autoevolution
 

Saab Cars North America Facing Liquidation

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.
Saab dealers in trouble 1 photo
Photo: Saab
"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.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Mihnea Radu
Mihnea Radu profile photo

Mihnea's favorite cars have already been built, the so-called modern classics from the '80s and '90s. He also loves local car culture from all over the world, so don't be surprised to see him getting excited about weird Japanese imports, low-rider VWs out of Germany, replicas from Russia or LS swaps down in Florida.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories