1987 Saab 900 Turbo Hatchback 2-door 2.0l on 2040-cars

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Saab tries [again] to emerge from bankruptcy

If we've learned one thing from watching The Walking Dead, it's that the only way to terminate a walker is with a swift and brutal blow to the brain. Sadly, no one has come along that's willing to do the gruesome deed to the stumbling shell that is Saab. The company's latest owner, National Electric Vehicle Sweden is trying, yet again, to crawl its way out of bankruptcy with a "composition proposal in order to exit the reorganization." That proposal, outlined in the attached press release, will see the majority of the company's many creditors receive full repayments. For 104 of the 573 creditors, all of whom have claims over 500,000 Swedish Krona (roughly $60,000), their claims will be reduced by 50 percent. If creditors approve the proposal, it'd provide "the conditions for completion of ongoing negotiations with two major OEMs," which the press release claims could come on as either a joint-venture partner in Trollhattan or a majority owner in the struggling company. We won't be holding our breath. Scroll down for the full press release from NEVS. Thursday, February 19, 2015 A composition to get Nevs out of reorganisation National Electric Vehicle Sweden AB, Nevs, provides unsecured creditors a composition proposal in order to exit the reorganisation. It creates the conditions for completion of ongoing negotiations with two major OEMs and the implementation of a new business plan together with partners and owners. Nevs' owners and management has noted the difficulty of completing this type of complex negotiations during a reorganisation and the risk premium it implies. The current negotiations, together with two major OEMs, are mainly focused on two tracks that are complementing each other. One is to form a technical joint venture company in Trollhattan and the other is to introduce a new majority owner in Nevs, with the plan of making Saab cars a global premium product. - The negotiations are progressing but we also see the complication of reaching an agreement when we are in a state of reorganisation. Our main owner has single-handedly financed the reorganisation and intends to get us out of it. In order for this to be possible financially, we need to reach a composition arrangement with the creditors, says Nevs CEO, Mattias Bergman. The composition proposal includes a composition of 50 percent for unsecured creditors on claims over 500'000 SEK.

Grainy leaked images show stillborn Castriota-designed Saab 9-3

The Saab faithful are going to be playing the "what if" game for years to come. It's one of the burdens of being a fan of a dead brand. A fresh batch of grainy 9-3 Phoenix images have made their way online, alleged shots of a design proposal penned by none other than Jason Castriota. The five-door looks to feature an honest liftback, though SaabsUnited.com says this particular vehicle was drawn up as part of a business plan in early 2011. As such, Castriota apparently told the site the final product was to look much more athletic than what we see here. While the low-resolution images make it difficult to tell much about the design, we certainly appreciate the familiar roofline, full band taillamps and the contrasting rear spoiler reminiscent of the old Saab 99 and 900 ducktails.
Unfortunately, we know all too well why this creation never saw the light of day. Would-be savior Victor Muller couldn't quite pull Saab out of its nosedive, and the company fell into bankruptcy before the 9-3 Phoenix could get off the ground. There's talk of the Phoenix platform and Saab brand having new life in other markets as EVs and even as gas cars, but the model seen here will likely never see production - let alone North American showrooms.
You can take a closer look at SverigesRadio.se - just make sure to have your translator ready if you don't speak Swedish.

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...