Last month Saab won court protection from creditors to reorganize. Pang Da Automobile Trading Co. and Zhejiang Youngman Lotus Automobile Co. had agreed to buy a combined 53.9 percent stake in Saab. This offer was rejected by Mr. Muller. Saab recently obtained financing from North Street Capital. North Street Capital would lend Saab $60 million and buy 2.39 million shares. Many people are surprised that this offer was not taken because of Saab's current position. I have to give credit to Mr. Muller for really believing in Saab because he is trying really hard to keep this company alive. I don't think that Mr. Muller is going to let Saab die that easily. He has so much faith in this company and I'm sure he has the right plans to bring this company back to the forefront of the automobile industry.
There is no telling what will happen to Saab in the next few days or weeks. But I am surely rooting for Saab to survive. I think Saab is one of those distinct and quirky brands that could thrive if it had the right management unlike with GM (Cough!). I would love to see more products from Saab that are actually competitive. If Buick can be turned around then I'm damn sure Saab has a chance. The end of Saab could be coming very soon but there still seems to be a bit of hope left.
Update: Saab has rejected a full buyout from Pang Da Automobile Trading Co. and Zhejiang Youngman Lotus Automobile Co.
Do you hope Saab makes it?
For more information about Saab and it's products check out Saab's website: www.saab.com
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