It’s finally over: Saab files for bankruptcy

Posted: Dec 19, 2011
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Saab

After many (and we mean many) attempts on saving Saab from bankruptcy, owner Swedish Automobile N.V. (Swan) has just announced that Saab Automobile AB, Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vanersborg, Sweden this morning.

“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,” Swan said in a statement. “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 said that it does not expect to realize any value from its shares in Saab. It will write off its interest in Saab completely.

Goodbye Saab – it was nice knowing you.

- By: Omar Rana


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  • Cad4life

    theyll come back, just without gm tech now, who knows this could b a good/bad thing, time will

  • Saabguy

    Come back????
    Put a fork in them….
    Nothing left to come back, it’s over baby!

  • Potatowh

    I’m gunna cry

  • Matt

    GM sure put a jinx on a once great car manufacture.

  • Saabguy

    Saab was doomed before GM showed up.
    Bad transmissions, bad cylinder heads, expensive parts, there where lots of reasons that Saab never made it… Yes they had funk appeal and they where safe but in the end they really did produce cars that didn’t stack up with the competition. Too bad but not exactly GM’s fault…..
    I think that the best, most reliable Saabs where in fact built by GM, maybe soulless but good cars.

  • Desertwind

    Its always GM’s fault.
    They greedily bought a car company that they thought would compete with BMW, Audi and Mercedes, ignoring Opel/Vauxhall (another shining GM Euro-brand), whereas it was a funky cool car company producing turbocharged cars with a real aviation ‘esprit’ (Saab also made the Drakken and VIggen fighter planes). They then did a “Borg” assimilating and dissipating whatever flicker of uniqueness may have existed before the takeover. And they did not invest in it sufficiently to have a hope of a chance.
    Now that Saab’s in bankruptcy, maybe an Far-Eastern car company can come in and pick up whats left (the name), and do something better with it.

  • Goat

    even in death, GM saddled saab with a tremendous amount of debt.  Honestly, I’m surprised they’ve made it this long.  I only just saw my first new 9-5 on the street a few weeks ago, and we have 3 dealerships in town, well, did have…

  • Amigabuzz

    Funny the people that put SAAB down all the time…how many other cars have SAAB’s SRS head restraint system. Fact SAAB 9-5 owners pay some of the lowest rates for car insurance for safety. Oh the BMW crowd is the same as the Couch handbag crowd. Fact the new BMW 7 series has electrical issue stranding them on the road …oh lets not mention how close the 2012 KIA optima looks like a SAAB  9-5.
    http://www.thetruthaboutcars.com/2011/10/review-2012-kia-optima-hybrid/