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Thursday, December 22, 2011

Saab files for bankruptcy

Saab files for bankruptcy

STOCKHOLM: Swedish Automobile N.V. has announced that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB have filed for bankruptcy with the District Court in Vänersborg, Sweden today.

It is expected that the court will approve the filing and appoint receivers for Saab Automobile shortly. Saab said in a statement that it decided to file for bankruptcy "in the best interests of its creditors."

The decision came about after GM, which still owns a number of technology licenses for Saab, blocked the sale of Saab Automobile to Chinese auto maker Zhejiang Youngman Lotus Automobile Co.

 Swedish Automobile N.V said it does not expect to realise any value from its shares in Saab Automobile and would write off its interest in Saab Automobile completely.

End of Source...

Jeff Lim's Opinion: Another Car Brand killed by GM. What's with GM? Apparently loved to kill car manufacturers. Prior to Saab, GM Already killed "Pontiac", "Hummer", and "Saturn". What a Selfish move to block sales to China. Sigh...

1 comment:

  1. You should consider how a filing may affect your life, how not filing may affect your life and then decide which results are better for you.
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