#saab

Saab‘s matchmaking saga is the stuff of cinema. Facing compounding financial dilemmas and a series of unsuccessful talks with a number of investors, the troubled Swedish automaker had little going for it. Just as Saab was close to finally making a deal with its Chinese investors, Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., the company faces yet another challenge that may prevent the deal from happening.

After much back and forth over the past months between Swedish Automaker Saab and Chinese suitors Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co., it seems like funding for Saab is very much back. The Chinese companies have both agreed to buy the Swedish automaker, providing the company with some much needed short and long term liquidity.

It’s been a leaky autumn so far in the motoring universe. Supposed actual pictures and specs have been “leaked” on Toyota’s upcoming FT-86 coupe (FR-S to us in North America); as well as details on Honda’s new generation CR-V crossover.

According to Inside Line, Saab may be ready to re-start production at its factories in as little as 8 weeks, after being sold to two Chinese automakers for $142 million.

According to Saab CEO, Victor Muller, a takeover offer of the Swedish brand by China’s Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. has been turned down.

U.S. private equity firm North Street Capital will give Saab a $70 million investment, including an equity stake worth $10 million and a $60 million loan to the ailing car maker.

The administrator in charge of the Saab bankruptcy proceedings has told a Swedish court that the process must stop.

Narrowly escaping bankruptcy and liquidation for the 17th time (ok, maybe that’s an exaggeration), Saab has confirmed receipt of a 70 million Euro payment from Chinese investor and automaker Zhejiang Youngman Lotus Automobile Co.

The tiny island nation of Singapore is best known for its laws banning chewing gum and instituting corporal punishment against criminals, and apparently, a big lover of the Saab 9-5.

At this week’s SEA All-Wheel Drive Symposium in Bloomfield Hills, Michigan, OEM supplier BorgWarner will show off its next generation of AWD systems including a new hybrid-electric setup. The system, known as eAWD, will be fitted to a Saab 9-3 and BorgWarner claims it will offer, “superior stability and traction with lower emissions and up to 20 percent better fuel economy.”

U.S. private equity firm North Street Capital, has purchased Spyker, after a deal to sell the Dutch outfit to Russian investors fell through. The Financial Times reported the news after viewing a preliminary draft of the announcement.

After more than a year of struggle under Spyker’s management, many thought Saab would have succumbed to its financial woes already, yet somehow the Swedish automaker has been able to pull a few tricks out its bag just as it would seem that its luck had run out.

Saab‘s museum collection of historically significant vehicles was seized by Swedish authorities from the company’s museum. The Swedish Enforcement Office took possession of  the museum and other contents, including 13 exhibits, 22 engines and six workshop tools.

The Saab soap-opera continues, but this week the news is good. Saab just won a court appeal to protect it from creditors while it awaits funding from its Chinese investors.

Saab‘s days as an automaker might not yet be numbered. According to a recent report a Chinese automaker may be interested in purchasing the bankrupt automaker. “I’ve heard this one before,” you’re probably thinking to yourself. But this time it’s different…. we promise.