Saab bankruptcy protection filing rejected

Saab 9-5 SportCombi 24.02.2011

Company will appeal

The District Court in Vänersborg, Sweden has rejected Saab's filing for a voluntary reorganization.

In a statement, the court said they had no reason to believe a restructuring would work. As such, the IF Metall union is looking into the possibility of having the company declared bankrupt within days.

For its part, Saab said they were "disappointed with the ruling and will appeal the District Court's decision."

Source: Saab and Automotive News

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Court rejects voluntary reorganization application. Saab Automobile to appeal decision

Zeewolde, The Netherlands, 8 September 2011 - Swedish Automobile N.V. (Swan) announces that the District Court in Vänersborg, Sweden today rejected the proposal for voluntary reorganization by Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile). Saab Automobile is disappointed with the ruling and will appeal the District Court's decision.

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yiotis82

aaawwww :( just shut it down already.

September 8, 2011 1:56 pm

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Titra

that's got to be the saddest motoring news of the decade....

September 8, 2011 2:45 pm

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will_wonka

A foregone conclusion, concluded!

September 8, 2011 3:28 pm

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3 replies

THE END!

September 8, 2011 6:54 pm

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PAA

I still expect some foreign cash company to jump in and buy the name for peanuts.

September 8, 2011 8:17 pm

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eemo_crash

@PAA, the name cannot be sold separately. This was one of the issues when GM was going to liquidate Saab. The Saab name belongs to Saab AB, the defence company, who has an agreement with Saab Automobile AB. and I believe Scania has the rights to the Saab/Scania Griffin Head Logo who would have agreements with both Saab parties. I remember when Spyker wanted to change its name to Saab-Spyker it had to get approval from Saab AB, which I don't believe it obtained. Hence the Swedish Automobile name.

September 8, 2011 9:08 pm

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Microice

Has the Grim Reaper met his match?

September 8, 2011 10:49 pm

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nixlair

I hope some of you have your own companies and someday feel the same heat that they are feeling. pesimists, all of you........

September 9, 2011 5:09 am

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abramo

I believe in miracles. I'll wait & see.

September 9, 2011 7:38 am

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GTurbo

I second you on that one abramo! O ye of little faith! That Buick is still 'operational' is nothing short of a miracle because all they do nowadays is churn out rebadged Vauxhall/Opel products and ditto Daewoo that are now rebadged Chevrolets. SAAB have just been building their most future-sense cars in decades and the timing of their financial troubles irk deep down and they have far more brand cachet to spare than the two suspects aforementioned. Nuff said.

September 11, 2011 8:53 am

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