SAAB bids farewell to enthusiasts / News / The Foreigner

SAAB bids farewell to enthusiasts. A major part of Swedish motoring history looks to be over following today’s announcement Saab Automobile filed for bankruptcy. The petition was delivered to Vänersborg District Court in Sweden confirming efforts to save the brand had failed. SAAB has been battling against being forced to bow out from the world’s car market for three years.

saabbankruptcy, saabautomobilebankruptcypetition



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SAAB bids farewell to enthusiasts

Published on Monday, 19th December, 2011 at 20:56 under the news category, by John Price   .

A major part of Swedish motoring history looks to be over following today’s announcement Saab Automobile filed for bankruptcy.

A 1950 SAAB 92 De Luxe
A 1950 SAAB 92 De Luxe
Photo: Liftarn/Wikimedia Commons


The petition was delivered to Vänersborg District Court in Sweden confirming efforts to save the brand had failed.

SAAB has been battling against being forced to bow out from the world’s car market for three years.

Owners General Motors gave the company until the end of 2009 to find a solution, subsequently announcing it would wind down the company following Norwegian Koenigsegg Group AB’s withdrawal.

There was hope for a while after a deal was struck with Dutch sports car manufacturer Spyker in 2010, securing jobs for Trollhätten workers.

However, things started to falter again earlier this year when Chinese companies Pang Da and Youngman paid nearly 2 billion kroner to become part owners, intending to buy the rest of SAAB at a later stage. GM refused to transfer technology to China and threatened to cease SAAB deliveries.

“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,” announced SAAB’s current owners, Swedish Automobile N.V. (Swan), in a press release.

Vänersborg District Court approved the bankruptcy petition this evening.



Published on Monday, 19th December, 2011 at 20:56 under the news category, by John Price   .

This post has the following tags: saabbankruptcy, saabautomobilebankruptcypetition.


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