Saab future looking grim again, may have to file bankruptcy

Saab’s future has been looking very grim. Last week, word from the manufacturer was that they might not be able to pay their dues to parts suppliers. Now, to make things worse, it appears that Saab may have to file for bankruptcy again, said some reports in Europe.

The reports weren’t specific in terms of details, but when Saab US’s spokeswoman was asked about the issue, there was no reply.

Swedish Automobile bought Saab from General Motors as part of GM’s liquidation process and since then, the “Born from Jets” brand has been struggling ever since.

Saab’s production lines have been halted since late April because the unpaid parts suppliers stopped providing parts. Some of the last news to also come from the Swedish brand said that “they made some deals with creditors so that production can resume” and that they signed “agreements with Chinese companies for more cash.”

Either way, if Saab files bankruptcy, they will have to get temporary protection from creditors so that they could restructure once again.

– By: Chris Chin

Source: AutoWeek


Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

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