/Official: Saab Is Bankrupt

Official: Saab Is Bankrupt

Saab bankrupt at Official: Saab Is Bankrupt

They tried everything, but nothing really worked. And today Saab and all its subsidiaries filed for bankruptcy. But they can hold their head up high.

It’s been almost certain that the Chinese will take over Saab, like they did with Volvo, they repay their debts, restart production, and all will be fine.

But the mess Saab has been into since the GM era was so deep, it stopped them from proceeding with the deal. And now with the Chinese out of the picture, there’s really no other way, nothing to hang to.

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.

So is this really the end of Saab? Apparently so.

(Founder / Chief Editor / Journalist) – Arman is the original founder of Motorward.com, which he kept until August 2009. Currently Arman is our chief editor and is held responsible for a large part of the news we publish.