Saab preparing to file for bankruptcy protection - report

Saab 9-5 hearse artist rendering
Saab 9-5 hearse artist rendering

Company responds with a non-denial

The Saab saga could be coming to a close as a new report is indicating the troubled automaker will file paperwork for bankruptcy protection.

Details are unconfirmed at the moment, but the move would reportedly enable the company to reorganize in a last ditch effort to stave off collapse.

In light of the recent events, Saab said they were aware of the reports but issued a non-denial which read "In order to secure the continuity of Saab Automobile, Swan (Swedish Automobile N.V.) and Saab Automobile are evaluating all available options. Swan will update the market in case of new developments."

The news follows an August 23rd announcement which said the company would likely have to delay payments to their workers. Possibly foreshadowing the current rumors, Saab said there can be "no assurance that the necessary funding will be obtained or the funds collected."

Source: Saab & Reuters

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Comments (10)

sub39h sub39h
what a shame
Aug 29th, 2011 12:08pm
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GTurbo GTurbo
This is SAAB Deja vu death rehearsal scenes in a SAAB hearse. Somebody wake me up when it's all over....
Aug 28th, 2011 1:46am
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Narco Narco
This is a shame because the new 9-5 is one of the most beautiful cars on the planet. Love, Narco.
Aug 27th, 2011 7:34pm
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freeway freeway
yes indeed it is sad to see a company like SAAB going down, but let's be honest, they are not the first and certainly not the last automobile icons to go bankrupt (just remember Packard, Hispano Suiza, Studebaker, Auburn Cord, etc, etc)... who knows what will be in 50 years from now... maybe VW and GM will only be a page in the history books and the biggest car producers (if there will be cars anymore) will be companies like Fisker and Tesla... that's the evolution and the survival of the fittest... and the fittest it's not always the biggest...
Aug 27th, 2011 4:58pm
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Well said! Time will tell. It doesn't mean you have struck fortune now, you would be able to win it again the next time. I wished Saab well in such troubling times and hopefully wished the Swedish marque would continue to forge on for years to come.
Aug 30th, 2011 10:46am
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Ruizinho Ruizinho
it is getting sad, and WCF put this pic in every single Saab arthicle it gets even more, just stop beating on the old man, it´s an icon in the car industry, and a very beautiful car.
Aug 27th, 2011 12:46pm
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Otep Otep
I'm sad. Saab was not like the others...
Aug 27th, 2011 12:26pm
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DJH1971 DJH1971
Saab are finished.
Aug 27th, 2011 1:03am
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progressive progressive
I wish I have money to buy it. Government should do something. It's automotive icon.
Aug 26th, 2011 11:58pm
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ussoleg ussoleg
It's over. How many time do you want to save a sinking ship
Aug 26th, 2011 11:47pm
1 0