Saab Cars North America to Pursue Out-of-Court Solution
ROYAL OAK, Mich., Dec. 21, 2011 - Today, Saab Cars North America has elected to pursue an out-of-court resolution for SCNA operations. The SCNA Board of Directors believes this is the best course of action to maximize the enterprise value for its customers, dealers and creditors. McTevia & Associates, a nationally renowned and respected financial advisor to companies in transition, has been chosen to direct the process. In the interim, SCNA continues its day-to-day operations.
"The SCNA Board's decision to explore all possibilities out-of-court is the most appropriate direction to take for customers, dealers and creditors," said Tim Colbeck, President and COO, Saab Cars North America. "By having an experienced, outside Administrator oversee the process, the interests of all parties are better served."
Most importantly, SCNA is committed to developing a solution that would provide warranty coverage for Saab vehicles covering model year 2010 and 2011 models. As has been previously reported, GM is honoring Saab warranties for model year 2009 and prior years, per agreements.
SCNA is aggressively investigating all options aimed at reinstating its parts business in North America in a timely manner. Saab Parts Company in Sweden remains operational and not impacted by the recent announcement regarding Saab Automobile AB.