Saab Automobile News
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Beijing Automotive Group Co., which makes vehicles with Daimler AG and Hyundai Motor Co., started selling its first sedan based on Saab technology today as it prepares to list its BAIC Motor Corp. unit in Hong Kong.
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Mahindra & Mahindra Ltd., India’s biggest sport-utility vehicle manufacturer, is interested in buying at least parts of bankrupt Swedish carmaker Saab Automobile, two people familiar with the situation said.
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Saab Automobile and parent company Swedish Automobile NV said they will receive funding from North Street Capital LP to help continue the reorganization of the cash-strapped Swedish carmaker.
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Lehman Brothers Holdings Inc.’s former Swiss unit lost its bid to seize some of the $1.5 billion of securities frozen at the bank’s London operation after its failure.
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Saab Automobile , the Swedish carmaker that’s been forced to halt production amid a cash crunch, said plans to raise funds by selling property have stalled because of European Investment Bank demands.
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Spyker NV, the Dutch owner of the Saab brand of cars, sued General Motors Co. in the U.S. for $3 billion over claims it sought to drive the company into bankruptcy by avoiding competition in the Chinese market.
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Brightwell Holdings BV, a Turkish private-equity firm, said it plans to bid for bankrupt Swedish carmaker Saab Automobile and revive its manufacturing.
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Saab Automobile’s assets may be broken up and sold to pay debt as the unprofitable Swedish company ends more than six decades of carmaking following a bankruptcy filing.
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The European Investment Bank said former Austrian Finance Minister Wilhelm Molterer will become a vice president tomorrow, succeeding the manager who has overseen European Union funding for Swedish carmaker Saab Automobile.
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Saab Automobile is seeking a partnership with a Chinese automaker to secure long-term financing, newspaper Svenska Dagbladet reported, citing Spyker NV Chief Executive Officer Victor Muller.
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