Springman's Saab

SCWC-We Are Many, We Are Saab at Springman's

2012-01-14T15:41:00.000-08:00

Thanks to all that attended, it was a great time to re-connect. I believe we had a total of about 25 cars and about 30 or so people attend. The weather was almost symbolic that the night before the event we got our biggest snowfall of the year and it didn't dampen the spirit at all and we had more people than expected attend.

We Are Many, We Are Saab Event

2012-01-10T21:14:00.001-08:00

This Saturday the 14th of January, the Saab Club Of Western Canada is meeting at Springman's Saab. The club will be meeting at 11am. We have received an email from Saabs United that they have sent out stickers for the event and for anyone attending you should have no problem receiving one. Hope to see everyone out here for a nice time.

My Latest on Saabs United

2011-12-16T09:54:00.000-08:00

This is my latest post on Saabs United, hope you enjoy it:

I really didn’t know what to call this post because it has nothing to do with what’s going on with Saab right now, but it kind of has everything to do with Saab. Maybe Christmas is getting to me and I feel I have to share in a way that is a break from the normal of what we’ve been reading here. In any case, here it goes. Where do you see yourself in this thing called Saab? We call ourselves Saabs United and I would say that for the most part this is very true. Just as with any organization or group, you will from time to time have people that come into you group with the sole purpose to disrupt things and to try to get reactions from others. Since coming to Saab and getting to know people all over the world, there are a couple of things that stand out to me and set Saab apart from any other car company and Saabs United apart from most other sites.

First would be the word “United”, the dictionary describes united as being made into or caused to act as a single entity. Better than that is this one, formed or produced by the uniting of things or persons. Do we always act as a united front? No, but I would have to say that even when we don’t, we are still united by our passion for Saab to survive and our passion for the great cars and people that make Saab, Saab. Even when on occasion I have disagreed with people, it has opened the door for dialog when handled properly.

Secondly would be this sense of community within the Saab world. The dictionary describes community as a social group of any size whose members reside in a specific locality, I guess for those of us here, our locality is Saabs United. Community runs even deeper than that and a lot of people on here have become almost like an extension of your friends or social network. I know for myself since coming to Saabs United, I have made friends all over the world. The Saabs United team has become a part of my family and the team is like a community in itself. I have people that I talk to everyday about Saab related stuff through Skype and they have become some of my closest friends and you notice when you haven’t spoken in days. I will be travelling to Las Vegas at the end of this month with my family and plan to meet up with “ryanonsrc” for some dinner and conversation. What other communities are so strongly rooted? The sense of community almost in a way can feel like a family. At our dealership we often refer to our customers as a part of our extended family and I feel that in a way with a lot of you as well. Sometimes we need to set our family straight and sometimes the kids will act up, but in the end, we are all a part of this united community and I wouldn’t trade it for anything.

Ask yourself what it is that brings you here every day or like me, every hour? For me it’s all of the above that I mentioned and I thank people like Tim who has invested so much of himself and money to Saabs United to cover things like never before, think of Octoberfest, that was outstanding. Also Till who has brought us so much Hirsch inside coverage that I just can’t to see what’s next (more photo’s please) and Jeff who digs deep to get to the heart of the story and tracks down leads like no one else. There are a lot of people that make Saabs United what it is from the inside and just as importantly are all of you that make it that much more interesting. Thank you all and I know it’s early, but Merry Christmas and Happy Holidays to you all.

One Lars In One Lars Out

2011-12-15T10:34:00.000-08:00

In another weird twist today, the newly appointed administrator Mr. Andersson has stepped down and Mr. Lars Soderqvist has stepped in. On Hökerberg & Söderqvist’s website, it appears that Lars Soderqvist “has worked with financial issues since 1985 and specializes in business and civil matters in the financial field."

The biggest part to me of what has happened today is that we have an administrator that believes that this will be successful. With everything we've been through on this emotional roller-coaster, it is nice to have in his own words, an administrator who believes in a positive outcome for Saab.

“I have been informed and also given the opportunity to get confirmation from the parties involved on the preconditions for the plan. The confirmations have been of a nature that I have determined that the conditions for this will be successful. “

What A Busy Day In The World Of Saab

2011-12-14T17:10:00.000-08:00

Well today we start the day off with Saab asking for a new administrator and followed by Mr. Lofalk, faxing this to the courts:

I have not had the opportunity to evaluate the new financial plan in detail. My view is that the new structure agreed upon between Saab and Youngman is such that it deserves a new administrator to be put in my place.

