Say Again? Saab 9-5 Sedan 2.8V6 Turbo Named Car of the Year in Singapore

Unless you're one of those chaps that wear their Saab shades no matter what happens, the news that the 9-5 Sedan 2.8V6 Turbo has been named Car of the Year by a Consumer Guide, published by Wheels Asia in Singapore, can only provoke giggles.

And we say this not because the 9-5 is a bad car, but how can you possibly give a top recommendation (remember, this isn't a comparo but a Consumers Guide) to any vehicle from an automaker that has barely produced a car in the past six months and which recently went under bankruptcy protection and its future is clearly on the line?

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China's Geely, Owner of Volvo, Denies Interest in Buying Saab

Saab is in a crisis indeed. One day it is rescued, and the next it is on the brink of destruction. And this has been happening over and over again, like an automotive version of The Groundhog Day.

Yesterday we reported that Saab has not yet received the funds promised by Pang Da and Youngman as a bridge loan to keep the Swedish carmaker in business until the deal is approved by Chinese authorities.

Today, Swedish newspaper Dagens Nyheter published an article claiming that another Chinese automaker, Geely Automobile, which bought Volvo from Ford in 2010, is interested in acquiring Saab as well.

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Report: Saab has Yet to Receive Chinese Funds

It ain’t over until the fat lady sings green starts flowing in: cash-strapped Saab may have won a stay of execution last month by receiving court protection from its creditors, but the company is still waiting for the €70 million ($93 million USD) from its Chinese partners Pang Da and Youngman as part of their July deal.

“The money has not come in yet”, Saab spokesperson Eric Geers told Reuters. “We originally thought it would take about two weeks. The process is ongoing, and we will give information as soon as we have the money.”

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Spyker to be Sold to US-based Equity Firm for €32 million

Swedish Automobile N.V. [Swan] owner of cash-strapped Saab, announced today that it has reached an agreement with US-based private equity firm North Street Capital LP concerning the main terms for the sale of its Spyker luxury sports car business. Read more »

Stayin’ Alive: Swedish Court Accepts Saab’s Reorganization Plan

Saab announced today that it has received a second chance in life as the Gothenburg Court of Appeal approved its voluntary reorganization plan, overturning the Vanersborg District court's previous ruling.

In contrast to the District Court, the Court of Appeal agreed that Saab’s plan to secure short-term funding and protection from its creditors conforms to the Swedish Company Reorganization Act.

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Swedish Court Allows Saab to Appeal Denial on Reorganization Plan

The drama involving Saab continues today on a more positive note for the company as a Swedish appeals court has granted the automaker the right to appeal a previous ruling from a lower court that had rejected the company's request for a voluntary reorganization to protect itself from creditors. Read more »

Phoenix Sun: Saab Announces €70 million Technology Agreement

Like Phoenix, the mythological bird that burns down only to rise afresh from its ashes, Saab has been given a stay of execution.

That's because today, Saab Automobile AB announced the signing of a technology license agreement with the Swedish Automobile Coöperatief U.A. (SPV) for the non-exclusive rights in Saab’s (appropriately named, as it turns out) Phoenix architecture technology.

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Swedish Court Rejects Saab's Reorganization Plan, is this the End?

The (digital) ink on our story about Saab North America's hopes and dreams had barely dried when news came in that a Swedish court denied Saab Automobile's voluntary reorganization application that would have protected the company from its creditors, which include the labor unions and parts suppliers.

Saab was trying to win some time and complete a deal with Chinese investors. However, the Vänersborg district court ruled that it could not see how the Swedish automaker could secure additional funding to continue its operations.

“It appears unclear if –and if so, when- the relevant Chinese authorities will approve the agreements”, the court said.

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Saab North America Optimistic about Future, Despite Being Left Out of Reorganization Plan

Yesterday we brought you the news about Saab’s filing for court protection and submitting a reorganization plan. Unfortunately, some of its divisions were not included –and one of them is Saab Cars North America.

The company’s president, Tim Colbeck, said in an interview with Automotive News that he is optimistic about its future despite the Swedish carmaker’s decision to exclude its North American operations from its restructuring plan.

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