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Old 09-12-2011, 02:38 PM   #1
AVANTI R5
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Default Saab gets $96 million lifeline in China deal as it renews bid for court protection R



Unions seek bankruptcy ruling in pursuit of unpaid wages




Quote:
AMSTERDAM (Reuters) -- Saab Automobile said today it has arranged 70 million euros ($95.6 million) in bridge financing with the help of a Chinese guarantee, buying some time while it renewed legal efforts to seek court protection from creditors.

In three significant developments today, parent company Swedish Automobile NV said:

Saab has signed a technology license agreement with a legal entity, called a specialty purpose vehicle (SPV), for 70 million euros, according to a statement. As part of the deal, Chinese car producer Zhejiang Youngman Lotus Automobile has also signed a technology license deal with the SPV, providing a guarantee for its payment.

Saab filed a formal appeal to a Swedish court decision last week to deny Saab's attempt to protect itself from creditors.

Confirmed that two Saab white collar unions in Sweden filed a court petition to have the automaker placed in bankruptcy.

Licensing deal
In its latest of several attempts to raise immediate cash, Swedish Automobile said the SPV licensing deal was part of a bridge loan, and that it intended to repay that with proceeds of the 245 million euro equity investment promised by Chinese partners Pang Da Automobile Trade Co. and Youngman.

The deals are still awaiting approval from the Chinese authorities, and in the past they have halted planned investments such as Saab's failed deal with Hawtai Motor Group in May and Sichuan Tengzhong Heavy Industrial machinery's bid for General Motors Co.'s Hummer, which collapsed in 2010.

Saab has been on the brink of collapse after a Swedish court last week rejected its initial application for protection from creditors.

Saab said it filed the appeal the court's decision today, saying the court's interpretation of the Swedish law was too strict.

"Saab Automobile is of the opinion that in its ruling, the District Court has applied a much stricter standard of proof than is required under the Act," the company said in a statement.

Saab went through the process in 2009-2010 when it was owned by GM. Swedish Automobile said it wanted the court's protection to stop creditors' payment demands from pushing the carmaker into bankruptcy and allow it to work on securing its future.

Lack of funds has forced Saab to halt production for months, while suppliers and workers have not been paid.

Unions pursue bankruptcy
Meanwhile, two white collar unions today applied to a court to have Saab made bankrupt after losing patience over delayed salaries.
The unions are the largest white collar organization, Unionen, and the smaller union for managers called Ledarna. The unions want to activate a state scheme to pay wages. None of Saab's employees have been paid for August.

"A bankruptcy application is a way to make sure that our members are not left without the money they have a right to," Unionen chairman Cecilia Fahlberg said in a statement.

Unionen represents about half of the 3,600 workforce at Saab, which is owned by Swedish Automobile NV. Ledarna has 126 members at the automaker.

In a separate statement, Swedish Automobile said the court has received the filing, but has not yet rendered a judgment which could take several weeks.
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Old 09-12-2011, 02:52 PM   #2
ChiWRX
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YES YES YES.


SAAB refuses to die.


Oh and A5, thanks for posting. Is all well at the homestead?
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Old 09-12-2011, 03:05 PM   #3
lawn boy
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^^ yeah, lets cheer for less competition and a further blow to the EU economy
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Old 09-12-2011, 03:08 PM   #4
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Originally Posted by lawn boy View Post
^^ yeah, lets cheer for less competition and a further blow to the EU economy
Welcome to capitalism.
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Old 09-12-2011, 04:05 PM   #5
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Originally Posted by ChiWRX View Post
YES YES YES.


SAAB refuses to die.


Oh and A5, thanks for posting. Is all well at the homestead?
pretty bad, just built the dock house this past year for my lady, gone totally. The main house was ripped in half when the dam let loose. I got the collection out just in time, some new motors and parts are shot. Lost my ham station, new dyno (never used), just so much is gone, pictures and crap. Lost rental properties. My business, family business etc. It is mind blowing. I am insured on just about everything property wise. A lot of people are not, so I am lucky I guess. I am going to Maine, I started transfusions and this stress is not good for me. Thanks for asking and all the e-mails from everybody. this shall pass too...
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Old 09-12-2011, 04:07 PM   #6
ChiWRX
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Dear god I'm sorry to hear that..


At least you're alive.
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