This after Mr. Lofalk had asked for reconstruction to be terminated. Obviously a lot has changed since his initial involvement with Saab and he must know something about this deal to state that he feels it deserves another administrator to take his place.

Very shortly after hearing about this, we get news that a new administrator has been appointed. The new administrator is Mr. Lars-Henrik Andersson. Mr. Andersson is part-owner and has worked at Lindahl's office in Stockholm since 1994. His main body of work is with company purchases, funding and reconstruction. It would seem that he is well versed in how to work to a successful reconstruction. Well that's today in a nutshell.

Court will hold oral hearing with Saab

2011-12-13T17:52:00.000-08:00

This post is fromTimR at Saabsunited and is some very welcomed news to Saab fans everywhere. It also looks like we have a strong case to go forward with reconstruction. Saabs United will be represented at the court on Monday by Tim himself and we look forward to hearing his findings on Monday.

Today Saab applied for the court to hold an oral hearing on the reorganization matter. A small extension on the time was asked in order for all delegates to be able to make it to Sweden in time for the hearing. This was granted by the court. Foreign creditors will also be able to attend the hearing.

On Monday, December 19th at 13:00, the district court of Vänersborg will hold an oral hearing with Victor Muller & Rachel Pang. The court has also asked for a brief submission on extending the reorganization beyond the initial three months stipulated by law.

The basic plan to be presented to the court for Saab and Youngman is:
- An outline of the Youngman & Saab deal
- Funding of Saab within and after the reorganization
- the current status of the reorganization

The final and most crucial thing that Saab & Youngman will present is why this new deal will work when the previous ones have failed.

Another Week

2011-12-01T12:19:00.000-08:00

A lot has been written this week about Saab and what is or isn't going on. I have been trying to wait for an outcome to be officially announced and I do feel that we are very close. A lot of talk has been ongoing with all involved parties and one thing that seems to be for certain is that GM will not accept a 100% Chinese ownership bid if they are to still supply cars and IP. All parties are aware of what is needed to make this deal go forward and I think we will see the result of their tireless work in the next day or so. I could speculate on lots, but I'll leave it at that for now and hang tight as this ride gains some traction and speed.

Saabs and Safety

2011-11-20T00:20:00.001-08:00

I've been thinking about how safe our Saabs are lately and think that it's a subject worth bringing up. When I searched Saab in my Google search bar this morning to search for news, I came across the following from Lucas Meyer at 660 News:

An 18-year-old man is lucky to be alive after an accident Friday night while travelling southbound on Deerfoot Trail.

The teenager was going the speed limit close to Airport Trail N.E. at around 9:30 when he lost control of his Saab, swerving from the far left hand fast lane all the way to the right.

Duty Inspector Paul Stacey tells 660News, the vehicle then travelled over the guard rail at the Airport Trail overpass and was airborne for 70 feet before it landed on the road below.

"I can tell you this, he's a very lucky individual because his injuries are non-life threatening and he dropped a long way down to Airport Trail, it could've been a heck of a lot worse," he said.

The road was closed off at Country Hills Blvd for about 90 minutes.

Alcohol was not a factor in the accident.

This is just one of countless stories about Saab and survival. This is definitely not an unusual story of someone surviving a crash in a Saab.

MOU has expired

2011-11-15T21:06:00.001-08:00

What does this mean? Well in short, not much. The MOU signed by Saab and YPD has expired, but all parties are still in talks to try to reach an acceptable agreement with GM. The MOU was a self imposed date so therefore means very little if all parties are still talking. This is far from over, so sit back grab your popcorn and watch this movie unfold with us. It's sure to be number one in the box office, the story is unreal.

Hirsch Is Here Canada

2011-11-02T14:15:00.000-07:00

For those of you that have been waiting, I am pleased to announce that Hirsch is here. In a conference call earlier this week, dealers were given pricing for all Hirsch product including ground effect kits, interior kits and performance upgrades. If you are interested in any of these great products, please call the dealership and speak to service or parts and if you need any further information, please call me personally. Now you can personalize your Saab the way you want it.

