Saab U.S. Liquidation Plan Approved

Saab U.S. Liquidation Plan Approved

The long story of Saab’s bankruptcy is starting to come to an end as the Swedish automaker has gained court approval for a plan in the U.S. to liquidate in order to pay back creditors.

The U.S. Bankruptcy Court in Delaware signed off on Saab Cars North America Inc.’s plan to pay back its creditors and some portion of unsecured claims, while wiping out equity holders. Under the automaker’s liquidation plan, secured creditors will receive full payout.

As for unsecured claims, they are slated to earn between 25- to 82-percent recovery. Those claims total about $77 million so far, excluding contract rejection claims that are likely to be asserted by Saab’s U.S. dealers.

[Source: Reuters]

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  • Alfie

    Saabs kind of sucked… but I still miss seeing them on the road.

  • Rich R

    They began to suck after GM got involved. Was it after 1998?

  • Alfie

    Saab’s sucked long before then. Honestly… GM kept that company afloat. They certainly didn’t help it… but with out GM, it would have been gone 20 years ago.

  • Saab driver

    Saab suck at being a Camry. Saabs are great cars for enthusiasts or people who actually like to drive

  • Matt Dana

    2000, I believe. I had a 2001 9-3 “Viggen” and I think it was the last model year before GM made major changes. That car was a ton of fun to drive. Very slow to accelerate at first due to some major turbo lag, but once you got above 20 or so the turbo took over and suddenly the car was fast enough to give your passengers whiplash. The suspension was hard as a rock but that was part of the fun.

  • nick

    Alfie I assume u owned or at least drove to familiarity many Saab’s to make such a bold and general statement?

  • YH

    I own a 2002 SAAB 9-5 Aero with 110,000 miles on the odometer. This is by far the most fun car I’ve owned. With the big Garrett turbocharger it outperforms 99% of the cars on the road, and the 4 cylinder engine still produces 32 MPG. With normal preventative maintenance it has never left me by the road side. SAAB bolted this car together solidly in Sweden to hold its own on the European Autobahn. Clearly you’ve never owned a SAAB to make such an insulting statement about the car.

  • YH

    Saab driver,
    Very well said!

  • doug900

    I currently own a 1999 Saab 9-3 with 261,000 mi on it. I purchased it at 49,000 miles. They far from suck! They are quite a good car. Saab is all I have ever driven. I did the timing chain and balance shaft chain, and all sprockets, a water pump, as a precaution (the old one was not leaking). A rebuilt turbo (the old one was slightly leaking oil) last month, with the engine out. I had the head off, and the original factory cross hatch (in case you know what that is) was still in all 4 cylinders (in other words, NO WEAR)! Show me a Ford Chevy or Chrysler that can do that. Not likely! I still average between 29 and 31 mpg with this car. Granted GM didn’t do them any favors, but they are still a respectable car. The Swedes sure knew their shit!

  • doug900

    One way or another, I will always own a Saab. I will not drive American Junk!

  • Steve Wedge

    I owned three Saabs, in sequence: ’86 900 Turbo, ’99 93 and an ’02 95. I hated trading in the 95.

    The 93 was my favourite as far as overall comfort and performance.

    Yes, they suck at being Camrys. If you maintain them they will last forever – especially here in the South.

    GM sucks in general, but they especially suck at marketing any lower-production car that is not a Corvette. I’m sad to see them go, but I might buy a low-mile convertible one of these days…

  • shaongaon

    The first GM SAABs appeared in 1994. The 900 models became known among enthusiasts as 900NG (New Generation).

  • YH

    American cars are constantly playing catch-up with European automotive technology and innovation. That’s the only reason Government Motors bought SAAB. I say why not just buy a European car and be done with it.

  • kyle

    my 2002 saab aero has 152k miles. runs like a charm…true drivers car. will be a sad day when i give it up

  • biffster10

    GM should have folded up Buick, not Saab!

  • CarNutt

    It’s too bad. Have you seen the values on the old classic 900s? A few years ago they were only a couple of thousand.. now they are fetching 5, 10 or more. I missed the boat. Especially on those convertibles. Milestone car.

  • Joe

    Miss my ’95 9000. 4 cyl, turbo, 5 speed. Room, comfort, excellent fuel economy. Bummer.

  • Sabber

    Got a 92 900S in Blue that is completely dent free and 1 owner. Love the car. Just cant get the family on board with not having a “new” car. Roof liner needs work but will miss the feel and history of the car if I ever sell it. Love the SAAB brand and sad to see it going away.

  • DJ

    I bought a 2002 Aero for my son a few years ago and it has been nothing but a headache the whole time. He’s been stranded about four times and the dealer rapes me every chance they get. Leaking head gasket, leaking water pump, bad CPS, leaking oil pressure sensor, and on and on. Fortunately I think I’ve got most of the things sorted by now but it would have been cheaper to buy him a new car. At least there would have been a warranty.

