Image: Bjorn Larsson Rosvall/AFP/Getty

Saab Files for Bankruptcy

Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.

Zeewolde, The Netherlands, 19 December 2011 - 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.

Autoblog notes that Saab CEO Victor Muller reportedly turned in the bankruptcy application just hours before a court was set to rule on the company's reorganization. According to the company's Facebook page, the filing comes nearly two years to the day after Saab first learned it would be scrapped as part of the General Motors reorganization.

 

Muller is a douche of the highest order. Not going into details...

but he is.

 

Came here to post this, thanks DJ.
It's always sad to see a Car company like this no matter what kind of cars are produced.

 

It's too bad for the brand and all the employees. However, we have seen this one coming for more or less for 20 years now. Saab as a company simply isn't profitable.

 

Their issue wasn't profitability (well, clearly that's the result) but LACK of product that kept up to date. There is no reason for SAAB to exist amongst the competition.


They kept living in the '80s.

 

Son of
A
Airplane
Bitch

 

They still made Saabs?

 

That's what happens when you don't build ANY desirable cars.

Sucks to see any manufacturer go under but I won't lose sleep over it.

 

Another Saab story.

 

Good riddance!

I am sick and tired of people defending something that hasn't turned a profit in 25 years because they have made ancient products targeted at clueless consumers who don't exist anymore. It's like British Leyland all over again, only Saab has a bigger and even more clueless fanbase. And I am sick of the worker's sob stories in our local media, acting surprised when they don't get a paycheck every other month, as if they don't have a clue what's going on. "Crisis? What crisis? I just mount the door hinges on the 9-3 assembly line, which strangley hasn't been up and running for 8 months. Are you saying we're not making money? Look, here is a picture of my poor children to fuel the sobbiness!". You idiot. And I despise the union's responsibility for 85% this mess. And I love our government for not bailing them out.

However, one thing does suck, and that is that a large part of our smaller tech companies in the automotive area relied on Saab. On the other hand, they haven't gotten paid in about 3 years anyway, so my initial sentence still stands. Here, have some music:

World's saddest song, played in world's smallest violin - YouTube