Jason Powell
Sales Manager

Saab Sold to Pang Da/Youngman

2011-10-28T10:01:00.000-07:00

So, the day has come and a real deal is on the table. Saab has now been sold 100% to the two Chinese suitors in Pang Da and Youngman. How this will all play out still remains to be seen. What would seem to be the biggest obstacle now is GM, as they still have to give approval. Below is the press release from SAAB.

Swedish Automobile Signs MoU With Pang Da And Youngman For The Sale Of Saab Automobile And Saab GB
Trollhättan, Sweden:Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million.

Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan´s shareholders and certain other parties. The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.

The administrator in Saab Automobile´s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.

Of coarse this is all great news for Saab as a company especially when you consider that last week the reorganization administrator had petitioned the courts to stop the reorganization. With today's news, the petition to stop reorganization has been withdrawn and Saab is safe. Over the last six months, people have questioned Victor Muller and accused him of looking out for himself and not the good of the company. It has been more then frustrating to sit on the sidelines and try to defend him to people that just wouldn't hear. With this deal and many like this, the fact also that Saab has not produced a car in many months and all of his personal losses and sacrifices, I think it's safe to say that there has never been a larger supporter and champion for SAAB..... EVER!!! Thank you Victor for every bit of your blood, sweat and tears that you poured into Saab, I for one do not want to see you go, so hopefully you will still be involved and continue to be our motivator.

What To Make Of Everything In The World Of Saab

2011-10-25T14:45:00.000-07:00

Swedish Automobile (SAAB) said on Sunday that it was cancelling the agreements signed in June with Pang Da and Youngman because they had failed to complete their commitments. Youngman had committed a $70 million Euro brig loan to Saab to get through the reorganization process and only a small portion ($11 million) had been received which prompted the administrator of the reorganization process to ask for the process to be halted and therefore put Saab in a position where they had to come up with a solution quickly.Saab then did act quickly, dealing with a new company (North Street) to secure a loan of $60 million USD as reported on SaabsUnited:

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has received a commitment from North Street Capital, LP (North Street) on the funding of Swan and Saab Automobile AB (Saab Automobile).
Subscription to 2,386,635 ordinary shares in the capital of Swan at a price of USD 4.19 per share for the purpose of funding the working capital of Swan, Saab Automobile and Saab Great Britain Ltd. The shares to be issued will be paid in full by Friday October 21, 2011.Procurement of a loan to Saab Automobile in the amount of USD 60 million to be collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO. This loan is subject to further documentation. The object of the parties is to finalize documentation no later than Monday October 24, 2011 with subsequent funding within two days thereof.Swan intends to accept this offer because it has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011. Immediate availability of funding is necessary to continue the reorganization process of Saab Automobile.

Since this time, there have been endless reports about the administrator and acting in good faith or not:

According to Muller, Lofalk has been more focused on arranging a change in ownership, that chinese Youngman and Pang Da would buy 100% of Saab instead of the 50% the companies earlier had agreed upon, to get a continued reconstruction.

Then we hear the sad news that Victor has just lost his Father and in July he lost a Sister. This has been a year he would most definitely like to forget on so many accounts. It's amazing to think of what he was going through in July after losing his sister and not being able to be there and to never once make this public when his name and ability was being trashed and not once have any of us heard him whine about it.

Where are we today? Well, now the Chinese would be suitors are throwing out statements of how they are still interested in the original deals and that they still see things going forwad....

"The company has been exploring various options favorable to Saab during its restructuring process. But, before any new agreement is reached between the parties, we think the previous pact remains legally binding," Pang Da said.

"Just as we have indicated to Swedish Auto and Saab many a time, we are willing to continue helping Saab (and to) provide short-term and mid-to-long term funds through other means" Youngman said.

Now I'm sure they are still interested because Saab could be a huge success in China, what I'm not so sure of is the willingness of Saab to continue down this path with would be suitors trying to push them into a deal that wouldn't make sense for Saab. We can't forget too that the wild card in the deck now is North Street and they seem quite willing to invest into Saab. Here is a little of what has come out of North Street and Saab talks:

“It’s Victor’s call. He has put a lot of effort into trying to save this company. At the moment there is a deal with the Chinese”

Mascioli said when asked if he was prepared to step in should the deal with Pangda and Youngman fall through.

