Yes, we’ve done this before, two years ago to the dayâ€¦
Saab has, once again, broken the limits of its owners. This time it’s not GM, like it was in 2009, but current stewards of the Saab brand Swedish Automobile who have said, “This is the end.”
More correctly they have lodged an official notice stating: “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 VÃ¤nersborg, Sweden this morning [19 December].”
Actually, GM has still played a leading role in the latest fall of Saab. Swedish Automobile has been trying to negotiate a sale with Chinese auto manufacturers Pang Da and Youngman. However, much of the Saab 9-3, 9-5 and 9-4X model lines rely on GM technology. And as GM retains preferential shares they have been able to scupper sale plans on intellectual property grounds.
Nice one GM.
Swedish Automobile’s full statement can be read after the break. For more coverage keep a watching brief on SaabsUnited.
Saab Automobile Files for Bankruptcy
Zeewolde, The Netherlands, 19 December 2011 â€“ 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 VÃ¤nersborg, 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.