Saab Roller Coaster Continues as Cash Gets Tight

Saab just can't seem to catch a break. After moving from the General's formerly overcrowded pocket into the hands of Spyker, the once-quirky brand is now doing all it can to bring production back online after failing to pay suppliers.

The gist is this: Saab received 400 million Euros (~$580 million) from the European Investment Bank so it could keep on ticking. Sweden guaranteed the loan, meaning whatever Spyker's resolution calls for must get the go-ahead from the Man.

Saab hopes Sweden will release some collateral, but in order for that to happen its loans must be reduced. According to Reuters, the first hit would be cutting money from IEB loans intended for green tech.

Bo Lundgren, Sweden's Debt Office Chief, says, "We can to some extent consider reducing the collateral which in turn would leave them able to use the collateral to obtain financing...But that is on condition that they scale back the amounts being guaranteed and reduce the volume of loans and that we on the margin improve our safety margin."

Saab has a few other cards up its sleeve, however. For one, the brand may sell off real estate and then lease it back. Another potential solution comes in the form of Spyker Cars owner Vladimir Antonov. He's the Russian investor who was run out of Spyker by General Motors for alleged shady business dealings, and he's got funds.

Regardless of how Saab fares, higher-ups in Sweden's government want people to know that they will not simply assume responsibility for organizing the company. Anders Borg, Sweden's Finance Minister, says, "It is very much up to those who are responsible for Saab to sort the problem out...It is not going to be solved by the taxpayers lowering their demands for clarity and good governance."

Keep checking back as the Saab survival story continues.

By Phil Alex

Saved by Antonov: Saab Sells Production Facilities to Russian Banker to Get Cash

The Swedish government offered Saab conditional backing for a deal to free up cash for the company (see previous story here), whose production lines have been stopped for two weeks as Saab didn't pay suppliers. "We have decided to allow the Debt Office to conclude an agreement with Saab," said enterprise minister Maud Olofsson during a news conference on Friday.

The government has approved a proposal from the Debt Office to allow Saab to sell real estate, including the production plant, to Russian financier Vladimir Antonov and then lease it back from him. The minister said this deal would bring €30 million to Saab in the first phase, although the real estate was worth much more than that.

Russian bank-owner Vladimir Antonov was one of Spyker's major shareholders before the Dutch-based company bought Saab from General Motors. Antonov was forced to sell his share before GM approved the sale, but now it seems Antonov is back in the game. The Swedish government agreed to the deal as the real estate was held as collateral for a 400 million euro loan from the European Investment Bank (EIB) to Saab, which the Debt Office guaranteed.

Olofsson said that the agreement means that the size of the EIB loan would now fall to 280 million euros. "This means in practice that the exposure of taxpayers falls as the size of the loan falls," Olofsson told reporters on Friday. However, the Swedish government had set conditions to the deal. These were that Saab had to get a market price for the property and to have access to production facilities. In addition, the payment had to take place through a European bank without links to Antonov and questions surrounding the buyer had to be cleared up.

What this all means is that from now on, Antonov will have a say in Saab’s future. Pending government approval, he may also buy a stake in the company.

By Dan Mihalascu

Source: Reuters

Saab's All-New 9-5 SportCombi to Debut at Geneva Motor Show

We've been fielding rumors of an estate version of the all-new Saab 9-5 series for some quite time now, but today, the Swedish automaker made it official announcing that the world premiere of the SportsCombi will take place at the 2011 Geneva Motor Show in March.

"The launch of the 9-5 SportCombi is a much-awaited next step in the roll-out of our new product offensive," said Saab Automobile CEO Jan Ake Jonsson. "It will take Saab back into the large wagon segment where we have established a strong presence in many key markets with our previous offering."

