Saab Automobile bankruptcy

On 26 January 2010, General Motors confirmed that Spyker and GM had come to an agreement allowing Spyker to purchase Saab,{{cite web|url=http://www.autocar.co.uk/News/NewsArticle/AllCars/246896/|title=Spyker buys Saab|access-date=2010-01-26|work=autocar.co.uk}} subject to regulatory and government approval; the sale was completed on February 23, 2010.{{cite web|url=http://www.saabsunited.com/2010/02/spyker-cars-finalizes-the-purchase-of-saab.html|title= Spyker Cars finalizes the purchase of Saab |access-date=2010-02-23|work=SaabsUnited.com}} General Motors would continue to supply Saab with engines and transmissions, and also completed vehicles in the shape of the new Saab 9-4x from GM's Mexican factory. The deal included a loan from the European Investment Bank, guaranteed by the Swedish government. It comprised US$74m in cash up front, payable to GM by July 2010, and shares in Spyker in the amount of US$320m.

Saab announced that it was going to build its US headquarters in Royal Oak, Michigan. A new Saab 9-3 was confirmed for 2012, while production restarted at the Saab plant in Sweden in March 2010.{{cite web|author=22 March 2010 |url=http://www.autocar.co.uk/News/NewsArticle/AllCars/248400/ |title=Saab production resumes |publisher=Autocar.co.uk |access-date=2010-03-22}} Victor Muller, CEO and founder of Spyker Cars stated in an interview that the take-over was financed solely by Vladimir Antonov with the knowledge of General Motors.NRC Handelsblad, May 22, 2010, page 17:"[..]Antonov heeft mij voor honderd procent gefinancierd. Ik leende van hem de 74 miljoen dollar die wij voor de overname contant aan GM moesten betalen. Dat wisten de Amerikanen overigens ook.", English translation: "[..]Antonov financed me for hundred percent. I borrowed from him the 74 million dollar that we had to pay in cash to GM for the acquisition. The Americans knew this too."

In July, the company said it expected to sell between 50,000 and 55,000 vehicles in 2010.{{cite news|url=http://www.swedishwire.com/business/5572-swedish-carmaker-saab-swings-to-profit |title=Swedish carmaker Saab swings to profit |date=2010-07-28 |first=Johan |last=Nylander |publisher=The Swedish Wire}} As part of its expansion programme Saab announced plans to return to China after General Motors withdrew the brand from the Chinese market in 2008 due to the 2008 financial crisis, Saab planned to sell between 2,000 and 5,000 cars initially and should the reception of the vehicle go well, it planned to move production to China as well, as the deal would have seen 10 dealerships open. The deal was to be signed with China Automobile Trading Co. Ltd.{{cite news|url=https://www.bloomberg.com/news/2010-12-20/saab-will-re-enter-china-three-years-after-general-motors-halted-exports.html |title=Saab Auto Signs Deal to Re-enter China; Spyker Soars |publisher=Bloomberg |date= 2010-12-20|access-date=2010-12-20}}

In October, the company revised its production target for the year to 30,000 to 35,000 vehicles from 45,000 vehicles, this was down to the fact that it needed more time to recover from plant shutdown for two months at the beginning of the year and reverse liquidation proceedings.

It was reported that it was the second time forecast was cut in less than three months.{{cite web|url=http://www.businessweek.com/news/2010-10-29/spyker-drops-as-saab-production-goal-cut-loss-widens.html |title=Spyker Drops as Saab Production Goal Cut, Loss Widens |date=2010-10-29 |first=Ola |last=Kinnander |url-status=dead |archive-url=https://web.archive.org/web/20110914014252/http://www.businessweek.com/news/2010-10-29/spyker-drops-as-saab-production-goal-cut-loss-widens.html |archive-date=September 14, 2011 }} Eventually Saab sold 31,696 cars in 2010.{{cite news | author = Aaron Gray-Block, Hans Peters | url = https://www.reuters.com/article/spyker-idUSLDE7050B820110106 | title = Spyker upbeat as Saab sales meet lowered 2010 guidance | work = Reuters | date = 2011-01-06 | access-date = 2011-05-14 | archive-date = 2011-01-31 | archive-url = https://web.archive.org/web/20110131015803/http://www.reuters.com/article/2011/01/06/spyker-idUSLDE7050B820110106 | url-status = live }}

On February 25, Spyker Cars N.V. announced that it had agreed to sell the sports car arm to focus on Saab. Spyker intended to change its name, in May, to include the Saab name.{{cite news|last=Kinnander|first=Ola|title=Spyker to Sell Sports-Car Unit to Vladimir Antonov to Focus on Saab Brand|url=https://www.bloomberg.com/news/2011-02-24/spyker-agrees-to-sell-sports-car-unit-to-vladimir-antonov-to-reduce-debt.html|publisher=Bloomberg.com|access-date=8 March 2011|date=2011-02-24}}

