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Saab Automobile files for bankruptcy

19 December 2011

Swedish Automobile N.V. (Swan) announced that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden.

After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.

Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.

December 19, 2011 in Brief | Permalink | Comments (7) | TrackBack (0)

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Comments

The American automobile landscape has its fair share of defunct carmakers & brands that are part of the dustbin of history...De Lorean, Packer Motors, Pontiac, Oldsmobile, Mercury...sorry Saab - time for you to join them.

Go East young man...For every USA/EU brand going under, three new brands are created in China.

If China could make a HIGH quality lux brand, they might compete with Japan and West. Not so far.

Reel$$....I drove a Chinese built Buick during my last visit to China and I couldn't find anything wrong with it. Our Chinese built ultra high efficiency heat pumps, large flat TVs, cordless phones, Desktop PC, etc are all working very well and never required any maintenance. The $1 silk ties I brought back are second to none.

Provided products are designed in West or non-China Asia, China assemblies are okay. But try a Chinese built product like a Chery... they have a ways to go.

There were lots of offers to buy Saab from GM but GM didn't sell because they didn't want to risk someone turning it into a successful competitor to their own brand.

According to ai-vin, even when a Swedish car company owns, operates and tanks the business - it's General Motors fault.

OCD.

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