Photo: Saab
While Saab and its employees are still hoping for a buyer to save the company, money is running out for the North American division, which faces liquidation in the face of its impossibility to pay debts. It’s only a matter of time before the procedure gets into full swing, and the 188 dealers scattered across the US find themselves between a rock and a hard place - either file for Chapter 7 bankruptcy or waiting for the liquidation of SCNA.
"We notified creditors that it is our opinion that there is no way to salvage the company," said Jim McTevia, of McTevia & Associates, the administrator appointed to operate the U.S. distribution arm, according to Automotive News.
"There is no money to keep the company going until someone figures out what to do. They have some parts inventory, which we started distributing. There are no new parts coming in,” he added, explaining why they are moving ahead with liquidation.
"There is no money to keep the company going until someone figures out what to do. They have some parts inventory, which we started distributing. There are no new parts coming in,” he added, explaining why they are moving ahead with liquidation.
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