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Saab: On the edge of oblivion

Thu, 23 Jun 2011

Saab go in to meltdown

We’ve had a statement in from Saab this morning telling us that they are now unable to pay their staff until they manage to get a bit of funding in. Didn’t they just get a pile of Euros in from Panga Da for a boat full of Saabs?

According to two previous statements from Saab they received €30 million Euros at the end of May for 1,300 Saabs ordered by Pang Da, and another €15 million for a further 650 cars a week later. So they must have spent all that. Assuming the previous information was correct.

All the parties that have a say in Saab’s future – the Swedish Debt Office, The European Investment Bank, GM, the guy who busks outside the Trollhattan gates, Katie Price… – all put the kibosh on Vladimir Antonov either becoming a Saab shareholder or funding a sell and leaseback deal on the Saab real estate.

So Vlad’s cash can’t help.

We also wonder if the Chinese government are going to allow Pang Da to buy a stake in Saab with the business in such a parlous state. Better surely to pick up the pieces from the administrator when the inevitable happens?

So China’s cash can’t help either.

Victor Muller is the eternal optimist – he needs to be; Spyker never made a profit either – but surely the time has come to buy Saab a one-way ticket to Dignitas?

Should we have a whip-round?

By Cars UK