At the beginning of April several suppliers halted shipment of components to the Trollhättan assembly plant because of unpaid invoices. As a result, Saab had to stop production on April 5.{{cite news | author = Mike Nesbit, David Cowell | url = https://www.reuters.com/article/spyker-saab-idUSLDE73416520110405 | title = Saab production halted anew by supply woes | work = Reuters | date = 2011-04-05 | access-date = 2011-05-14 | archive-date = 2011-05-10 | archive-url = https://web.archive.org/web/20110510141606/http://www.reuters.com/article/2011/04/05/spyker-saab-idUSLDE73416520110405 | url-status = live }}

On 3 May, Spyker Cars reached an agreement with Chinese automaker Hawtai Motor to obtain emergency funding for Saab, aiming to restart production within a week.[https://www.reuters.com/article/spykercars-saab-idUSLDE7450JT20110506 UPDATE 2-Saab shareholder hopefuls file for Swedish nod] {{Webarchive|url=https://web.archive.org/web/20150924152855/http://www.reuters.com/article/2011/05/06/spykercars-saab-idUSLDE7450JT20110506 |date=2015-09-24 }} reuters.com, Fri May 6, 2011 7:25am EDT On May 12, the deal with Hawtai collapsed when it failed to get the necessary approvals.{{cite news |last=Cowan |first=Roberta B. |url=https://www.reuters.com/article/us-saab-spykercars-idUSTRE74B14V20110512 |title=Saabs Chinese rescue deal falls through |publisher=Reuters.com |date=2011-05-12 |access-date=2011-08-18 |archive-date=2011-09-03 |archive-url=https://web.archive.org/web/20110903164457/http://www.reuters.com/article/2011/05/12/us-saab-spykercars-idUSTRE74B14V20110512 |url-status=live }} Spyker was still hopeful that a deal could be made with Hawtai. Great Wall Motor, another Chinese car maker, was also rumoured to be in talks with Spyker about investing; however, this was denied by Great Wall on May 13.

On May 16, Spyker announced that it had signed a memorandum of understanding with China's Pang Da Automobile Trade Co. (Pang Da) that would give Saab the financing needed to restart production, and give Pang Da an equity stake in Spyker.{{cite web|url=http://www.spykercars.nl/download/artikel/Spyker_PD.pdf |title=Saab Automobile and Spyker Enter Into MOU With Pang Da Automobile On Distribution/Manufacturing Partnership For China And Equity Participation|publisher=Spyker|access-date=18 May 2011}}

On June 8, Saab said it had stopped production due to an insufficient supply of parts. This occurred only two weeks after resuming production following a seven-week hiatus. Production was due to start again on August 9.{{cite web |author=Swade |url=http://inside.saab.com/press-release-saab-automobile-update-on-production-and-sale-and-lease-back-of-saab-property/ |title=Saab Automobile update on production and sale and lease back of Saab Property | Inside Saab by Steven Wade |publisher=Inside.saab.com |date=2011-07-07 |access-date=2011-08-18 |url-status=dead |archive-url=https://web.archive.org/web/20110910074851/http://inside.saab.com/press-release-saab-automobile-update-on-production-and-sale-and-lease-back-of-saab-property/ |archive-date=2011-09-10 }}

On June 23, Saab announced that it was unable to pay June salaries to the entire workforce of 3,800 due to lack of funding.{{cite web|last=Erik Högström|first=Marit Sundberg|title=Saab kan inte betala ut löner (Saab cannot pay salaries) (Swedish)|url=http://gt.expressen.se/nyheter/1.2478773/saab-kan-inte-betala-ut-loner|publisher=Expressen.se|access-date=2013-12-25|archive-date=2011-09-03|archive-url=https://web.archive.org/web/20110903193803/http://gt.expressen.se/nyheter/1.2478773/saab-kan-inte-betala-ut-loner|url-status=dead}}{{cite news|title=Saab auto can't pay wages to 3,800 staff|url=http://www.rte.ie/news/2011/0623/saab-business.html|publisher=RTE.ie | date=2011-06-23}} The trade union IF Metall gave Saab seven days to pay the salaries to their employees; otherwise, IF Metall threatened to force a liquidation of the company.{{cite web|title=IF Metall hotar Saab med konkurs (IF Metall threatens Saab with bankruptcy) (Swedish)|url=http://di.se/|publisher=DI.se}}{{cite news|last=Lindqvist Sjöström|first=Christina|title="Saab har sju dagar på sig" (Saab has seven days to avoid bankruptcy) (Swedish)|newspaper=Svenska Dagbladet|url=http://www.e24.se/business/verkstadsindustri/saab-har-sju-dagar-pa-sig_2888442.e24|publisher=E24.se}} On June 29, Saab employees were paid.{{cite web|url=http://www.dn.se/ekonomi/nytt-lan-pa-25-miljoner-euro-till-saab |archive-url=https://web.archive.org/web/20110702204024/http://www.dn.se/ekonomi/nytt-lan-pa-25-miljoner-euro-till-saab |url-status=dead |archive-date=July 2, 2011 |title=DN: Saab betalar ut lönerna |publisher=Dagens Nyheter |date=2011-06-29 |access-date=2011-08-18}}

In June, China Youngman Automobile Group (Youngman) and Pang Da announced their intention to buy 54% of Saab for €245 million.{{cite news|url=http://www.svd.se/naringsliv/muller-sakrar-kina_6285998.svd |title=SvD: Muller säkrar Kina |newspaper=Svenska Dagbladet |date=30 June 2011 |language=sv |publisher=Svd.se |access-date=2011-08-18|last1=Fröberg |first1=Jonas }}{{cite news|url=https://www.dn.se/ekonomi/hemligt-mote-om-saab-i-stockholm/ |title=DN: Hemligt möte om Saab i Stockholm |newspaper=Dagens Nyheter |publisher=Dagens Nyheter |date=2011-07-01 |access-date=2011-08-18}} They also announced that they would finance three new models, Saab 9-1, Saab 9-6 and Saab 9–7.{{cite web |url=http://www.nyteknik.se/nyheter/fordon_motor/bilar/article3213612.ece |title=Ny Teknik: Tre nya Saab-modeller ska tas fram |language=sv |publisher=Nyteknik.se |access-date=2011-08-18 |archive-date=2011-08-17 |archive-url=https://web.archive.org/web/20110817054550/http://www.nyteknik.se/nyheter/fordon_motor/bilar/article3213612.ece |url-status=dead }}{{cite web|author=Swade |url=http://inside.saab.com/press-release-swedish-automobile-saab-automobile-pang-da-and-youngman-convert-non-binding-mou-into-binding-agreement-and-agree-on-additional-new-product-joint-venture/ |title=Swedish Automobile, Saab Automobile, Pang Da And Youngman Convert Non-Binding MoU On Equity Investment Into Binding Agreement And Agree On Additional New Product Joint Venture Subject To Regulatory Approvals |publisher=Inside.saab.com |date=2011-07-04 |access-date=2011-08-18 |url-status=dead |archive-url=https://web.archive.org/web/20110811034526/http://inside.saab.com/press-release-swedish-automobile-saab-automobile-pang-da-and-youngman-convert-non-binding-mou-into-binding-agreement-and-agree-on-additional-new-product-joint-venture/ |archive-date=2011-08-11 }}

On July 26, Saab announced that it was unable to pay July salaries to 1,600 white-collar workers. The company was also unable to verify when the salaries would be paid.{{cite news|title=Ingen julilön till Saabs tjänstemän (No July salaries to Saabs white-collar workers)|newspaper=Svenska Dagbladet |language=sv |url=http://www.e24.se/business/ovrig-industri/ingen-julilon-till-saabs-tjansteman_2952042.e24|publisher=E24.se}} However, the entire workforce of blue-collar workers were paid on July 25.

On July 27, it was reported that Bahama-based Gemini Fund would ensure employee salaries did not pay out to Saab, because of the uncertainty arising in securities that would protect the payment.{{cite news|title=Antonov-kopplad fond håller inne Saablån (Antonov-linked fund withholds loans to Saab) (Swedish)|newspaper=Svenska Dagbladet|url=http://www.e24.se/business/ovrig-industri/antonov-kopplad-fond-haller-inne-saablan_2953056.e24|publisher=E24.se}} On the same day it was also confirmed by Russian businessman Vladimir Antonov's Swedish representative Lars Carlström that Antonov has close ties to the fund.{{cite news|last=Strandberg|first=Love| title=Antonov bekräftar koppling till Bahamasfond (Antonov confirm connection to the Bahamas Fund) (Swedish)|newspaper=Svenska Dagbladet|url=http://www.e24.se/business/ovrig-industri/antonov-bekraftar-koppling-till-bahamasfond_2953786.e24|publisher=E24.se}} On July 28, the trade union Unionen announced that if Saab did not pay the white-collar workers within two weeks, Unionen will force the company into bankruptcy.{{cite news|last=Gad|first=Magda|title=Nu hotas Saab med konkurs (Now Saab threatened with bankruptcy.) (Swedish)|url=http://www.aftonbladet.se/nyheter/article13386336.ab| newspaper=Aftonbladet}} On the same day, European Investment Bank (EIB) announced it had rejected the request from Vladimir Antonov to become part-owner of Saab.{{cite news|title=EIB bryter tystnaden: Vi släpper inte in Antonov (EIB breaks the silence: We will not let Antonov in) (Swedish)|newspaper=Svenska Dagbladet|url=http://www.e24.se/business/ovrig-industri/eib-bryter-tystnaden-vi-slapper-inte-in-antonov_2956926.e24|publisher=E24.se}} In response to that decision, the director general of Swedish National Debt Office, Bo Lundgren, severely criticised the EIB for its treatment of Antonov in recent months.{{cite news|last=Strandberg|first=Love|title=Bo Lundgren sågar EIB:s hantering av Antonov (Lundgren criticize the EIB's management of Antonov) (Swedish)|newspaper=Svenska Dagbladet|url=http://www.e24.se/business/ovrig-industri/bo-lundgren-sagar-eibs-hantering-av-antonov_2957030.e24|publisher=E24.se}} On August 5, Saab paid the salaries to the white-collar workers through equity issuance where the Gemini Fund bought 5m shares in Saab.{{cite web|last=TT|author-link=Tidningarnas Telegrambyrå|title=Saabanställda har fått sin julilön (The employees of Saab have received their salaries)|language=sv|url=http://gt.expressen.se/nyheter/1.2518826/saabanstallda-har-fatt-sin-julilon|archive-url=https://archive.today/20120709230601/http://gt.expressen.se/nyheter/1.2518826/saabanstallda-har-fatt-sin-julilon|url-status=dead|archive-date=July 9, 2012|publisher=Expressen.se}}

On August 17, the Swedish Enforcement Administration (SEA) started a distraint process of Saab as a result of the company not settling its debts.{{cite news|url=http://di.se/Default.aspx?sr=6&tr=291817&rlt=0&pid=242709__ArticlePageProvider&epslanguage=sv |archive-url=https://archive.today/20120716230526/http://di.se/Default.aspx?sr=6&tr=291817&rlt=0&pid=242709__ArticlePageProvider&epslanguage=sv |url-status=dead |archive-date=2012-07-16 |title=Nu startar utmätningen av Saab (Swedish) |newspaper=Dagens Industri |first=Afroditi |last=Logothetis |language=sv |date=2011-08-17 |access-date=2011-08-17 }}

On August 19, it was confirmed that SEA had more than 90 cases with claims amounting to 169 million SEK ($25.5 million/€18.4 million) against Saab, of which 22 were in the distraint phase.{{cite web|last=TT |title=Fler utmätningar mot Saab (More foreclosures against Saab) (Swedish) |url=http://www.va.se/nyheter/2011/08/18/fragetecken-kring-saabs-styrnin/index.xml |publisher=VA.se |url-status=dead |archive-url=https://web.archive.org/web/20110927125718/http://www.va.se/nyheter/2011/08/18/fragetecken-kring-saabs-styrnin/index.xml |archive-date=2011-09-27 }} On the same day, the SEA found an account at Skandinaviska Enskilda Banken, which they hoped contained at least SEK5.1 million ($0.8 million/€0.555 million) which would be used to pay off Saabs debt to Kongsberg Automotive.{{cite news|last=Åkesson|first=Bertil|title=Första utmätningen mot Saab i gång (Swedish)|url=http://www.dn.se/ekonomi/konsulter-ska-hitta-pengar-at-saab|archive-url=https://archive.today/20120728161054/http://www.dn.se/ekonomi/konsulter-ska-hitta-pengar-at-saab|url-status=dead|archive-date=July 28, 2012|newspaper=DN.se}}

On August 23, Saab spokesperson, Gunilla Gustav, announced there was a chance the August salaries may not be paid because of lack of funding. One reason is that Saab had not received the money it was promised. The president of Unionen, Cecilia Fahlberg, was highly critical of unpaid salaries becoming an issue for the third time during the summer, and said the union would restart bankruptcy proceedings unless the salaries were paid. As a result of the announcement, shares of Saabs parent company, Swedish Automobiles, fell by 20%.{{cite news|last=TT|title=Saablöner kan bli sena – igen (Salaries may be late – again) (Swedish)|url=http://www.svd.se/naringsliv/saabloner-kan-bli-sena-igen_6409116.svd|newspaper=SvD.se}}

On August 25, it was confirmed that the August salaries had not been paid to the blue-collar employees, and most likely its white-collar workers also, whose salaries were rumoured to be paid on August 26.{{cite web|last=Lönnroth|first=Veronica|title=Inga löner i dag – sannolikt inga i morgon (No salary today – probably not tomorrow either) (Swedish)|url=http://ttela.se/ekonomi/saab/1.1335885-inga-loner-i-dag-sannolikt-inga-i-morgon|publisher=Ttela.se|access-date=2013-12-25|archive-date=2013-12-17|archive-url=https://web.archive.org/web/20131217221303/http://ttela.se/ekonomi/saab/1.1335885-inga-loner-i-dag-sannolikt-inga-i-morgon|url-status=dead}} On the same day, SEA announced that it had foreclosed on about SEK50 million (US$7.9 million/€5.45 million) and it was entitled to the money from the company's payroll account if it didn't not find the remainder earlier. Saab had to have approximately SEK100 million (US$15.8 million/€10.9 million) each month in the payroll account in order to remunerate its entire workforce.{{cite news|title=Saab-löner kan gå till kronofogden (Salaries can go to the Enforcement Administration) (Swedish)|newspaper = Sveriges Radio|date = 25 August 2011|url=http://sverigesradio.se/sida/artikel.aspx?programid=104&artikel=4662102|publisher=SR.se}}

