TIMELINE-Chinese investors rescue Saab


Oct 31 (Reuters) - Here is a timeline on events at Sweden's Saab since 2010.


Jan. 26 - Niche Dutch sportscar maker Spyker buys Saab from GM for $400 million - $74 million in cash, the rest in deferred shares.

March 26 - Spyker says Saab expects to increase output by about 18 percent in 2010.


Jan. 5 - 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.

May 27 - Saab restarts production.

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 had ordered 582 Saabs for 13 million euros ($18.4 million).

July 4/5 - A 255 million crown ($40 million) property sale and leaseback deal with a consortium headed by Hemfosa Fastigeheter, has been approved by Sweden's Debt Office and the EIB, easing Saab's plight.

Sept 21 - Saab wins a 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 have promised a volume of up to 205,000 units per year longer term. (Reporting by David Cutler, London Editorial Reference Unit and Helen Massey Beresford; Editing by David Cowell) Sources: Reuters/ www.saabusa.com.



Follow Us

Sponsored Introduction Continue on to (or wait seconds) ×