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Saab unable to pay wages as financing crisis deepens
Fri, 24 Jun 2011Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.' While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.
Renault is reviving the Gordini name for high-performance models
Tue, 10 Nov 2009They don't sell Renaults in the United States anymore, but it's worth noting that the French automaker is reviving the Gordini name for high-performance versions of the Twingo and the Clio. The name pays homage to Amedee Gordini, a mechanical whiz known as "the sorcerer" for taking production-car engines and making them competitive on the great racetracks of Europe. The Gordini versions of the Twingo and the Clio will wear the trademark light blue paint with a pair of white stripes running from nose to tail and centered over the driver.
Australian Grand Prix (2011) RESULT
Sun, 27 Mar 2011The 2011 F1 Season starts in Melbourne Update: The Saubers – which finished a creditable seventh and eighth – have been disqualified for a technical infringement with their rear wing. Which moves the two Force Indias in to ninth and tenth places. It should all have happened a couple of weeks ago, of course.