On August 26, Swedish Automobile announced that they had pushed back the interim report until the following week (week 35).{{cite news|title=Saab skjuter fram delårsrapport (Saab Automobile pushes forward the interim report) (Swedish)|newspaper = Sveriges Radio|date = 26 August 2011|url=http://sverigesradio.se/sida/artikel.aspx?programid=83&artikel=4664180|publisher=SR.se}} On the same day it was reported that Saab was preparing an application for reconstruction of the company. Saab was lacking the appropriate funds to start production or pay salaries to its employees and debts to its subcontractors.{{cite news|title=Saab förbereder ansökan om rekonstruktion (Saab is preparing an application for reconstruction) (Swedish)|newspaper = Sveriges Radio|date = 26 August 2011| url=http://sverigesradio.se/sida/artikel.aspx?programid=83&artikel=4664569|publisher=SR.se}}

On August 31, after a five-day delay, Saab released its interim report which announced a loss of €201.5 million with revenues of €359 million after the first six months.{{cite web|last=Martikainen|first=Rebecka|title=Extremt utsatt läge för Saab (Extremely vulnerable position for Saab) (Swedish)|url=http://www.expressen.se/nyheter/1.2546193/extremt-utsatt-lage-for-saab|publisher=Expressen.se}} It was also reported that Saab was preparing an application for reconstruction of the company. Again this is as a result of insufficient funds preventing the start of production, payment of employee salaries, and payment of subcontractor debts. In 2011 Saabs Trollhättan plant ended production.

On September 7, Saab Automobile petitioned Swedish court for a voluntary reconstruction. The aim was to protect the company from creditor's claims until Chinese government approval could be completed for a €245 million deal agreed in June 2011 with Pang Da and Zhejiang Youngman Lotus Automobile (Zhejiang Youngman).{{cite news|author=Trollhättan TT |url=http://www.svd.se/naringsliv/rekonstruktion-igen-for-saab_6447742.svd |title=Rekonstruktion igen för Saab | Näringsliv |newspaper=Svenska Dagbladet |date=6 September 2011 |language=sv |publisher=Svd.se |access-date=2012-04-11}} The following day, the Swedish courts rejected Saabs reconstruction petition, expressing doubt that the automaker could secure the funding necessary to continue.

{{cite news|title=Saab says "not dead yet" after court setback|url=http://uk.reuters.com/article/saab-idUKL5E7K820G20110908?feedType=RSS&feedName=consumerproducts-SP |archive-url=https://web.archive.org/web/20160122221404/http://uk.reuters.com/article/saab-idUKL5E7K820G20110908?feedType=RSS&feedName=consumerproducts-SP |url-status=dead |archive-date=January 22, 2016 | work=Reuters | date=2011-09-08}}

On September 12, Saab announced that it had signed a technology license agreement worth €70 million with Zhejiang Youngman.{{cite web|last=Wade |first=Steven |title=Press Release: Saab AUTOMOBILE SIGNS EUR 70 MILLION TECHNOLOGY LICENSE AGREEMENT |url=http://inside.saab.com/press-release-saab-automobile-signs-eur-70-million-technology-license-agreement/ |publisher=Saab.com |url-status=dead |archive-url=https://web.archive.org/web/20120513115953/http://inside.saab.com/press-release-saab-automobile-signs-eur-70-million-technology-license-agreement/ |archive-date=2012-05-13 }} On the same day, it became known that the trade unions Unionen and Swedish Organization for Managers (Ledarna) submitted the application requesting that Saab be put into liquidation.{{cite web| last=Kerpner|first=Joachim| title=Facken har begärt Saab i konkurs (The unions have requested Saab in liquidation) (Swedish)|date=12 September 2011 |url=http://www.aftonbladet.se/nyheter/article13610330.ab}} Saab Automobile confirmed through a press release that the trade unions had petitioned for bankruptcy supervision of the company.{{cite web|last=Wade |first=Steven |title=Press Release: Saab Automobile Confirms Bankruptcy Filing By Swedish Unions |url=http://inside.saab.com/press-release-saab-automobile-confirms-bankruptcy-filing-by-swedish-unions/ |publisher=Saab.com |url-status=dead |archive-url=https://web.archive.org/web/20120513115850/http://inside.saab.com/press-release-saab-automobile-confirms-bankruptcy-filing-by-swedish-unions/ |archive-date=2012-05-13 }}

On September 22, Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) received approval for their proposal for voluntary reorganization from the Court of Appeal in Gothenburg, Sweden.

{{cite web|last=Wade |first=Steven |title=Saab Automobile Voluntary Reorganization Filing Approved |url=http://inside.saab.com/press-release-saab-automobile-voluntary-reorganization-filing-approved/ |work=Inside Saab |access-date=22 September 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110926010251/http://inside.saab.com/press-release-saab-automobile-voluntary-reorganization-filing-approved/ |archive-date=26 September 2011 }}

On 28 October, media reports stated that the Chinese carmaker Youngman and the Chinese automotive retailer Pang Da had agreed to a joint US$140 million takeover of Saab Automobile and its UK dealer network unit from Swedish Automobile, with Youngman and Pang Da taking 60 and 40 percent stakes respectively.

