Posted by: saabnuts | December 19, 2011

Saab Automobile Files for Bankruptcy

From Saab Media December 19, 2011:

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.

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My heart and prayers go out to everyone at Saab.  I hope this is not the end of Saab and hope to write more about this soon, but right now I am not in a good place to be writing and posting publicly about the Saab situation.

For now I will remind reader that if you are looking for Saab news, please Check out our posts by category “news” by clicking here

or visit Life with Saab, Inside Saab, SaabsUnited.com, the Saab Newsroom, Saab Mediaor Saablog-in.

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