Official: Saab files for bankruptcy

Article by Christian A., on December 19, 2011

It’s official: Saab Automobile AB filed for bankruptcy today with the district court in Vaenersborg, Sweden. Earlier today, we told you that GM will not support the latest investment and loan proposals from China's Zhejiang Youngman Lotus Automobile in order to keep Saab alive. Apparently, GM said that the proposals to save Saab were not "meaningfully different from what was originally proposed to General Motors and rejected,".

"Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders," said GM spokesman Jim Cain.

“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.” said Saab’s official statement. Moreover, Saab Automobile Tools AB and Saab Powertrain AB also have filed for bankruptcy.

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