Could this finally be the end for embattled Swedish brand SAAB?
Following what feels like years of trying to resurrect the highly indebted motor company by various
entities, SAAB’s board decided to file for bankruptcy
in Sweden.
The potential deal with Chinese company Zhejiang Youngman Lotus Automobile that would at least have kept
SAAB alive did not meet former owner and main supplier General Motors’ approval over the weekend. Without it,
SAAB may as well close shop, the board concluded.
Part of a statement released by SAAB’s current Dutch owners
Swedish Automobile NV reads thus:
“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 reorganisation 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.”
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