I don't know if you've been following the news on Saab, but I have. (For the record, I write the daily news report at Autos.ca, and the ongoing saga is just too much to leave out.)
It's a shame to see what has happened to the automaker, which used to make some pretty cool cars. Once General Motors let go of it, there really wasn't enough money to make it all work. The problem is that no one is willing to admit that. Just in case you haven't been keeping track, here's the Reader's Digest Condensed Version:
January 26, 2010 - GM sells Saab to sports car manufacturer Spyker.
March 23, 2010 - The Saab plant starts making cars again. Two months later, Saab's CEO wins the Swedish Business Award for Outstanding Achievement for his work on the restructuring. He'll leave the company a year later.
June 2, 2010 - Media drive and praise the all-new Saab 9-5.
June 18, 2010 - Jason Castriota, formerly of Bertone and Pininfarina, is named the company's new design director. Three months later, BMW signs on to supply turbocharged four-cylinder engines.
November 18, 2010 - The 9-4X is launched.
December 21, 2010 - Saab announces an agreement to sell its vehicles in China.
April 6, 2011 - The assembly lines stop as Saab runs out of money. It's trying to get funding and is even working on selling and then renting back its factory.
April - May 2011 - Some new funding faces: Gemini Investments, China's Hawtai Motor Group and even Russian banker Vladimir Antonov talk about tossing money in. It turns out to be talk.
May 16, 2011 - Saab and Spyker enter an agreement with Pang Da Automobile for a 50/50 joint venture in China.
May 27, 2011 - The assembly lines start up again, but not for long. Pang Da places orders for cars.
June 9, 2011 - The assembly lines stop. The suppliers haven't been paid and they stop shipping parts.
June 13, 2011 - Chinese company Youngman enters the Saab/Spyker/Pang Da dance, which is now up to 245 million Euros - but only on paper. Ten days later, Saab announces it can't pay its workers since the promised short-term funding didn't materialize.
June 27, 2011 - The Chinese companies order more cars and promise to pay in advance for them. A day later, Saab says it may have sold its real estate. On June 29, it announces a bridge loan of 25 million Euros from Gemini Investment Fund.
July 4, 2011 - Saab, Youngman and Pang Da have a new funding and joint venture agreement. Later this month, Saab says it won't be able to restart production on August 9 as it originally intended.
July 22, 2011 - One of Saab's suppliers files to force Saab into bankruptcy. Saab agrees to pay what's due and the issue is resolved.
August 23, 2011 - Saab employees are warned not to expect their pay.
September 2011 - Saab files for voluntary reorganization. The court rejects it and Saab appeals. The automaker tries to sell its technology license for 70 million Euros. The Swedish unions file for Saab's bankruptcy. Saab's appeal of its reorganization rejection is approved. On October 13, it receives the first bridge loan payment from Youngman.
October 20, 2011 - Saab accepts a funding commitment from North Street Capital when it suspects Pang Da and Youngman won't come through with the balance promised. North Street will later terminate its commitment when Saab sells shares to GEM Global Yield Fund. The administrator of Saab's reorganization applies to have the reorganization stopped. Saab contests it and asks the court to turf the administrator.
October 23, 2011 - Saab, which had agreed to sell all of its shares (and therefore the company) to Pang Da and Youngman, terminates the agreement due to the Chinese companies' failure to commit to the terms and to pay their promised bridge loans.
October 28, 2011 - The tiff is over. Saab is back up for sale to Pang Da and Youngman. Through all of this, the assembly lines still haven't restarted. Right now, Saab is an automaker that doesn't make automobiles.