{{cite news|url=https://www.nytimes.com/2011/10/29/business/global/chinese-carmakers-to-buy-saab-pulling-it-back-from-the-brink.html|title=Saab Sputters On, Saved by 2 Chinese Automakers|access-date=29 October 2011|newspaper=The New York Times|date=28 October 2011|first=David|last=Jolly}}{{cite news|url=https://www.reuters.com/article/us-saab-idUSTRE79R1MZ20111028|title=Sweden's Saab heads for Chinese owners after rescue bid|access-date=29 October 2011|work=Reuters|date=28 October 2011|archive-date=28 October 2011|archive-url=https://web.archive.org/web/20111028204436/http://www.reuters.com/article/2011/10/28/us-saab-idUSTRE79R1MZ20111028|url-status=live}}{{cite news|url=https://www.bbc.co.uk/news/business-15490773|title=Saab chief Victor Muller reflects on sale of car maker|access-date=29 October 2011|work=BBC News|date=28 October 2011}}

On 6 December, GM announced that it would not continue its licenses to GM patents and technology to Saab if the company had been sold to Pang Da and Zhejiang Youngman, stating that the new owner's use of the technology is not in the best interest of GM investors. This was somewhat ironic since most of the patents in question were Saabs in origin but surrendered to GM's ownership back in 2000.{{cite web|url=https://www.google.com/search?tbm=pts&hl=en&q=%22saab+automobile%22|title=Google search for 'saab automobile'|access-date=11 October 2013}} Because of this, Saab started working on a new proposal which would not change the original ownership structure and would not include a Chinese partner as an owner of the company, but instead as a 50% owner of a new daughter company.

On 19 December 2011 with no alternatives left after GM continued to block any form of involvement with a Chinese partner, Saab officially filed for bankruptcy after a three-year fight for survival. Under Sweden's bankruptcy laws, a party that files for bankruptcy can be bought out of bankruptcy. Therefore, this was not the end of Saab.

In the aftermath, both Saab's CEO Victor Muller and Saab's manager of government relations, Anna Petre,{{cite web|url=http://se.linkedin.com/pub/anna-petre/6/bb1/194 |archive-url=https://archive.today/20120713104331/http://se.linkedin.com/pub/anna-petre/6/bb1/194 |url-status=dead |archive-date=2012-07-13 |title=Anna Petre – Sverige | LinkedIn |language=sv |publisher=Se.linkedin.com |access-date=2011-12-24 }} stated that the original deal with Pang Da and Youngman that would have given the two Chinese companies 54% of Saab's parent company, Swedish Automobile (SWAN), was cleared with GM.{{cite web |url=http://translate.google.se/translate?sl=sv&tl=en&js=n&prev=_t&hl=sv&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fttela.se%2Fekonomi%2Fsaab%2F1.1474746-anna-petre-en-av-de-fyra-sista&act=url |title=Google Översätt |language=sv |publisher=Translate.google.se |access-date=2011-12-24 |archive-date=2012-05-07 |archive-url=https://web.archive.org/web/20120507073330/http://translate.google.se/translate?sl=sv&tl=en&js=n&prev=_t&hl=sv&ie=UTF-8&layout=2&eotf=1&u=http:%2F%2Fttela.se%2Fekonomi%2Fsaab%2F1.1474746-anna-petre-en-av-de-fyra-sista&act=url |url-status=dead }} The turbulence created by Saab's administrator, Guy Lofalk, leading the Chinese to believe they could take a 100% ownership, and the subsequent bid for 100% of SWAN, supposedly severely hurt the relationship with GM.{{cite web|url=https://www.youtube.com/watch?v=fvl8dZjZF9U |title=December 19 Press Conference |publisher=YouTube |date=2011-12-19 |access-date=2011-12-24}} Muller blamed Guy Lofalk for the collapse of the talks. He claimed that Lofalk had led the Chinese investors to believe they could become sole owners of the company. Muller also said he [Lofalk] knew that sole ownership was impossible. GM's had strong concerns about licenses. "Until this problem arose the relationship with GM was excellent," Muller said.

There is some doubt as to the validity of both Muller and Petre's opinions. Both General Motors and Guy Lofalk have denied their claims. General Motors also refute Mullers statements that they approved his sale of Saab to Chinese parties.{{cite book |last=Nordström |first=Jens |date=2014-08-28 |title=Saabs sista strid |publisher=Lind&Co |pages=208–239 }}

Since 26 January 2010 Saab was managed by the board, with Victor Muller presiding.

