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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...

Deal brokered to get Saab warranty service honored at GM dealers

When Pontiac, Hummer and Saturn were killed off, at least current owners never had to question where they would have to take their vehicle in case it needed to be serviced. The same couldn't be said for Saab owners... until now. General Motors and Saab Automobile Parts North America (the remaining entity of the bankrupted automaker) have signed an agreement that provides 179 service centers to current Saab owners to receive factory-trained technicians and official Saab replacement parts.
These warranty service providers will have all the tools, training and parts to maintain and repair Saab vehicles, and they will also have access to a technical assistance center for the technicians. Next year, SPNA will also set up a customer assistance center, which will likely be most useful in helping current owners find repair shows, as well as a program called Saab Secure to give added service support to owners of late model (2010 and 2011 model year) Saab vehicles. Finally, to make sure customers have a sufficient parts supply to keep their cars on the road, SPNA operates out of a 153,000 square foot warehouse in Michigan that has the ability to ship more than 3,000 parts orders per day.
GM's official press release on the agreement is posted after the jump.

Saab's latest Chinese owners facing their own credit woes

Poor Saab, it can't seem to get a break. General Motors couldn't seem to make a go of it, neither could Spyker, and now it seems that its latest owner is encountering some problems of its own.
That owner, of course, is National Electric Vehicle Sweden, a Swedish holding company owned by Chinese investors. NEVS recently restarted production at the Saab plant in Trollhättan, Sweden, and had some ambitious plans for the brand's revival, but it appears to have run out of cash.
This according to a report in The Wall Street Journal, which discovered that NEVS is having trouble paying its suppliers. One such supplier, called Labo Test, has reportedly been owed some $22,000 by NEVS since February, and without payment, petitioned the Swedish government to place NEVS into bankruptcy proceedings. If that seems a little extreme to you over twenty-two grand, it would seem the parties agree, as the petition has reportedly since been withdrawn.