Subscribe free to our newsletters via your
. 24/7 Space News .




CAR TECH
Saab's bankruptcy protection should be lifted: administrator
by Staff Writers
Stockholm (AFP) Dec 7, 2011


A court-appointed administrator for Saab on Wednesday asked a court to lift bankruptcy protection for the Swedish carmaker, effectively putting the company at the mercy of creditors, the court said.

"Administrator Guy Lofalk has requested that the bankruptcy protection for Saab be terminated," the Vaenersborg district court said in a statement after the documents were submitted to the court.

Saab has until December 15 to present an opinion, and the court will announce its decision on December 16.

Saab's charismatic chief executive Victor Muller has been trying for months to come up with a plan to rescue the brand.

His latest bid, in which Chinese carmaker Youngman and Chinese car distribution company Pang Da would buy all of Saab for 100 million euros ($134 million), faltered when Saab's former owner General Motors refused to agree to the necessary technology licence transfers to the two Chinese firms.

In a statement on Wednesday, Swan insisted it was still pursuing discussions with Youngman to allow it to continue the restructuring and especially to find wages for Saab's some 3,700 employees, whose salaries have been delayed five months running and who have yet to receive their November paychecks.

Asked by Swedish news agency TT whether Lofalk's move meant the end of the road for Saab, Muller replied "No, of course not."

He said Saab was negotiating a deal with Youngman and a Chinese bank to provide financing but without direct ownership, in a bid to circumvent GM's opposition.

However, Lofalk, who travelled to the US last week to meet with GM officials, was not optimistic about Saab's chances of success, putting much of the blame for Saab's fate on GM and its refusal to accept any deal.

"They said they saw no way forward and that it was very difficult for them to approve the proposals that have been submitted," he told TT.

"They didn't go into any detail about how one could change the proposals so they would work for them," Lofalk said, explaining he felt obliged to terminate the bankruptcy protection since Saab "has no money."

The attempts to sell Saab to Chinese partners has been seen as the last chance of saving the Swedish carmaker, which was already on the brink of bankruptcy when GM sold it to Swedish Automobile -- at the time called Spyker -- in early 2010 for $400 million.

It has been a rocky road since then. The carmaker was forced to halt production in April as suppliers stopped deliveries over mountains of unpaid bills.

.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





CAR TECH
GM China sales rise 20% to record in November
Shanghai (AFP) Dec 6, 2011
US auto giant General Motors said Tuesday its sales in China surged more than 20 percent in November from a year earlier to 237,130 vehicles, a company record for the month. Sales were supported by strong demand for passenger cars, including the Buick brand, the company said in a statement. China, which overtook the United States to become the world's top auto market in 2009, has become ... read more


CAR TECH
Schafer Corp Signs Licensing Agreement with MoonDust Technologies

Russia wants to focus on Moon if Mars mission fails

Flying over the three-dimensional Moon

LRO Camera Team Releases High Resolution Global Topographic Map of Moon

CAR TECH
Mars Mission Hoping To Satisfy Curiosity

Two UT Scientists Search for Potential Habitats for Life on Mars

MSL Course Excellent, Adjustment Postponed

Mountains and Buried Ice on Mars

CAR TECH
Voyager Hits New Region at Solar System Edge

Ugandan works on space project from mother's backyard

Nanosail-D Sails Home

Dutch astronaut's cheesy request

CAR TECH
First Crew for Tiangong

China post office offers letters from space

15 patents granted for Chinese space docking technology

China plans major effort in pursuing manned space technology

CAR TECH
Growing Knowledge in Space

MDA to extend its services to support Canadarm2 and Dextre for ISS

FLEX-ible Insight Into Flame Behavior

Satellite junk no threat to space station crew

CAR TECH
Fregat upper stage and Pleiades 1 ready for next Soyuz Kourou launch

Europe's third ATV is loaded with cargo for its 2012 launch by Arianespace

Assembly milestone reached with Ariane 5 to launch next ATV

Russia launches Chinese satellite

CAR TECH
New Planet Kepler-21b discovery a partnership of both space and ground-based observations

Astronomers Find Goldilocks Planet and Others

The Habitable Exoplanets Catalog, a new online database of habitable worlds

Kepler Mission Confirms Its First Planet in Habitable Zone of Sun-like Star

CAR TECH
Dell abandons Android tablet in US

Verizon shuns Google smartphone wallet

Streaming to overtake cable in 3-5 years: Netflix

Japan baby formula shows radiation contamination




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement