Following Saab‘s declared bankruptcy, the outstanding balance on the $400 million euro ($526 million) loan given to the automaker by the European Investment Bank required payment, since it had been guaranteed by the Swedish Debt Office.

Now, the Debt Office has reported that the outstanding balance on the loan (equivalent to some $325 million) has been paid, making the Swedish government the former automaker’s largest creditor.

With Saab assets, including shares in the parts and tooling divisions held as collateral by the Debt Office (which are worth more than the loan itself), sources have reported that the Swedish government is looking to sell the automaker as a whole entity, instead of breaking up and selling off various assets through bankruptcy.

Former suitor Zhejiang Youngman Lotus Automobile Group, whose last-minute rescue bid was blocked by General Motors, causing Saab to collapse in December, is reportedly still interested in acquiring the  former Swedish automaker, though so far, no official bids have  been announced.

[Source: Auto News]

Last week we reported the news that Saab was auctioning off the vehicles in its museum, with over 120 different models looking to be separated from one another. It appears that Saab enthusiasts and the city of Trollhättan, where the museum is located, wasn’t too keen on that idea.

The museum has been saved thanks to the city of Trollhättan, SAAB AB and The Wallenburg foundations. The trio paid over $4.1-million for the whole collection to remain in Trollhättan, but more importantly none of the cars will be separated from one another. The running costs of the museum will also be absorbed by the city and the regional government.

This is great news for what little may remain of Saab history, with the museum presumably housing the most complete collection of Saab vehicles in the world.

[Source: Saabs United]

A Turkish private equity firm, Brightwell Holdings, has announced its interest in placing a bid on now bankrupt Swedish automaker, Saab. The firm, based out of Istanbul, invests in energy, transport and technology and wishes to buy all of Saab and wishes to keep production in Sweden.

“We will make a bid very shortly, there’s no question,” Zamier Ahmed, a board member of the group, said. The firm is currently in discussions with those overseeing Saab’s bankruptcy in addition to Saab CEO Victor Muller. Brightwell Holdings aren’t the only ones making bids, as China’s Youngman continues its pursuance of Saab with rumors that they’ll make an offer worth several billion Swedish crowns.

Brightwell’s offer is probably a couple of weeks out though as they continue to evaluate Saab’s assets, including its inventories, in order to determine what they’ll be willing to pay. For Saab to emerge from bankruptcy however, the offer will need GM’s approval along with the Swedish government and the European Investment Bank.

[Source: Automotive News Europe]

Just when it seemed Saab would be gone from news headlines for good, Youngman swooped in again to make a bid.

Apparently the company hasn’t given up on getting Saab back up and running. According to Dagens Industri, a Swedish business news organization, the Chinese firm is submitting a £430 million offer, or about $560 million.

They are choosing to make that offer despite GM’s previous sabotage attempts which were meant to keep the company out of Chinese hands. A miniature war was waged last year between Youngman and GM when the American giant decided such a sale would unfairly divulge technology being used in the 9-4X.

Youngman seems unfazed, however, and is continuing their pursuit which will include an additional $520 million being invested. If they actually manage to take the company, they plan to resume production of the 9-3 in April or May.

[Source: Autocar]

Bold and ambitious, Victor Muller founded Spyker Swedish exotic sports cars before purchasing Saab, believing in its return to past glory under his leadership. Confident in his abilities, Muller’s gamble on Saab put Spyker in danger as well.

Following Saab’s devastating bankruptcy, Swedish Automobile N.V. (Swan for short, formerly Spyker Cars N.V.) have announced that there are talks on the possible sale of Spyker as well. On the other hand, if Swan chooses to keep Spyker, then the company faces the difficult challenge of securing funds. However, if Swan is unable to raise capital or if a suitable buyer cannot be found, Spyker will likely suffer an unfortunate fate similar to Saab.

Plans to sell Spyker were hinted in the past as financial firms CPP Global Holdings and North Street Capital showed interest in the Swedish boutique automaker. But, inexplicably, both deals fell apart without any statements issued or information disclosed. Meanwhile, Spyker is also carrying debt held by Tenaci Capital BV, controlled by Victor Muller himself and wealthy Russian, Vladimir Antonov. Making matters even more serious, four of Swan’s supervisory and management board members, Hans Hugenholtz, Maurizia La Noce, Alex Roepers, and Rob Schuijt have resigned after disagreements with Victor Muller. Seeking nothing less than a Hail Mary pass, Swan issued 2.5 million shares to seek more investors. Despite the effort, existing shares of Swan have fallen to €0.22.

While the Spyker was never a popular marque, its sports cars are a celebration of spirited driving, luxury, and attention to the smallest detail. As time and money runs dry, we may soon witness the end to Spyker’s brilliant and short existence.

