Swedish Automobile N.V. announced in an official press release that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB have filed for bankruptcy with the District Court in Vanersborg, Sweden this morning.
The move was forced by GM’s opposal to the Saab sale to the Chinese from Youngman, with the Swedish automaker mentioning that "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."
This release marks the final chapter in Saab’s long struggle to escape bankruptcy, but that does not necessarily mean we will never hear of them again, so we will have to wait and see what the future hold for this brand.
A good example would be GM who filed for bankruptcy protection in 2009.
19 Dec 2011
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Official: Saab Files for Bankruptcy
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It is truly sad to see GM unwilling to help Saab in this. I will be emailing my Congressman with what I think of GM and I can only hope that next time they screw up that our Government will let them go under. They do not deserve to be in business and I will never support them.