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Saab US bankruptcy plan gets legal green-light

It feels utterly bizarre that we're still talking about Saab, but Reuters is reporting that the bankrupt Swedish manufacturer's American arm has gotten approval from the US Bankruptcy Court to liquidate its assets and pay back creditors. As part of the plan, secured creditors like Ally Financial will receive full repayment. Unsecured creditors, consisting of those affected by abandoned leases and contracts will get anywhere from 25 to 82 percent of their money back.
There are currently $77 million in unsecured claims, according to Reuters, but that number doesn't include claims from former Saab dealers. Naturally, the entire affair is full of lawyers and legalese. A trust formed on the Saab side will be negotiating with creditors and their affiliates in an attempt to reduce claims against Saab. This sounds like the start of a long and sordid affair...

First test drive shows promise of Saab 9-3 EV

We can't read Swedish, so when it comes to a first-drive review of a Saab 9-3 electric-vehicle prototype, we'll trust Inside EVs' translation of a write-up from Swedish automotive publication Elbilen i Sverige. And it's a decent one. The write-up, that is. The translation, too, we hope. Taken to the test track, the Saab was found to be quieter than a Tesla Model S and had the stability commensurate for a car that tipped the scales at about 4,000 pounds. The sedan accelerated from 0 to 62 miles per hour in 10 seconds, though the goal is to bring that time down to 8.5 seconds. The prototype also uses a 37-kWh prototype battery made by China-based Kai Johan Jiang Annual National Modern Energy Holdings that should be good for over 180 miles (and there's room for a bigger pack in the car, apparently). The 9-3's electric motor will be able to deliver 200 horsepower but, for testing purposes, it was limited to about 140 horsepower. The overall impression was that the car is not yet ready for prime time, but has a lot of promise. When prototype becomes production is the real question, given the financial condition of Saab parent National Electric Vehicle Sweden (NEVS). The company acquired the brand in 2012 and started making cars at Saab's Trollhattan plant in Sweden last year, but production stopped in May because of cash-flow issues. Late last month, Swedish courts denied NEVS protection from its creditors, so the company is now looking to restructure.

Even Ferrari swept up in latest Takata recall expansion

The scope of Takata's deadly airbag problems continues to widen. Eight manufacturers announced recalls Friday that affect more than 12 million vehicles, according to documents filed with federal regulators. The automakers include Honda, which is recalling 4.5 million units, Fiat Chrysler with 4.3 million, Toyota with 1.65 million, and Subaru, which is recalling almost 400,000. Some of these cars include the Saab 9-2x and Pontiac Vibe that Toyota and Subaru made for General Motors. Mazda will recall 730,000 vehicles and Nissan has 400,000 affected units. The smallest numbers were posted by Mitsubishi, with 38,000 Lancers manufactured from 2006 to 2007, and as a noteworthy high-end manufacturer, Ferrari is calling back 2,800 vehicles. These are all US-market cars. Beyond America, the Japanese Transport Ministry has announced seven million additional vehicles will be recalled, which means 19.6 million vehicles across the globe are affected by recalls announced. The defects have been traced to an insufficiently manufactured airbag inflator, which lacks a drying agent that would prevent the inflators from deteriorating over time. Thirteen deaths have been linked to the faulty airbags, which have become unstable and are prone to exploding and showering vehicle occupants with lethal amounts of metal shrapnel. A private equity firm, KKR & Co., has been named in a possible buyout of the struggling Takata. Related Video: News Source: ReutersImage Credit: Shutterstock Government/Legal Recalls Ferrari Honda Mazda Automakers Mitsubishi Nissan Pontiac Subaru Toyota Saab Safety