[Source: Autoweek]

Next on the chopping block for Saab is the auctioning of over 120 Saab models from the Swedish automaker’s museum at its headquarters in Trollhättan.

Car collectors from all around the world will now have the opportunity to own some very rare and even one-off concept models from Saab’s museum including their UrSaab prototype, the automaker’s first car. Some of the other vehicles that people will have the opportunity to bid for include a 1974 Saab 98 prototype, 1981 James Bond Saab 900 Turbo, 2001 Saab 9X concept and the Subaru Tribeca-based 9-6X prototypes.

You can hit the source for the PDF file from Delphi, a Swedish law firm, with all of the Saab museum vehicles being auctioned off.

[Source: Delphi Law Firm - PDF File via Carscoop]

It seems that General Motors is feeling a little guilty for how things went down with Saab, but just a little guilty. GM will be contacting 70,000 plus Saab owners and offering them the “GM Saab private offer” to help quell any negative feelings left over after the closing of Saab’s doors.

The incentives won’t be huge, but may be just enough to convince some consumers to replace their old Saab with a new GM product. The Saab private offer listed on the GM website is as follows:

Beginning January 4, 2012 and continuing through February 29, 2012, select General Motors SAAB customers are eligible for the SAAB Private Offer off the purchase or lease of new vehicles.  Refer to program 12-40CR for official guidelines and vehicle eligibility.

SAAB Private Offer:
• $250 Chevy Equinox, Sonic, & Volt, GMC Terrain, & Buick Verano
• $500 all other Buick, Chevy and GMC vehicles
• $1,000 all Cadillacs, Chevy Corvette, Avalanche, Silverado, and GMC Sierra

We will have to wait and see if these meager offerings are enough to swing some favor in the Generals direction.

[Source: Jalopnik]

Just about 100 more Saabs will roll off the line after the Swedish automaker decided to send some employees back to finish incomplete units still standing in the factory.

The company was plagued with financial problems after changing hands from GM to Spyker Cars and ultimately Swedish Automobile. That forced them to shut down despite attempted rescue investments by Chinese companies, Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. Unfortunately for Saab, GM, which manufactured the 9-4x crossover, said the move would unfairly share their technology in key markets and subsequently blocked it.

For now, new Saabs can still be seen on the road, and the company’s North American operation is trying to find a way to honor existing warranties, but the brand will soon be little more than an automotive relic.

[Source: Saabs United Via AutoBlog]

With court appointed administrators having taken over the remnants of Saab following the automaker’s bankruptcy, exactly what to do with the company’s assets is still very much an ongoing process.

Recently, Bloomberg reported that among the suitors interested in acquiring Saab assets, which so far have been Zhejiang Youngman Lotus Automobile Co. Ltd  and the Turkish government, Mahindra & Mahindra, the giant Indian conglomerate, has now also stepped forward.

Reportedly, talks are underway between Mahindra & Mahindra and Saab’s administrators. So far, as to which Saab assets are up for grabs, little has been revealed with Mahindra & Mahindra in particular remaining very tight lipped on the matter.

In addition, the same sources have reportedly said that despite these discussions, talks between the administrators and the Turkish government remain ongoing as well since Turkey has expressed interest in launching it’s own domestic vehicle brand. At present, acquiring Saab assets in order to do so appears to be the most logical step for the Turkish Government.

[Source: Bloomberg]

10. Fiat Returns to America

As another calendar year draws to a close it’s time to take a look back at the top 10 biggest stories of the year in the auto industry. It’s been a busy 12 months, starting all the way back in March when the Fiat 500 officially went on sale, marking the return of the brand to America. The last time an Italian car was sold here that didn’t cost six figures (or close to it) was 27 years ago. Since then, Fiat has introduced the 500C convertible model and most recently the Fiat 500 Abarth, aimed at enthusiasts.

The jury is still out on the Fiat brand’s success in North America, although the first year has failed to live up to expectations, with Fiat predicting sales of 50,000 units, while according to automotive data firm GoodCarBadCar only 17,444 have been sold in the first 11 months of the year (add 5,000 more if you include Canada). Some of this may be the result of Fiat’s marketing initiative with several ads featuring Jenifer Lopez, which the Fiat faithful rejected and many believe cost the brand boss Laura Souve her job. Getting the Fiat dealer network up and running also proved a challenge.

With more models coming, and Alfa Romeo set to return in 2013, Fiat is here to say. More importantly, perhaps, is the Fiat connection to Chrysler – a company it saved from bankruptcy and which it is now slowly rebuilding back into a profitable automaker.