11:02 pm, September 7, 2011
SAAB Automobile has filed for voluntary reorganisation under a self-managed, Swedish court-supervised process.
The announcement comes after the company’s efforts to secure short-term stability while developing future stability – but Saab GB will not be affected.
As part of the process, Saab Automobile, together with the court-appointed a administrator, will formulate a detailed proposal for reorganisation of its business. This will be presented at a creditors’ meeting within three weeks of the filing.
Victor Muller, CEO of Swedish Automobile N.V. (SWAN) and CEO and chairman of Saab Automobile, said: ‘Since securing the long-term funding through conditional agreements with Pang Da and Youngman, who both support this voluntary reorganisation, we have focused on securing funding to bridge the period until we receive their funds.
‘We have concluded that a voluntary reorganisation process will provide us with the necessary time, protection and stabilisation of the business, short-term funding to be obtained and an orderly restart of production to be prepared.’
Saab GB, however, stresses the announcement does NOT affect their business.
A statement said: ‘Saab GB is an independent business and a separate UK legal entity to Saab Automobile, it is wholly owned by SWAN and is NOT part of the voluntary reorganisation filing.
‘Saab GB will continue to operate the business in the UK as normal and has sufficient funding in place to meet all creditor obligations and will continue to pay all employees, dealers and suppliers as normal.
‘Saab GB and its dealer network will continue to provide servicing, replacement parts and vehicle warranty facilities for Saab customers as normal.’
