Today we learn that Saab suspended warranty coverage on all of its new vehicles sold in North America effective from December 19, while the company also informed dealers that they must sell any remaining cars "as is", without any coverage whatsoever.
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The company's CEO, Victor Muller, blamed General Motors for blocking every rescue attempt that involved the Chinese company Youngman Lotus Automobile, including its latest offer of a US$5 million funding to continue the restructuring process.
“That, basically, was the last nail in the coffin of this beautiful company”, said Muller only hours after requesting that Saab be declared bankrupt.
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And...always look on the bright side of life...
Always look on the light side of life..."
First of all, we hope Monty Python won’t mind altering their song from The Life of Brian. We'd also like to note that we are in no way making fun of the fact that, unless something unexpected happens, Saab is closing shop – for good this time, leaving thousands of workers unemployed.
We’re just trying to say that, in the event the liquidation of the car company goes through, there are consequences but not all of them are bad for consumers.
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Though it had a very long lifespan of 103 years, no one really noticed its demise. After all, this was just U.S. Bankruptcy Judge Robert Gerbert signing the death certificate. Giving birth to the “new GM” two years ago was a very painful process – and one that most of those involved would like to forget.
It meant the sacrifice of three of its brands (Pontiac, Hummer and Saturn) and getting rid of another (Saab, which ironically is now in a similar position), closing 13 plants along with 900 dealerships. GM also had to reduce its U.S. workforce from 91,000 to 68,500 employees, which either way, is a far cry from the 525,000 workers it had in the States and another 100,000 outside the country in 1955.
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Earlier this morning, Swedish Automotive N.V. (Swan) announced that Saab Automobile, Saab Automobile Tools and Saab Powertrain filed for bankruptcy with the District Court in Vanersborg, Sweden.
This comes after Youngman, the Chinese company which last week promised to pay for the carmaker’s restructuring, informed Saab that it cannot provide the funding necessary for the continuation of the process.
Therefore, Swan concluded that, with GM vetoing any proposed plan until now, and without the essential funding, it would be insolvent. Thus, it was better for its creditors to file for bankruptcy.
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On Monday Guy Lofalk, the court-appointed administrator who proposed the termination of the carmaker’s restructuring process, quit. Two days later Saab announced the appointment of another administrator, Lars-Henrik Andersson.
On Thursday, after Andersson turned down the job, Saab said that Lofalk would eventually be replaced by Lars Soderqvist.
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Guy Lofalk, the court-appointed administrator who oversaw the restructuring of Saab and last Tuesday proposed that the process be terminated, quit his post.
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The U.S. Insurance Institute for Highway Safety (IIHS) has awarded the 9-4X crossover and the 9-5 sedan a “Top Safety Pick”, its highest rating for crashworthiness.
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Today, though, a ray of light shined in Trollhättan as Saab received a first payment from China's Youngman Lotus Automobile, ahead of the court meeting that will decide its future next week.
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Apparently, some of GM's enthusiasm for badge-trickery managed to rub off on certain consumers like the owner of this 1995 Saab who artfully transformed the open-top model into the Cadillac 900S Convertible in a way that a 1990s GM exec would say, "why didn't I think of that?"
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Guy Lofalk, the court-appointed administrator who oversees Saab’s restructuring, announced that he will apply for a termination of the voluntary reorganization of Saab Automobile and its two subsidiaries with the Vanersborg District Court in Sweden.
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Unfortunately for Saab, this latest plan, which put Pang Da out of the picture, didn’t make the cut with General Motors either. On Tuesday, GM spokesman James Cain issued the following statement: “We have reviewed Saab’s proposed changes regarding the sale of the company. Nothing in the proposal changes GM’s position. We are unable to support the transaction.”
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On Monday, Saab owner Swedish Automobile (SWAN.AS) announced that it is currently in discussions with Youngman Automobile and an unnamed bank in China about a potential investment in Saab.
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Swedish Automobile N.V. (Swan), though, announced today that Saab Great Britain (Saab GB) filed for administration with the High Court in London.
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The new Audi A6 received an “Excellent” rating with an overall score of 93 points. This is a huge improvement over the previous model's 79 points.
“The redesigned Audi A6 is an impressive car and a joy to drive”, said senior director of CR’s Auto Test Center. Consumer reports says that the significant improvement is attributed to the revamped model’s combination of strong acceleration, agile handling and comfortable ride as well its high-quality and quiet interior.
Other models included in CR’s mid-size luxury test were the Mercedes-Benz E350 BlueTec, the Infiniti M35h hybrid and the new Saab 9-5.
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After receiving court protection from its creditors, Swedish Automobile N.V. agreed to sell 100% of Saab to Chinese partners Pang Da and Zeijiang Youngman Lotus Automobile, it had to get approval from its shareholders. General Motors, though, almost immediately raised concerns over the deal
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