Dec 13 Ailing carmaker Saab has
received a first payment from China's Zhejiang Youngman Lotus
Automobile as it struggles to stay in business and faces a
crucial court hearing on its future this week.
Here is a timeline of events at Sweden's Saab in the last
Jan. 26, 2010 - Niche Dutch sportscar maker Spyker buys Saab
from GM for $400 million, with $74 million in cash and the rest
in deferred shares.
Jan. 5, 2011 - Spyker says Saab sold 31,696 cars in 2010
after cutting its full-year target to 30,000 from 35,000 units.
March 29 - Saab halts production due to disputes over
non-payment of suppliers.
April 28 - Sweden's Debt Office and GM give initial approval
for an investment of 30 million euros in Saab by Russian
investor Vladimir Antonov, in exchange for a 29.9 percent stake.
May 2 - Saab lines up almost 60 million euros in funds to
restart production after a month of stoppages.
May 16 - Spyker announces a deal with China's Pang Da
Automobile Trade Co Ltd worth as much as 110 million
euros. Saab restarts production on May 27.
June 13 - Spyker says it has signed a non-binding memorandum
of understanding for Zhejiang Youngman Lotus Automobile Co to
take a 29.9 percent stake and Pang Da to take a 24 percent stake
for a combined 245 million euros ($352 million).
June 27 - Saab says it has secured funds to pay wages and
some suppliers, staving off the threat of collapse. Owner
Swedish Automobile, until recently called Spyker, says an
undisclosed Chinese company has ordered 582 Saabs for 13 million
July 4/5 - A 255-million crown ($40 million) property sale
and leaseback deal with a consortium headed by Hemfosa
Fastigeheter is approved by Sweden's Debt Office and the EIB,
easing Saab's plight.
Sept. 21 - Saab wins court protection from creditors while
it awaits Chinese investment.
Sept. 28 - Swedish Automobile says it will sell its Spyker
luxury sports car business to the private equity firm of racing
car enthusiast Alex Mascioli for about 32 million euros.
Oct. 28 - Pang Da and Youngman agree to buy Saab for 100
million euros from Swedish Automobile.
Oct. 31 - Pang Da and Youngman say they are targeting sales
of up to 55,000 Saab cars for 2012 and promise volume of up to
205,000 units per year longer term.
Nov. 7 - GM says it will stop supplying components and
technology if two Chinese companies succeed with their
-- Victor Muller, chief executive of Swedish Automobile,
says GM's rejection of the proposed rescue plan means that
negotiators will have to "go back to the drawing board" with
Chinese investors Pang Da and Youngman Lotus.
Dec. 5 - A Chinese bank is in talks about taking a stake in
Saab, the latest attempt to rescue the crisis-hit car maker. The
next day, GM says it will not support a proposed ownership
structure that includes a Chinese bank
Dec. 7 - Saab faces a fresh threat when a court-appointed
administrator says its protection from bankruptcy should be
removed due to a failure to secure Chinese investments.
Dec. 13 - Saab receives a first payment from China's
Zhejiang Youngman Lotus Automobile as it struggles to stay in
business. Media reports that $5 million will cover immediate tax
-- A court should decide on Dec. 16 whether to keep Saab in
a scheme which grants it protection from creditors while it
secures itself a stable future.
Sources: Reuters/ www.saabusa.com.