plus 4, Buffalo City woman admits to $238,000 TRW theft - La Crosse Tribune

Buffalo City woman admits to $238,000 TRW theft - La Crosse Tribune
GM plan for Saab collapses - Columbia Daily Tribune
Beijing Autos says will reevaluate Saab bid - KTVZ.com
Fitch predicts recovery for auto suppliers - Newsday
Dollar Thrifty Automotive Down 3.8% Since SmarTrend's Sell ... - TMCnet

Buffalo City woman admits to $238,000 TRW theft - La Crosse Tribune

Posted: 25 Nov 2009 04:29 AM PST

WINONA, Minn. - A Buffalo City, Wis., woman admitted Monday in federal court she embezzled more than $238,000 from TRW Automotive in Winona.

Eve Marie Kaczorowski, 49, pleaded guilty to wire fraud in U.S. District Court in St. Paul. She could face up to 20 years in a federal prison.

Kaczorowski is a former purchasing agent for TRW's Winona plant. She was given a company credit card to buy items for TRW, and recorded personal purchases as business expenses, according to the Department of Justice.

She made 376 personal purchases on a company credit card between June 2006 and July 2007, both online and in person with such companies as Walmart, Best Buy, Netflix, Chrysler Winona and Italian Charms, according to court documents.

The purchases were a federal crime because she used a company credit card to commit fraudulent wire communications, according to the Justice Department.

The Winona Police Department received the initial report about the wire fraud and forwarded the case to the Minnesota Financial Crimes Task Force, Deputy Chief Tom Williams said. The Internal Revenue Service-Criminal Investigation Division also participated in the investigation.

A sentencing hearing for Kaczorowski is not yet set. A TRW spokesman did not return a request for comment.

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GM plan for Saab collapses - Columbia Daily Tribune

Posted: 25 Nov 2009 12:00 PM PST

DETROIT (AP) — A deal for General Motors Co. to sell Saab to a specialty carmaker has collapsed, leaving the storied Swedish brand born from jets in 1947 close to extinction.

Koenigsegg Group AB, a consortium formed by Swedish luxury sports car maker Koenigsegg Automotive AB, said yesterday that it pulled out of the deal in part because it was unable to agree with investors on how best to move the brand from mass-market to premium.

For GM, it was the third time this year that a deal to shed one of its brands fell apart as it tries to recover from a stay in bankruptcy protection by focusing on a core of four: Chevrolet, Buick, GMC and Cadillac.

The Chinese automaker that had joined with Koenigsegg in bidding to buy Saab said today it regrets the development and will reconsider its own stance. Beijing Automotive Industry Holdings had agreed to take a minority stake in Saab as part of the financing arrangements for the bid. In a statement, Beijing Autos said the deal's collapse was "regrettable."

The next move is up to GM's board, which will decide Saab's future in a few days. But with no apparent backup investors and the Swedish government refusing to buy Saab, GM might follow through on a contingency plan to let the brand die.

That jeopardizes the jobs of Saab's 4,500 employees, most of them in Sweden.

Joran Hagglund, a senior official at Sweden's Ministry of Enterprise, said the government will continue talking with GM, but the only solution for Saab is for another company to buy it.

"We have been very clear from day one that the government will not be the owner," he told reporters in Stockholm.

GM, which earlier this year conceded it has never made money with Saab, is unlikely to keep the brand, and industry analysts said any potential investors likely stepped away when Koenigsegg emerged as the buyer.

Matts Carlson, automotive analyst at Gothenburg Management Institute in Sweden, said Italy's Fiat Group SpA might still be interested, but he acknowledged there is a substantial risk that Saab could be closed for good.

The chairman of the Koenigsegg consortium told The Associated Press yesterday that financing had been worked out, but as negotiations with GM and investors grew lengthy, it appeared less likely that Koenigsegg would be able to make money on the deal.

Carlson said the financial condition of Saab, which went into a court-protected restructuring Feb. 20, worsened since Koenigsegg announced plans to buy it in June.

"Saab's situation, they are losing market share all the time, could have given Koenigsegg cold feet," he said.

Koenigsegg, a tiny company that makes only a dozen high-performance luxury cars a year, was formed in 1994. Its headquarters and factory — which produces cars that cost more than a $1 million each — are at a former air force base in southern Sweden.

Earlier this month, GM's board decided to keep its European Opel unit rather than sell it to a group led by Canadian auto parts maker Magna International Inc.

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Beijing Autos says will reevaluate Saab bid - KTVZ.com

Posted: 25 Nov 2009 04:11 PM PST

SHANGHAI (AP) - The Chinese automaker that had joined with Koenigsegg Automotive AB in bidding to buy Saab said Wednesday it regrets the Swedish luxury sports car maker's decision to drop the deal and will reconsider its own stance.

Beijing Automotive Industry Holdings had agreed to take a minority stake in Saab as part of the financing arrangements for the bid by a consortium led by Koenigsegg to buy the Swedish car unit of General Motors Co.

In a statement, Beijing Autos said the deal's collapse was "regrettable."

"The path of internationalization and progressive development remains an important part of Beijing Auto's strategy," it said. "In view of Koenigsegg's withdrawal, we will carefully re-evaluate the project and make the appropriate arrangements," it added.

Koenigsegg said Tuesday it had pulled out of the deal, in part because it was unable to agree with investors on how best to move the brand from mass-market to premium.

The news was a blow to General Motors' efforts to keep the Saab brand alive while it focuses on its four core brands: Chevrolet, Buick, GMC and Cadillac.

It was unclear if any other investors, including Beijing Autos, would attempt to take Koenigsegg's place.

A deal for Chinese manufacturer Sichuan Tengzhong Heavy Industrial Machinery Corp. to buy Hummer is awaiting approval by the U.S. and Chinese governments.

Another bid, by China's Geely Group for Swedish automaker Volvo Cars, which is owned by Ford Motor Co., has not yet been completed.

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Fitch predicts recovery for auto suppliers - Newsday

Posted: 25 Nov 2009 03:18 AM PST

November 24, 2009 By The Associated Press

Quick Summary

Fitch predicts modest recovery for auto suppliers as sales improve

NEW YORK - NEW YORK (AP) — Fitch Ratings is predicting a modest recovery for U.S. auto suppliers in 2010 as sales rise and the companies realize benefits from significant cost-cutting this year.

Fitch said Tuesday that some positive ratings actions could result in 2010. Fitch recently upgraded TRW Automotive Holdings Corp. and Tenneco Inc. But the agency said the overall credit profile of the sector remains below investment grade.

Fitch forecasts U.S. sales of 11.1 million vehicles in 2010, a 7.8 percent increase from this year's dismal results. That will mean higher production, which will help suppliers. Fitch adds that suppliers should also be helped by increasing auto sales in emerging markets like China, Russia and Brazil.

Fitch warned that the recovery will be tempered by weak economic conditions and lower vehicle sales in Europe. But it said suppliers have adequate liquidity after cutting costs this year.

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Dollar Thrifty Automotive Down 3.8% Since SmarTrend's Sell ... - TMCnet

Posted: 25 Nov 2009 09:40 PM PST

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