It’s finally over: Saab files for bankruptcy

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