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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.
Acura RDX
Thu, 26 Jan 2012The second-generation Acura RDX crossover has grown up both physically and metaphorically, with a sleeker and more elegant aesthetic than the model it replaces. Gone is the previous model's upright stance, replaced by a more stretched, longer, lower profile. Its face houses swooping headlamps that pull back deep into the fenders.
Visions of Voisins
Tue, 22 May 2012It'll be the largest collection of Automobiles Voisin ever assembled since the factory closed in 1937. Peter Mullin, collector extraordinaire of beautiful French cars of the art deco movement, has spent the last decade scouring the planet in search of some of the 200 or so remaining Voisins to feature in an exhibit of the marque opening this fall in his Mullin Automotive Museum. The result is 15 cars, one motorcycle and an airplane.