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Saab Museum Seized By Swedish Enforcement Office

Posted in auto industry, News, Saab by Kurt Ernst | September 26th, 2011 | 1 Response |

Saab's 9-5 sedan. Image: © Saab Automobiles AB

Just in case you’ve missed the ongoing soap opera that Saab has become, the latest is that an appeals court has granted them protection from creditors. Just as in a reorganizational bankruptcy, this gives Saab time to raise funds and restructure itself, with a court-appointed supervisor, into a viable business. While we’d stop short of calling the future “bright” for Saab, at least a future is still possible.

It’s not all good news for Saab, since the Swedish Enforcement Office has seized control of Saab’s museum, which contains some 109 vehicles, and over 40 other exhibits. These assets were seized as part of a collections process, begun prior to Saab being granted bankruptcy protection. As such, the museum and its contents will remain in limbo pending the outcome of Saab’s reorganization; if it’s successful (and Saab pays off existing debt owed to creditors), the assets will be returned to the “new” Saab. If the reorganization falls through, the assets will be sold to pay off a portion of the $31 million Saab owes its suppliers.

If Saab is to emerge as a leaner, meaner automaker, the Chinese government must approve pending deals with Pang Da and Youngman, who’ve agreed to invest a total of $351 million in the Swedish automaker. The odds of this happening are anyone’s guess, since the Chinese have been reluctant to approve deals between domestic manufacturers and foreign automakers. If the Chinese government green-lights the deal, Saab may indeed have a future. If the Chinese deny the pending agreements, it’s unlikely that Saab will have the funding to restructure itself.

On the other hand, Saab has survived every attempt to kill it over the past six months. If any automaker can survive an ordeal like this, it’s Saab.

Source: Left Lane News

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One Response

  1. djrosa says:

    as for saab going under i couldnt care less i love old saabs but there is no place for a car company that makes cars for regular joe and that just has two models. but i hope that if they sell of those museum saabs that they wont end up in a private collection outside of sweden.