bankruptcy

Polls Headed South, Mitt Romney Hits The Road To Win Michigan
Polls Headed South, Mitt Romney Hits The Road To Win Michigan

Presidential candidate Mitt Romney's made no secrets of his ties to the epicenter of the American auto industry, in Michigan. Not only was Romney's father George governor of the state, he was president of American Motors during that company's last real run at success, in the 1960s. But as he's...Read More»

2011 Saab 9-4X
Saab's U.S. Dealers Pray For Miracle, Ask For Chapter 11 Protection

Saab is dead, but the dream of Saab lives on -- at least in the U.S. According to a report in AutoNews, a group of Saab dealers in the States have banded together to petition a U.S. Bankruptcy Court for Chapter 11 status. Why Chapter 11? Because it allows the possibility -- no matter how slim --...Read More»

2013 Ford Escape
2013 Ford Escape (Tentatively) Priced, BMW ActiveE Driven: Today's Car News

Today at High Gear Media, Porsche celebrates hitting the two-million Facebook fan mark and has released details regarding the interior of the 2013 Boxster. General Motors previews the future of car windows and Saab's bankruptcy is affecting Spyker's future. All this and more in today's car news...Read More»

MINI already using #Saab in advertising.
Saab Is Dead, Long Live... MINI?

In case you missed today's breaking news on Saab, the Swedish automaker filed for bankruptcy in Swedish District Court this morning. The move came after Chinese suitor Youngman withdrew funding commitments, following GM’s reconfirmation that it would block any purchase attempt by the Chinese...Read More»

2011 Saab 9-5
GM Says 'No' To Saab Sale: We Recap The Saga's High Points Up To Today

The long, strange, saga of Saab may finally be coming to a close. Even though there's a shaky deal with Chinese investors in the works, GM has said that it will block any sale of Saab that involves the sharing of GM technology. As a result, Saab's reorganization administrator is once again pushing...Read More»

2011 Saab 9-5
Saab Starts A New Chapter, But How Long Will It Be?

On Friday of last week, struggling Swedish automaker Saab signed a memorandum of understanding with Chinese partners Pang Da and Youngman. The MOU essentially sells Saab to its Chinese partners for the bargain-basement price of $142 million. That investment, however, is only the first step on what...Read More»

2011 Saab 9-5
Saab Sold To Chinese Investors, But Will Beijing Approve?

The strange saga of Saab has taken another hairpin turn this morning: in a short post to its website, Saab says that Chinese firms Pang Da and Youngman will now purchase 100% of the company. But the three parties still have a few hoops to jump through, including getting authority from Chinese...Read More»

2011 Saab 9-5
Saab Ends Deal With Pang Da & Youngman: The End Is (Probably) Near

Saab fans, we have some bad news: the automaker has cancelled its agreements with Chinese firms Pang Da and Youngman. As a result, Saab's future seems a little dimmer and grimmer. If you've been following this story, you know that Pang Da and Youngman have been the only investors willing to give...Read More»

2011 Saab 9-5
Saab's Chinese Suitors Bail, Court Asked To Pull The Plug

Yesterday, Saab hit the snooze button and dreamed of survival a bit longer, thanks to a series of loans from North Street Capital totaling $70 million. That isn't nearly enough to keep the brand afloat, though, and the company has been banking on investments from China for its long-term stability...Read More»

2011 Saab 9-5
Saab Gets A Lifeline From North Street Capital

Saab, or more specifically Swedish Automobile (Swan), has received a monetary lifeline from North Street Capital, LP. The deal will generate $10 million in cash (for shares of Swan common stock) by this Friday, followed by a loan of $60 million, expected to close next week. If North Street Capital...Read More»

2011 Saab 9-4X Aero
Saab Still Awaiting Funding From Chinese Partners

In mid-September, amidst the chaos surrounding the potential bankruptcy of Saab, the automaker received what it thought was good news. Chinese partner Youngman agreed to front Saab a bridge loan worth some $95 million, in exchange for the production rights to Saab’s next generation sedan...Read More»

2011 Saab 9-5
Saab Bankruptcy Hearing Set For September 26

Two white-collar labor unions have filed bankruptcy proceedings against Saab as expected, and the lower court in Vanersborg, Sweden has set a hearing date of September 26. The bankruptcy filings against Saab were a necessary step by the unions to ensure that member are eligible for the equivalent...Read More»

Vauxhall/Opel electric car concept for 2011 Frankfurt Auto Show
Saab's In Trouble, Reese Witherspoon Hit By Car: Car News Headlines

Reese Witherspoon has been hit by a car driven by an 84-year-old. [MotorAuthority] In an era of downsizing, GM says the small block V-8 isn't going away. [TheCarConnection] The Bamby P50 truly begs the question: how small is too small? [GreenCarReports] Saab has been denied bankruptcy protection by...Read More»

2011 Saab 9-5
Saab Files For Bankruptcy Protection; Will China Save The Day?

Saab has had more than its share of troubles the past few years, and the company's failing finances have been headline fodder for weeks. So it should come as no surprise that earlier today, the company filed for "voluntary reorganization" with the District Court in Vänersborg, Sweden. Critics...Read More»

2009 Saab 9-5 SportKombi
Saab To File For Court Protection From Creditors, Unions: Report

Saab's logo may be the mythical griffin, but a nine-lived cat might have been more appropriate. The struggling Swedish automaker has already twice cheated death at the hands of its parent General Motors, but its ninth life may now be hanging by a thread (to mix a metaphor or two). According to...Read More»

2011 Saab 9-4X
Saab Drowning In Debt, Customers Jump Ship, CEO Gets Raise

Usually there's a lull in auto news at this time of year, but Saab is bucking the trend with plenty of high-stakes drama. New reports indicate that the Swedish government is about to seize Saab's assets, customers are fleeing the brand, and curiously, the CEO of Saab's parent company has landed a...Read More»

2011 Saab 9-5 Aero
Despite Funding Commitments, Saab Still Can't Pay Workers

In the past few months, Swedish Automobile (Saab’s parent) has signed agreements with Chinese partners Pang Da Automobile Trade Co, Ltd. and Zhejiang Youngman Lotus Automobile Co, Ltd. worth an estimated $245 million. They’ve sold real estate holdings, including their factory in...Read More»

Chevy, Buick, and GMC 'Main Street in Motion' drive event, CitiField, NYC, June 2011
Chevy, Buick, GMC Get 'Butts In Seats' Via Stadium Drive Days

Let's say you're the largest U.S. automaker, and you have a little problem. You're building cars that get good reviews for features, fit, finish, and fuel economy, but half the world still thinks you build lousy cars like you used to, and the other half shuns you as "Government Motors" due to a...Read More»

U.S.-spec 2012 Fiat 500c
Fiat Buys Out The Feds, Becomes Majority Owner Of Chrysler

It's hard to believe that two years have passed since Chrysler's Chapter 11 hearings concluded (next Friday is the grim anniversary). Now, the automaker is preparing to begin a new chapter -- one with Fiat fully at the helm: Chrysler announced yesterday that Fiat will buy out the U.S. government's...Read More»

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