Sabb

Saab Automobile files for bankruptcy

 

Saab has filed for bankruptcy following months of uncertainty.

Having recently won bankruptcy protection by a Swedish court, Swedish Automobile (Swan), Saab’s parent, failed to secure the Chinese funding it hoped for. Saab’s future started to look uncertain when GM, its former owner and technology licence holder, said it was reluctant to see a sale of the business to a Chinese consortium.

Saab GB went into administration on 30 November.

“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 reorganisation of Saab Automobile could not be concluded,” said a company statement.

“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. 

 

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