Victor Muller, as CEO of Spyker cars, is now suing General Motors and claims it is accountable for the bankruptcy of Saab.{{cite news|url=https://www.bloomberg.com/news/2012-08-06/spyker-sues-gm-for-3-billion-over-saab-bankruptcy.html |title='Spyker Sues GM for $3 Billion Over Saab Bankruptcy'|publisher=Bloomberg |date=2012-06-08 |access-date=2012-06-08 |first1=Erik |last1=Larson |first2=Phil |last2=Milford}} Muller said: "Ever since we were forced to file for Saab Automobile’s bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM’s unlawful actions". Obviously Muller changed his opinion and now blames General Motors instead of Guy Lofalk. In June 2013 the claim was dismissed by a US federal judge.

On 29 January 2012 the receivers handling Saab's bankruptcy stated that discussions were being held with four or five interested parties with the intention of buying Saab out of bankruptcy.{{cite web|url=http://ttela.se/ekonomi/saab/1.1510882-fem-vill-kopa-hela-saab |title=Fem vill köpa hela Saab – Saab |language=sv |publisher=www.ttela.se |access-date=2012-03-08}} Parties that publicly showed interest were China's Youngman, Indian Mahindra and Mahindra and the Turkish private equity firm Brightwell Holdings. On 14 February 2012 the receivers of the bankruptcy let the press know that there were now six or seven interested parties to buy Saab as a whole and restart production of Saab vehicles and that they aimed to have a final candidate before the end of February.{{cite web|author=Anna-Karin Nils Gustafsson |url=http://ttela.se/ekonomi/saab/1.1528950--alla-intressenter-finns-kvar- |title="Alla intressenter finns kvar" – Saab |language=sv |publisher=www.ttela.se |access-date=2012-03-08}} On March 6, 2012, three companies placed bids for complete Saab Automobile buy out; Mahindra and Mahindra and Youngman with bids in the region of US$300m-400m,{{cite news|url=http://timesofindia.indiatimes.com/business/international-business/Tata-Motors-places-bid-for-Saab-Automobile-Report/articleshow/12159611.cms |title=Tata Motors places bid for Saab Automobile: Report |work=The Times of India |access-date=2012-03-08}} and Tata Motors with an alleged bid of US$350m, which was later denied.{{cite web|url=http://www.thelocal.se/39508/20120306/ |title=Indian automaker places bid for Saab but later they strongly denied the claim: report |publisher=Thelocal.se |access-date=2012-04-11 |url-status=dead |archive-url=https://web.archive.org/web/20120422233155/http://www.thelocal.se/39508/20120306 |archive-date=2012-04-22 }}

On April 10, 2012, many documents regarding the bankruptcy became official and the deadline for final bids of Saab Automobile was reached. Since the first reconstruction in 2009, Saab had gathered a debt of approximately €1.3 billion. The total value of all assets was found to be approximately €360m. The potential sale of Saab would therefore mean that many with claims on Saab Automobile would not be paid. GM's claim of approximately €220m would be prioritized because it consisted of preference shares. The handful of previous interested parties in buying Saab Automobile out of bankruptcy were confirmed to have handed in final bids and were all intending to produce Saab cars in Trollhättan in one form or another. The receivers hoped to have a deal done before summer. The receivers also found that the sale of the Saab Automobile property in the summer of 2011 may not have been legitimate and the property may have to be returned to Saab.{{cite web|author=Anna-Karin Nils Gustavsson |url=http://ttela.se/ekonomi/saab/1.1587482-saab-ar-varderat-till-3-6-miljarder |title=Saab är värderat till 3,6 miljarder – Saab |language=sv |publisher=www.ttela.se |access-date=2012-04-11}}{{cite web|first=Valdemar |last=Lönnroth |url=http://ttela.se/ekonomi/saab/1.1588198-flera-intressenter-slass-om-saab |title=Flera intressenter slåss om Saab – Saab |language=sv |publisher=www.ttela.se |access-date=2012-04-11}}{{cite web|url=http://www.dn.se/ekonomi/deadline-for-slutbud-pa-saab |archive-url=https://web.archive.org/web/20120412203901/http://www.dn.se/ekonomi/deadline-for-slutbud-pa-saab |url-status=dead |archive-date=April 12, 2012 |title=Youngman bland slutbudgivarna |publisher=Dagens Nyheter |access-date=2012-04-11}}

On 16 April 2012, a meeting on Saab's bankruptcy was held at the District Court of Vänersborg.{{cite web |url=http://en.konkursboet.se/ |title=Saab bankruptcy site |publisher=Konkursboet |date=December 2011 |access-date=2012-04-13 |url-status=dead |archive-url=https://web.archive.org/web/20120422092741/http://en.konkursboet.se/ |archive-date=2012-04-22 }} The official receivers in charge of the Saab liquidation valued the assets at US$500m and the debt at US$2,000m. After subtracting the value of the assets, Saab leaves a debt of US$1,500m.{{cite news|url=https://www.wsj.com/articles/SB10001424052702303772904577335704135209644 |title= Saab Auto Left $2 Billion in Debts | newspaper=Wall Street Journal |date= April 2012|access-date=2012-04-27 |first=Christina |last=Zander}}

