The loan’s annual interest is 10% and the conversion price is €1.38 per share, while Saab can at any time repay the loan, presumably when the expected Pang Da and Youngman Lotus funding is received, without a penalty.
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Another day, another chapter in the ongoing saga that is the survival of Saab. After yesterday’s order from a (yet unnamed) Chinese company, which temporarily solved its cash-flow problem, today the automaker announced that it has reached an agreement with a consortium of Swedish real investors led by Hemfosa Fastigheter AB, for the sale of 50.1% of Saab Property for a period of 15 years.
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The pre-payment is to be received this week, giving Saab a much needed funding to pay its workers and suppliers. This, however, is only a short-term lifeline for the ailing company and the efforts to secure funds that will guarantee the brand’s future and restart production, which has been halted again since June 8, are ongoing.
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Swedish Automobile said it and Saab “are in discussions with various parties” to secure short-term funding, including through a sale and lease-back of Saab’s real estate assets.
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"There will be no normal production during weeks 25 and 26 (June 20th-July 3rd)," Saab spokeswoman Gunilla Gustavs told Reuters. "We are still negotiating with all suppliers and we need to get everyone on board at the same time. The weeks of 27-29 (July 4th-24th) are planned to be normal working weeks".
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In any case and with Saab’s future depending on deals that still need to be approved from Swedish, European and Chinese officials, the company gave out UK pricing information on the 2012 model year 9-5 range, which benefits from the introduction of the SportWagon and a series of enhancements, including additional features and further reduced CO2 emissions for all engines.
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"The property sale is now being discussed with external investors," said Lars Carlstrom, Antonov's representative in Sweden. However, Carlstrom noted that the Russian banker was still interested in becoming a shareholder in Saab’s parent company Spyker Cars NV.
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Today, Spyker signed a non-binding memorandum of understanding (MOU) with two Chinese firms, Pang Da Automobile Trade Co., Ltd (Pang Da) and Zhejiang Youngman Lotus Automobile Co., Ltd. (Youngman), which if approved by regulators, could see the company falling into the control of Chinese hands. We'll remind you that Saab had previously signed a deal Chinese firm Hawtai but it failed to go through Chinese regulators.
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Saab said that it anticipated production hiccups in the start-up phase, as the supply chain still is not fully operational with some suppliers holding back until they get paid and others trying to re-stock.
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Enter the world of the Strand Craft Limousine Beach Cruiser, a vehicle that looks like a crossover between a limousine, a convertible and a yacht – yes, you read correctly, a yacht. Essentially a beach shuttle, the Stand Craft has been conceived for luxury hotel chains willing to offer their clients premium service. More specifically, to carry six passengers from the hotel to the nearest beach as fast and as comfortable as possible.
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The Swedish automaker said that as with the first order, Pang Da will pay the additional €15 million order up front with the funds expected to be received by the end of this week. Delivery of the vehicles ordered by Pang Da will start in the fall of this year.
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In light of this, I’ve thought up four plausible (though unlikely) scenarios for Saab. These range from the hugely cynical all the way to the brazenly optimistic. After all, isn’t it better than Saab has some future rather than no future at all? Without further ado, here are your options:
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General Motors' loss-making Swedish subsidiary Saab filed for bankruptcy on Friday after it was cut loose by the American company as part of its deep restructuring plan. Under the Swedish law, the reorganization is a self-managed process headed by an independent administrator appointed by the court who will work closely with Saab's management team to present a proposal to creditors within three weeks of the filing. During this period, Saab said that it will continue to operate "as usual and in accordance with the formal reorganization process, with the Government providing some support during this period"."We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment," said Jan Ake Jonsson, Managing Director for Saab Automobile.
"With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs. Reorganization will give us the time and means that help get these products to market while minimizing the liquidity impact of Saab on GM," Jonsson added.
The problem is however that GM will completely cut Saab's funding meaning that unless the Swedes manage to secure some serious government cash, the company's survival is at question.
Saab is joining Audi, Subaru and Volvo in the high-riding station wagon segment with the presentation of the new 9-3X Crossover that will be officially unveiled at the Geneva Motor Show. We have already posted all the initial details and photos of the 9-3X, so unless you missed out - if that's the case, then click here, we'll let you follow the jump to watch the first official video of the car that was filmed somewhere in Southern Sweden.
These are the first official photos of the new Saab 9-3X, a 'crossoverish' station wagon in the style of the Audi A6 Allroad and Volvo XC70 that will make its debut at the forthcoming Geneva Motor Show. Based on the station wagon variant of the 9-3 that Saab calls Sport Wagon, the 'X' model will be available with either a 210HP 2.0 liter turbocharged petrol engine combined with the firm's XWD four-wheel-drive system or a 180HP 1.9-liter TTiD diesel engine with front-wheel drive.In terms of performance, the 2.0 Turbo XWD which is available with both a six speed manual and automatic transmission can accelerate from 0–60 mph (96 km/h) in 8.2 seconds (Auto: 9.1 sec) and reach a top speed of 143mph - 230 km/h (Auto: 137mph). The front-wheel-drive only diesel variant performs the 0 to 60 mph sprint in 8.3 sec (Auto: 8.8 sec) and has a top speed of 137mph - 220 km/h (Auto: 134mph).
As is the case with other vehicles of this sort, compared to the standard 9-3, the ride height has been raised by 35mm on the 2.0 Turbo XWD model and 20mm on the FWD diesel version. But that's about all that's mechanically different between the 9-3X and its Sport Wagon sibling, as there's no special tires or toughened suspension here.
While it's as much of an off-road model as the standard 9-3 Sport Wagon, Saab's designers have tried their best to make the 9-3X look the part. Protective cladding aside, the 9-3X gets new dark grey bumpers, skid panels with a matt aluminum finish, 5-spoke 17-inch alloy wheels, aluminum-colored lower door strips and roof rails with the same finish
There's no picture of the interior, but Saab claims that the 9-3X's cabin features a unique trim, with dark metallic finish to the door trims, glove box and gearbox surround plus unique sports seating features grey fabric inserts in the black leather upholstery.
After many delays, Saab will finally lift the covers off the 9-3X at the Geneva Motorshow this March, according to Carscoop sources. The crossover version of the 9-3 SportWagon XWD that was recently unmasked by the good old folks over at Trollhattan Saab will come equipped with standard four-wheel drive as well as raised ground clearance, extra under-body protection, wraparound body cladding, larger bumpers and other SUV-like styling cues. One of the 9-3X's chief rivals will be the Audi A4 Allroad that is also slatted to premiere at the Swiss motorshow.
Pictures via: TrollhattanSaab
The Swedish edition of Automotorundsport magazine has published a photo of the forthcoming Saab 9-4x's interior that was scooped virtually without any camouflage. Compared to the 9-4x concept that was previewed at the 2008 Detroit Show, the production model's dashboard has remained relatively unchanged. Saab's long-awaited compact crossover -slash- SUV that shares its platform with the new 2010 Cadillac SRX is due to be revealed later this year with sales set to begin in early 2010.Via: AMS