  • DealerMike

    Gm didn’t fold up anything… Obama killed many well established, profitable Chevrolet, Buick, Cadillac, and GMC dealerships, many family owned for scores of years. Obama replaced GM’s CEO with a bureaucrat who, believe it or not, did not even OWN an automobile, much less have any understanding of the industry! Obama completely wiped out the historic car lines of Pontiac, Saturn and Saab, displacing thousands of bread winners working for them in production, sales, administration, etc. and their suppliers, all because he wanted to “avoid bankruptcy” for GM. Instead Obama channeled tax payer’s money to the unions that voted for him. Many more Americans shareholders completely lost their investments in GM when for the first time in history shareholders were put behind the trade unions and came away with nothing! It’s been disclosed that the reorganized GM has already repaid their initial government loans – unfortunately the payback was financed by other government loans, not with their own money. You just can’t make this crap up!!

  • DealerMike

    I attend two wholesale dealer auctions a week and often buy cars for relatives & friends and have been for 25 years. I have personally owned several Saabs, my favorite being a 2001 9-3 convertible my daughter now has. I presently drive a ’01 9-5 and enjoy driving it. I also have owned a number of GM 3800 V6 powered midsize cars and presently own a ’03 Buick Park Avenue. Allow me to make a few personal observations. The Saab and the Park both achieve better than 30 mpg highway. Not surprisingly the Saab is more fun to drive, and is a comfortable tight car, but not not quite the road trip car the Park is. Both have exceptional stereos, with the slight edge going to the Park. Saabs tend to not do well without regular, almost constant maintenance. They do not tolerate non-synthetic oil worth a damn! They are also susceptible to annoying oil leaks. Like many other “foreign” cars, Saabs are generally expensive to service unless you do it yourself. Obviously Saab never did find out how to make a digital readout, which strikes me as a little pathetic. They remind me of VWs, in the sense they have an annoying number of little things that break or quit working right (not to imply they’re anywhere nearly as bad as VWs). The GM 3800 engines are by far one of the very best, most reliable engines ever built, bar none. Ya, a few developed coolant leaks at the intake manifold gasket, but it was an easy $200 fix and totaled less than 5%. If GM had had any brains they would have used the 3800 – probably supercharged – in the Cadillac line, instead of their techie but totally unreliable Northstar oil leaker! I often see Pontiac, Oldsmobiles, Chevy & Buicks with over 250,000 miles on them, still running great. A month ago I drove a Bonneville with 330,000 miles on it that ran just fine. Only problem with the Supercharged 3800s is when driven hard they tend to lead to early transmission problems, but in a Impala, Grand Prix or Regal they’re a blast to drive, much like a good running 9-3. Both types of GM cars have their place: the Saab is for the enthusiast who enjoys a quick, great handling close-to-luxury sports car. He/she doesn’t mind the occasional item that needs attention and doesn’t mind getting their hands dirty. In fact, it gives the Saab a real personality many more mundane cars completely lack. The Impalas, LeSabres & Grand Prixs are for the pretenders who champion reliability over sportiness. And any of them do a much better job at transportation then Chrysler or Ford could ever hope for… or VW, Audi, Jaguar, etc. for that matter. Finally, every time I drive a nice 9-3 I can’t help but think of my ’65 Olds 442, and it brings a smile to my face! Remember, while they no longer make 2001 Saabs anymore, they also no longer make 2001 anythings anymore! Keep the faith!

  • MtlSaabie

    I own a 2006 Saab 93 Aero convertible. Its a bit of love hate relationship at times when silly things stop working. Beautiful black on dark grey/black learher interior with 110000km. It’s still a head turner with its swanky curves and smooth V6, especially with the roof down. Was gonna sell it until decided it just might be a rare version to keep and grow in value. Gonna store it over winters now and get myself a proper AWD machine for the harsh winter months.

  • JMChristian

    I agree totally… they definitely aren’t as reliable as a Camry, but they are a heck of a lot of fun to drive and they handle exceptionally well. I’ve owned three, a ’78 Wagonback, an ’87 3 door hatchback and the a ’94 Turbo Convertible. The latter was my favorite, but also the most trouble. As much as I loved them though I just couldn’t bring myself to buy another one after GM took over and screwed things up.. including the design imo.

  • Jeff Noyes

    Really you believethe president killed GM. It was bad management and remember the economy went down in flames when good old W was president. Bet your stocks ae a lot better today than when W was in office. Look at the facts not which party your belong to!!

  • Liberty4all

    I bought a ’91 900Turbo convertible with 112k mi 2 yrs ago.
    It had been pampered by the NYC theatre manager who owned it (let’s face it, it was THE Gay man’s car in it’s day), but the NYC roads/traffic beat it hard.
    I put synthetic oil in it, and ABUSED it. The oil has >30k on it, no leaks. You can’t kill the thing. It has needed an AT band adjustment for 2 years, I do NO MAINTENANCE. One fuel pump relay went bad, and it was a pain to get to. I have put 2 alternators on it. I use this car as a daily driver /beater and I treat it worse than any car I’ve ever owned. Just keeps going after THREE deer collisions.
    I drive/maintain it like a Bengladeshi taxi driver, and it just keeps giving. The US AT sucks! Other than that, a joy to drive, and as reliable as a ’74 Dodge Dart. The last 40,000 miles have been the cheapest / most fun / most irresponsible miles I’ve ever driven.