Saab Denies Reports that it is Seeking Court Protection - For Now

As the days go by without a viable solution to Saab's worsening financial problems, the closer the company gets to its breaking point.

Today, Sweden's public radio (Sveriges Radio) ran a report citing unnamed sources that said Saab's parent company Dutch group Swedish Automobile NV (SWAN) was preparing to apply for court protection from its creditors. If that were to happen, Saab would be placed in a process of corporate restructuring similar to the one it entered in 2009 while GM was in control.

Later in the day, Mats Fägerhag, head of technical development at Swedish Automobile NV told the radio station, "We have not taken any decision to apply for reorganization".

Swedish Automobile NV issued a rather vague statement saying the company is looking to secure funds and is evaluating "all available options" to "secure the continuity of Saab".

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Saab Worker's Unions May Force Company into Bankruptcy State

Apparently, it’s not just suppliers who are demanding to either be paid by cash-strapped Saab or seize its assets. IF Metall and Unionen, the two biggest worker unions of Saab Automobile, have stated they will most likely request a court order to put the company into bankruptcy, unless their wages are paid within the next two weeks.

Saab is scheduled to pay its workers on Friday, August 26, however the company announced on Tuesday that payments may be delayed since the funds that it had supposedly secured are not yet available.

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Saab Says there's a New Risk of Delayed Payments to Workers

More bad news for cash-strapped Saab. After Sweden's regulators started the collection process against Saab Automobile for failing to meet a deadline last week to pay two suppliers, the automaker's parent company Swedish Automobile N.V. (Swan) announced today that the payment of August wages to employees could be delayed because some of the funds that were committed by investors may not be paid in time. Read more »

Swedish Regulator Prepares to Seize Saab Assets as the Automaker Hires Endeavor to Secure New Funding

Saab just can't seem to get a break. When you think that it's on the right path to solve its problems, suddenly new issues arise. This time it’s Sweden’s Debt Enforcement Agency, which, according to Detnews, has started collection proceedings after the company failed to meet last Tuesday’s deadline to pay two suppliers.

Saab’s debt to Kongsberg Automotive AB, a Norwegian manufacturer of car seat parts, and Infotiv AN, a Swedish consulting firm, amount to $633,000, with the majority belonging to Kongsberg according to the Agency’s chief, Hans Ryberg.

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Saab Ditches Frankfurt Motor Show as Debt Concerns Mount

In a move that was more or less anticipated after the recent plague of problems, Saab today announced that it will not be present at the most prestigious automotive event of the year, the 2011 Frankfurt Motor Show.

"Presence at the show requires resources that Saab are currently allocating towards the restart of production in Trollhattan," said a posting on the Swedish firm's official blog. "Whilst it would be desireable to be at the show to help further Saab’s global presence, it is not considered an appropriate use of resources at this time."

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New Saab 9-3 to Debut in Early 2013 with a Different Name, 9-2 Successor Still on the Table

Refreshingly enough, this isn’t a story about Saab’s troubles. Instead, it is a ray of hope as the Swedish carmaker lays out its plans for the future. These include a replacement for the aging 9-3 sedan, which according to Saab’s North American president, Tim Colbeck, will debut in the first quarter of 2013. Read more »

Saab Sells 5 Million Shares to Find Short-Term Funds

Exactly a month ago to this day, Saab announced a deal with China's Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co while also revealing a grand plan for expanding its range with three new models, the 9-1, 9-6X and 9-7. It also delivered its first 9-4X in the US. All’s well that ends well, right?

Well, in Saab’s case it looks like we haven’t seen the end just yet. The Swedish firm continues to face a cash-flow problem. Thus, it issued a press release concerning the subscription notice for 5 million shares under a €150 million agreement between Swan and GEM Global Yield Fund Limited.

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Saab Delays Payments to White-Collar Employees

When it comes to Saab, it seems that for every dollop of good news that trickles out from Sweden there are multiple bad news.

On Tuesday, the cash-strapped Swedish automaker said that its white-collar workers will not receive their next payment (at least not on time) because the company has not yet been paid by its investors.

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