Photo: Saab
We’ve never read a press release from an automaker that is just depressed and pessimistic until today’s bankruptcy announcement from Saab’s owner Swedish Automotive. Yes forks, the 74-year old brand is standing on its last legs after filing for bankruptcy with the District Court in Vonersborg, 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," Swedish Automobile said in a statement. "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."
So basically, with money running out and no realistic hope of a meaningful reorganization, the end is near for the once mighty European brand.
Swedish Automobile has decided to write off the value of its Saab shares from its books, since they don’t expect to see any money back.
So basically, with money running out and no realistic hope of a meaningful reorganization, the end is near for the once mighty European brand.
Swedish Automobile has decided to write off the value of its Saab shares from its books, since they don’t expect to see any money back.
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