a worst case scenario. The knowledge of what a reconstruction may be able to achieve is low amongst the boards, is his experience.
The board of directors usually acts too late, and let the companies slide for far too long before they even consider a reconstruction, Guy said to E24.
The court does have to ratify the proposed reconstructor, something that is done in most cases without further a due.”
http://www.e24.se/branscher/verkstadsindustri/artikel_1107659.e24
Can’t add comments to the top story now, about Saab declaring bankruptcy. That’s not what has happened – and it’s not really a fine point, since Swedish reconstruction accommodation protects companies against being declared bankrupt.
For all practical purposes it does mean “dead brand walking” since consumer confidence will evaporate no matter what you call it.
I really enjoyed my 9-3 until it started to fall apart prematurely (or maybe they are supposed to fall apart early). Anyhow, I’m glad I sold it two years ago. I”m guessing one can buy a Saab pretty cheap, now?
The Hummer dealer down the road from my office has a few new Saab 9-3s materialize on their front row a couple of days ago. I don’t know how they can stack anything else on that lot– they seem to have the same H3 trucks out there from the initial rollout.