3:13 pm, December 19, 2011
LEGENDARY Swedish manufacturer Saab has filed for bankruptcy, it has been announced today.
‘Saab Automobile, Saab Automobile Tools and Saab Powertrain filed for bankruptcy with the District Court in Vänersborg, Sweden this morning,’ says a statement from Swedish Automobile NV (Swan) issued today.
‘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.’
Today’s announcement is the latest in a string of news concerning the future of the Swedish brand. Last month it was announced Saab GB had been placed into administration after ‘a long period of suspended production and tight liquidity situation’.