On 29 May 2012, Saab AB (aerospace and defence company) CEO Håkan Buskhe spoke to the media for the first time in an interview regarding the bankruptcy of Saab Automobile.{{cite news|url=http://www.svd.se/naringsliv/branscher/industri-och-fordon/buskhe-satsa-i-sverige-eller-glom-saab-kopet_7236145.svd |title=Buskhe: Satsa i Sverige eller glöm Saab-köpet | SvD |newspaper=Svenska Dagbladet |language=sv |publisher=Svd.se |date=1987-10-20 |access-date=2012-10-20|last1=Fröberg |first1=Jonas }} Saab AB has the rights to the name Saab Automobile and has the possibility to block the use of the name for any potential buyer of Saab Automobile. Buskhe said that as long as any potential buyer would continue production and development in Trollhättan Saab AB would grant the use of the name but that it will block any deal with a buyer who had the intent of taking production and development outside Sweden. It was also mentioned that Saab AB has strategic partnerships with one of the interested parties in buying Saab Automobile, Indian Mahindra, regarding aerospace and defence and that Saab AB is trying to sell its Jas 39 Gripen fighter jet to India. However, Buskhe did not want to comment on Mahindra's offer on Saab Automobile.

On 6 August 2012, Spyker, represented by the law firm Patton Boggs filed a lawsuit against General Motors in the United States District Court of the Eastern District of Michigan claiming US$3 billion in damages for the actions GM took in the fall of 2011 to stop the various proposed deals between Spyker and Youngman concerning Saab Automobile where Youngman claimed to be ready to invest several billion dollars in Saab Automobile to guarantee its future. More precisely, under the Automotive Technology License Agreement (ATLA) between GM Global Technology Operations Inc (GTO) and Saab, GM refused licensing of the platforms and technology in Saab cars if any Chinese party would be involved in Saabs ownership structure. To solve this issue, Spyker and Youngman came up with a deal where Youngman would provide Saab with a loan of €200 million which would be converted into an equity interest in Saab only after Saab ceased using GM technology in its vehicles. Despite this, GM maintained that it would still refuse licensing of platforms and technology needed for production of Saab cars in Trollhättan and also threatened to cease 9-4X production at GM's plant in Mexico, should the deal go through. Consequently, the deal finally collapsed and Saab was forced to file for bankruptcy. According to Spyker, the actions taken by GM were not legal. Since Saab had been in receivership since the bankruptcy, and would be until the deal with Nevs was closed, Spyker and the receivers of Saab Automobile had entered into an agreement where Spyker would bear the costs of the litigation in exchange for 90% of the claim if the case is successful.{{cite web|url=http://hugin.info/136917/R/1632015/523382.pdf |title=hugin.info |access-date=2012-10-20}}{{cite web|url=http://www.spykercars.nl/?pag=50&jaar=&nid=692 |title=www.spykercars.nl |publisher=www.spykercars.nl |access-date=2012-10-20}}[https://archive.today/20130121001408/http://www.autonews.com/apps/pbcs.dll/article?AID=/20120806/OEM/120809929/1131/gm-sued-by-saabs-parent-company-for-blocking-reorganization www.autonews.com]{{cite web |author=Valdemar Lönnroth valdemar.lonnroth@ttela.se |url=http://ttela.se/ekonomi/saab/1.1723212-spyker-stammer-gm-pa-20-miljarder-kronor |title=ttela.se |language=sv |publisher=ttela.se |access-date=2012-10-20 |archive-date=2012-08-08 |archive-url=https://web.archive.org/web/20120808111532/http://ttela.se/ekonomi/saab/1.1723212-spyker-stammer-gm-pa-20-miljarder-kronor |url-status=dead }}

In June 2013, the district court dismissed the lawsuit, ruling that General Motors was within its rights to block the sale.{{citation|url=http://www.autonews.com/apps/pbcs.dll/article?AID=/20130610/OEM/130619985/saab-parents-3-billion-lawsuit-versus-gm-thrown-out-by-u-s-judge#axzz2VvNFiUSV |title=Saab parent's $3 billion lawsuit versus GM thrown out by U.S. judge|date=10 June 2013}} Saab was purchased by National Electric Vehicle Sweden in June 2012, with production of the Saab 9-3 resuming in December 2013.

A Swedish book, Saabs sista strid, was published on August 28, 2014. The book chronicles Saab Automobile under Spyker Cars and the road to bankruptcy. The author is Swedish financial journalist Jens B Nordström.{{cite web | url=http://www.lindco.se/bocker/saabs-sista-strid/ | title=Saabs sista strid – Lind & Co }}

• Saab Automobile
• Spyker Cars
• General Motors
• National Electric Vehicle Sweden

{{Reflist|35em}}

Category:Bankruptcy

Category:Saab

Category:Spyker