Saab has filed for bankruptcy today, the company has announced.
Saab’s parent company, Swedish Automobile NV (Swan) has found that as a deal with Chinese firms Youngman and Pang Da cannot be brokered the best thing for creditors is to file for bankruptcy. Swan expects the courts to process and approve the request quickly.
This statement was released this morning:
'Saab Automobile Files for Bankruptcy
Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vanersborg, Sweden this morning.
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.'
General Motors, Saab’s former owners, a partially responsible for Saab’s current predicament. Many of Saab’s products are full of GM tech which GM didn’t want to see in the hands of another car manufacturer, especially one that could share and spread it easily. Youngman and Pang Da didn’t want a car company without any cars and GM didn’t want to sell its secrets.
Saab, for now, is no more. That doesn’t mean it won’t be bought out again, though.
Read Saab files for bankruptcy on 5FWD
Source: http://feedproxy.google.com/~r/FifthGear/~3/Iyh4Y_IQWzE/saab-files-for-bankruptcy
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