Saab's financial rollercoaster seems to have come to what many have speculated would be its inevitable conclusion, with the Swedish automaker today announcing it has filed for bankruptcy with the District Court in Vänersborg, Sweden.
The news comes as Saab was seeking to reorganize, with the struggling car maker desperate to arrange funding. The most likely candidate had been
After much back and forth over the past months between Swedish Automaker Saab and Chinese suitors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., it seems like funding for Saab is very much back. The Chinese companies have both agreed to buy the Swedish automaker, providing the company with some much needed short and long term liquidity.
It's been a leaky autumn so far in the motoring universe. Supposed actual pictures and specs have been "leaked" on Toyota's upcoming FT-86 coupe (FR-S to us in North America); as well as details on Honda's new generation CR-V crossover.
Now, Saab has joined the fold, with a picture uncovered by Swedish website SVD Näringsliv, which reportedly shows the next 9-3.
According to Saab CEO, Victor Muller, a takeover offer of the Swedish brand by China's Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. has been turned down.
Although initial talks were intended to aid Saab in raising capital, Muller explains during a Reuters interview, "The token offer was unacceptable because it would trigger every conceivable change of control clause
U.S. private equity firm North Street Capital will give Saab a $70 million investment, including an equity stake worth $10 million and a $60 million loan to the ailing car maker.
With Chinese-backed financing looking increasingly unlikely, the investment from North Street Capital, a firm run by auto enthusiast Alex Mascioli, will give Saab the resources it needs to (literally) keep