SAAB FINALLY FILES FOR BANKRUPTCY

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.”