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Saab US bankruptcy plan gets legal green-light

It feels utterly bizarre that we're still talking about Saab, but Reuters is reporting that the bankrupt Swedish manufacturer's American arm has gotten approval from the US Bankruptcy Court to liquidate its assets and pay back creditors. As part of the plan, secured creditors like Ally Financial will receive full repayment. Unsecured creditors, consisting of those affected by abandoned leases and contracts will get anywhere from 25 to 82 percent of their money back.
There are currently $77 million in unsecured claims, according to Reuters, but that number doesn't include claims from former Saab dealers. Naturally, the entire affair is full of lawyers and legalese. A trust formed on the Saab side will be negotiating with creditors and their affiliates in an attempt to reduce claims against Saab. This sounds like the start of a long and sordid affair...

There will be five new SAAB EVs, starting in 2017

National Electric Vehicle Sweden (NEVS), which bought Swedish automaker Saab out of bankruptcy in 2012, has finally solidified some of its vehicle-making plans. And given the prominence of the word "electric" in the company's name, NEVs is staying true to its vision, announcing that it will have five electric vehicle models for sale by 2018. The company recently made the announcement in Stockholm, according to Saab Blog. The first EV will be based on the Saab 9-3 platform and may be available in China and Sweden by 2017. The following year, NEVS is planning to debut four more all-electric models, including a sports car, SUV, crossover, and a fastback. The cars will be assembled in Tianjin, China. Whether the Saab badge will actually be used remains in question, as NEVS is no longer affiliated with the Saab AB aerospace company. Making things even potentially murkier is the fact that NEVS said this fall that it would sell the intellectual property rights for the 9-3 to the Scientific and Technological Research Council of Turkey (TUBITAK), which would make the model the official Turkish National Car. Then again, nothing's been simple for Saab, which has passed through General Motors and Spyker and has had multiple reorganizations. Either way, the plan follows up a summer announcement that NEVS would work with China-based automaker Dongfeng Motor Corp. to develop electrified vehicles. Dongfeng has worked with electric-vehicle leaders Nissan and Renault as well as Honda, Kia and Peugeot. The company made more than 3.8 million vehicles in 2014.

Saab still alive and well at New Jersey dealership

We all know the Saab story: a niche automaker that just couldn't last in the quickening pace of an increasingly competitive industry, despite its loyal following. But just because the automaker has all but completely disappeared, it doesn't mean that the loyal following has as well. In fact Saab Automobiles Parts North America estimates there are some 450,000 Saabs still in use in the United States, and many of them are still die-hard brand faithful who are adamantly clinging to the bankrupt brand they love. And many of those loyal customers are still finding a home at Park Avenue Saab in Maywood, NJ. Although the Park Avenue Auto Group operates Acura, BMW and Lotus franchises, it hasn't given up on Saab just because the company isn't making any new cars anymore. Instead it's set up shop in an old Suzuki showroom and is building a growing list of Saab customers across New York, New Jersey and Pennsylvania – parts of that list acquired from other, closed Saab dealers in the region. The dealership stocks spare parts and is ready to perform whatever service and maintenance existing Saab owners might need, but it's also still buying and selling Saabs: used models with low mileage and manufactured as close as possible to the end of production in 2011. So when an owner of an old Saab is ready to trade up, the dealership has something to offer. And many of those loyal customers, according to Automotive News, are willing to pay top dollar rather than switch to another brand. If and when a Saab owner needs to buy something newer – as most will have to – the dealer is ready to introduce them to a new Acura or BMW, but to date, very few have. That's why Park Avenue Saab still sells about 40 used Saabs every month to customers in the vicinity, across the country or even overseas. Between the sales and service departments, the dealership is still turning a brisk business, but unless NEVS, Mahindra or some other knight in shining armor swoops in and manages to do what GM and Spyker couldn't, the dealership's management know the business can't last forever.