Saab is an undervalued asset that will survive and from which Mascioli expects to turn a profit, he said, adding that North Street had the capacity to take over Saab should it wish to do.

With all that is currently going on around the Saab world, it is important to keep things in perspective and to not go out half cocked thinking we as fans have all the answers or that the book has already been written and the chapter is closed. One thing we have learned through this process is that Victor Muller is anything but a quitter. He will fight until he has no fight left and he will always put the companies needs before his own. Personally, I feel that the deal with North Street could potentially be a much better deal for Saab and will ensure Saab stays in Sweden..... But the Chinese companies in Pang Da and Youngman are still showing interest and I believe they know that they will be better with Saab in such a growing market, but what they need to do now is to put their money where their mouth is and stop playing games if they want to continue and if they are not prepared to do that, then get out of the way.

SWAN Receives Commitment From North Street Capital

2011-10-20T12:27:00.000-07:00

What a day it has been for Saab today. Saab has secured some short term funding to get them through the reorganization process and not from one of the two Chinese partnerships but from a private equity firm in the US. Shortly after this news release was a release that the administer of the reorganization is going to ask to have the reorganization terminated, quickly followed by Saab saying they will fight this. To anyone who is counting Saab out at this moment, I would suggest you look back at the last six months and see what they have come through to get to this point and I think you can see a level of commitment that is second to none. If there is a way to pull things together, it will be done and Mr. Muller will work until it is complete.

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has received a commitment from North Street Capital, LP (North Street) on the funding of Swan and Saab Automobile AB (Saab Automobile).

The offer consists of the following transactions:

Subscription to 2,386,635 ordinary shares in the capital of Swan at a price of USD 4.19 per share for the purpose of funding the working capital of Swan, Saab Automobile and Saab Great Britain Ltd. The shares to be issued will be paid in full by Friday October 21, 2011.
Procurement of a loan to Saab Automobile in the amount of USD 60 million to be collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO. This loan is subject to further documentation. The object of the parties is to finalize documentation no later than Monday October 24, 2011 with subsequent funding within two days thereof.

Swan intends to accept this offer because it has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011. Immediate availability of funding is necessary to continue the reorganization process of Saab Automobile.

Saab Deals For October

2011-10-18T16:38:00.000-07:00

Cash savings are huge for Saabs in October. The Saab 9-3 has a dealer cash credit of $6000 and a $2000 Owner Loyalty Credit for owners of a 1995 or newer Saab and on the 9-5 the savings get better. The 9-5 dealer cash credit is $8000 and a $2000 Owner Loyalty Credit again for owners of a 95 or newer Saab. Bottom line is that you can save to a maximum of $10,000 on a new Saab in October. We still have a great selection of 2011 Saabs in stock as well. Hurry in while the selection lasts.

No news from NDRC my take

2011-10-15T09:45:00.000-07:00

This was my recent post on SaabsUnited about the NDRC and what the lack of a decision on Friday meant and more importantly didn't mean.

I was a little confused this past week when I was hearing the date of October 14th being the date for a decision to be announced by the NDRC as I didn’t know where that date had come from. Well, the day has come and gone for some and no decision. A bit of internal news from Saab was posted on Inside Saab by Swade about that date and what this does or doesn’t mean.

“Many have highlighted October 14 as a possible date when the NDRC would take its decision regarding Saab’s planned business agreements with Pang Da and Youngman. For third parties it is not possible to know exactly when authorities like the NDRC will take their decisions.

The reason for October 14 spreading the way it has, is an early assumption made by Saab in court documents, based on general process information that Pang Da and Youngman received from the NDRC. The fact that we didn’t receive any decision from the NDRC today has no bearing on the decision process in its entirety and is not something from which we should draw any conclusions.

Pang Da and Youngman are very committed to making our partnership a success as proven by yesterday’s announcement regarding the first payments under our bridge financing agreement with Youngman.”

My take on all of this is simply that, no news is really just no news. People have speculated and called it “reporting” about what is happening for too long and sometimes those speculations/reports have resulted in some serious negative ways with stock and sales. I would strongly suggest to anyone following the Saab story to hang tight, keep calm and wait for the real news. Saab has some very interested partners that are taking some serious gambles themselves to ensure that Saab has a bright future.