SAAB's dead, Jim

[Dr Mordrid]

http://inside.saab.com/press-release-saab-automobile-files-for-bankruptcy/

Press Release: SAAB AUTOMOBILE FILES FOR BANKRUPTCY

December 19, 2011 10:25 Line

By: Swade

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 Vänersborg, 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.

[Elie]

That is sad!! I heard the Swedish government rejected a proposal for a Russian billionaire to buy Saab!

[paulw]

Good riddance. They made some of the ugliest cars around back in the 80s/90s....

[Umfriend]

That is sad!! I heard the Swedish government rejected a proposal for a Russian billionaire to buy Saab!

Yep, as this the European Investment Bank. To much concern about the guy being a fraud (legally!), tax evader etc.

In any case, what Antonov could do was inject money, not much more. Some Chinese companies could also easy the marketing in China.

At the end of the day though, GM simply did not allow for any of that to happen.

[VJ]

It is a shame... I always liked Saab cars... apart from some more ugly examples, they had this air of discrete elegance (no so much "in your face" as some German brands) and offered some feeling of exclusivity...