While Saab is keeping official photos out of sight for now, it did release some preliminary details on the 9-5 SportsCombi. According to the Swedes, the premium estate model will come equipped with many practical features. These include an adaptable multi-fold floor, flexible U-rail load space configuration and under-floor stowage with a sealed wet storage compartment, a programmable powered tailgate, and 60/40 split rear seatbacks that fold down almost completely flat without having to reposition the seat squab or remove the head restraints.

Turbo engines, Saab's XWD all-wheel-drive system and an array of features such as, adaptive cruise control, Bi-Xenon adaptive lighting, key-less entry and starting, tri-zone air conditioning and a Pilot Head-up Display which projects information on the windshield, will also be available.

Saab said the 9-5 SportCombi will arrive in the US in the Fall of 2011.

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Saab Releases First Official Photo of 2011 9-5 SportsCombi

Following a preliminary release earlier today, Saab has issued the first official photograph of its 9-5 SportCombi. The estate version of the 9-5, which will carry the SportWagon moniker in certain markets including the UK, will get its public debut at the Geneva Motor Show in March.

Saab has not yet released detailed information on the engine lineup, but buyers should expect to see a similar mix of turbocharged diesel and gasoline motors (depending on the market of course) to the sedan variant when it arrives in the market this Fall.

For the time being we only have a single official picture of the 9-5 SportCombi / SportWagon, but Carscoop reader Torben just sent in several renderings of the car sourced from the patent drawings filled in the U.S., which you can check out after the jump.

Hat tip to Torben for the drawings!

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Saab Officials Confident that 2011 will be a Turning Point in the Company’s History

Saab sold just 31,696 cars globally in 2010, after having cut its sales target from 45,000 to 30,000-35,000 vehicles, due to the restructuring of the brand’s supplier base. However, with fourth quarter (2010) sales up 129% compared to 2009, Chairman Victor Mullen believes that Saab “is firmly establishing itself as an independent car manufacturer”.

Last year was especially difficult for the Swedish automaker, as the low inventory decimated sales figures.

“One of the largest challenges in 2010 was to restock our dealers around the world to normal levels again, especially in a market like the United States, where you need dealer stock in order to be able to sell cars”, Muller said in a statement on Wednesday. “For instance, when we acquired the company, there were a mere 500 cars left on the ground in the United States. Normal inventory levels in this market should be at 6,000-7,000 units”.

Optimum inventory levels are still a long way from reality, but, during the past 12 months, Saab did pick up some momentum, which, coupled with the launch of new models, should help the maker achieve the projected sales volume of 80,000 units for 2011.

Saab will invest US $1 billion into its recovery plan, with the focus being on new models. The 9-4X crossover, set to debut in May, is of them. Next up is the ageing 9-3 due for replacement in 2012. Furthermore, Saab wants to revive the 92 model of the ‘50s, in the form of a modern compact car, which, if priced correctly, should add much needed volume to sales.

The Trollhättan-based manufacturer will continue to expand its dealer network as well, targeting markets like China and Russia and it expects to be profitable in 2012, with sales projected to reach 120,000 units.

By Csaba Daradics

Source: Autonews [sub. req]

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Saab 9-5 Convertible Design Study: What do you Think?

Courtesy of SaabsUnited, the people who provided pics of the nice but ill-proportioned 9-5 Coupe rendering (see here) we recently showed you, here is a look at a second possible 9-5 variant. It's a computer generated image for a large, 4-seater convertible that could compete with the Audi A5 Cabrio in the future world of what-ifs.

Using a traditional soft top and nicely-equipped with a turbo-six and all-wheel drive, this car could be a wonderful option for families looking to buy into the Swedish design scene and who also want a unique mid-size convertible that comfortably seats four.

Even better is the potential for Spyker to move itself down-range a bit and receive its own coachbuilt version of the car (and maybe even the 9-4X crossover).

What say you, dear readers? Is this 9-5 'vert an interesting niche vehicle for the Swedish niche brand, or is it simply a waste of time to hope for this?

By Phil Alex

Source: SaabsUnited , Via: Autoblog.nl