Saab in danger of bankruptcy - report

Saab PhoeniX concept live in Geneva - 01.03.2011
Saab PhoeniX concept live in Geneva - 01.03.2011

Hype or truth?

It sounds like déjà vu all over again as a new report is indicating that Saab is in danger of going bankrupt.

In an interview with Sweden's Dagens Industri, would-be Russian investor Vladimir Antonov stated he doesn't believe Saab will reach their goal of selling 80,000 cars in 2011. He added this would cause problems with the European Investment Bank which could result in Saab being declared bankrupt within five days after the loan is due. Furthermore, Antonov said the company likely needs €1 billion to stay afloat and he is willing to invest half that amount.

While nothing is official, Saab's financial situation could explain Spyker's recent decision to sell their supercar division to CPP Global Holdings. Of course, this could also be chalked up to an overzealous investor who's peeved that his alleged ties to organized crime deep-sixed his original attempts to back Saab.

Source: Dagens Industri and NU

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Comments (14)

eemo_crash eemo_crash
Dagens Industri always publishes detrimental stories when it comes to Saab. If the whole story was told then it'd put a completely different spin on the story. Mr Antonov wants to invest in Saab. EIB will not allow Mr Antonov to be a stakeholder because if his "criminal dealings". If Mr Antonov were to become an investor the EIB would most likely pull its funding from Saab. However Mr Antonov would be willing to fill the financial hole that the EIB would leave plus more. So, its not that Mr Antonov doesn't have confidence in the company, in fact he has so much confidence in the company that he is willing to invest so much. Its funny how the media can twist a story to make it look far worse then it actually is...
Mar 13th, 2011 9:20am
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eemo_crash eemo_crash
These comments made by Mr Antonov aren't needed. And to tell the truth they could be true, but extremely unlikely. the EIB granted Saab with the loan to see it through its business plan. the EIB is not about to call in a loan that it knows will not be able to be repaid until the company has returned to profitability. Yes Saab needs new products... And they are coming out. We've already got the new 9-5 Sedan, the 9-4x and the 9-5 SportCombi launch later this year and at the end of next year we will see an all new 9-3. Give the company some time to find its feet before you seal its fate, GM only dropped it a year ago and its still trying to get up off the ground. I whole heartedly believe that next year will be a turning point for Saab as we finally see the General lose its influence over the brand and Saab returns to its slightly eccentric and left of field place in the market.
Mar 13th, 2011 9:03am
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nixlair nixlair
You`re all so pessimistic. Saab has a beautiful look and so much potential. Audi and BMW are not that much better looking that I would pick them over a Saab. But they just got bought out and they do need to get their stuff in order, i love my 9-3 but come on, get a new model out there already. it`s been the same since 2003 (oh, sorry, they changed the lights a bit). I really hope we don`t lose Saab.
Mar 11th, 2011 4:38am
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bordeauxman1 bordeauxman1
It's not a surprise. They do not have their place in the actual market. We do not know where they want to go.
Mar 11th, 2011 3:01am
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rupash88 rupash88
If they keep following their same ways like jaguar, in terms of shape, the obvious is going to happen. Start with a new sheet of paper, but keep the Saab elements, like what BMW have done with their new range...no hints of bangle design left, but unmistakeably BMW.
Mar 11th, 2011 2:32am
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wcfuser14369 wcfuser14369
I;m going with RCFs second theory on where this story comes from -- some posturing by Antonov to better his position. That said, it can't be good news for SAAB that the 9-5 has received such a muted welcome. They need to sort themselves out pretty quick.
Mar 10th, 2011 10:41pm
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Given Saab's recent resurgence, I hoped the cycle of gloom and despair would not repeat itself. Its brand equity is strong, and has the chance to become the Swedish equivalent of Audi, should it prosper.
Mar 10th, 2011 7:41pm
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mickey5shins mickey5shins
not again
Mar 10th, 2011 7:35pm
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bmw2002m bmw2002m
The basic golden rules in making a car sell succesfully is to make cars reliable, affordable and attractive to look at - if one of these 3 things is not there then they are facing down the barrel. I saw a Saab there yesterday - brand new car and yet the thing was as ugly as pigsh**. What person in their right mind goes out and decides they want to buy a Saab ahead of whatever else is out there? Let's just say it's a "unique" choice!
Mar 10th, 2011 6:57pm
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fusion01 fusion01
Exactly. Nuff said.
Mar 11th, 2011 4:04am
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Tushar Tushar
Sell it to TATA. they will turn it into profit
Mar 10th, 2011 6:46pm
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alessandro alessandro
In a previous comment I wrote that new 9-5 will be a big failure for Spyker and economically very hard to bear. In fact entire lineup is outdated and yet just an American Saab-thematic show, not Saab as a car. There is no hope.
Mar 10th, 2011 6:26pm
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GTurbo GTurbo
I can say with real confidence that SAAB has nothing to fear if this rumour mill is anything to go by. However, new product offensive has been short from SAAB and that could explain the situation. Perhaps it's time deep-pocketed architects need to start a donation campaign to save their beloved SAABs! The name of the above Concept, PhoeniX, refers to the ancient folklore of the phoenix that rose from the ashes and that pretty much sums up SAAB's resurgence under Spyker. What if this potential supercar gets the nod and sells at great value? BMW were under the threat of a Ford takeover some few years ago and new M3s and M5s later, it was history! SAAB need to start working smart on the double!!
Mar 10th, 2011 6:09pm
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fusion01 fusion01
The M3 and M5 have both pedigree and history, this Saab does not. It's doomed to fail. Would you splash out lots of cash when there are so many more sensible options? Those picking it up on a whim due to massive cash to plurge won't resurrect Saab from the ashes of their own demise.
Mar 11th, 2011 4:03am
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