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Saab gets approval for voluntary reorganization on appeal

...and Victor Muller smiles Victor Muller never says die, and the news that Saab has, after all, been granted the right to court protection from its creditors for a period of reorganisation has vindicated his stubborn refusal to give up on Saab. The Court of Appeal in Gothenburg has this morning overturned an earlier judgement by the District Court in Vänersborg which rejected Saab’s application to get the court’s protection during a period of ‘reorganisation’, which you can read as ‘Waiting for the dosh to arrive from China’. The news last week that Rachel Pang – a director of Pang Da, one of Saab’s putative investors – has come out in a very bullish way about the prospects for the investment by Pang Da and Youngman getting the final rubber stamp from China’s NDRC in Beijing won’t have harmed Saab’s case one bit.

Porsche, Volkswagen work out more sale details, may use Auto Union name

Porsche and Volkswagen have broadly agreed on sale terms, and the name Auto Union may be resurrected, Reuters reports. The new entity could be led by Volkswagen CEO Martin Winterkorn, and Porsche would retain some independence--similar to Audi's setup within the Volkswagen Group. Porsche would be the 10th brand in the company.

Flintoff spared ban for speeding

ANDREW 'Freddie' Flintoff has escaped a driving ban for speeding in his Bentley after arguing "exceptional hardship" to magistrates. Flintoff, 36, was already on nine points for speeding and in danger of an automatic ban with another three points after admitting being behind the wheel when flashed by a camera doing 87mph on the M6, near Linstock, Cumbria on January 28 this year, Carlisle Magistrates' Court heard. But JPs accepted a ban would amount to exceptional hardship because of the effect on others who rely on his extensive charity work and the privacy of his three children.