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Saab files for Bankruptcy

Mon, 19 Dec 2011

Saab Bankrupt

It looks like Victor Muller’s dream of saving Saab is over with Saab shares suspended and the company filing for bankruptcy.

Saab has produced nothing since April and has lurched from crisis to crisis ever since. Victor Muller has pulled every trick he knows – and some he didn’t know he knew – to keep Saab afloat, but it looks like it’s all for nothing.

Saab shares have been suspended this morning and Saab has filed for bankruptcy. The root of the death of Saab is doubtless GM’s refusal to countenance any involvement with Chinese companies in Saab. Muller’s only lifeline for some time has been Chinese interest in Saab, but GM refuse to countenance that to protect to protect their technology, which underpins Saab’s cars.

Saab wanted to change administrators (of their court protection) last week, but their chosen appointee refused the task and the Swedish Court refused to allow it, despite current administrator Guy Lofalk’s wish to be relieved of his duties. But that all seems academic now with the death knell finally ringing for Saab, despite Muller’s valiant efforts

There will be much more on this story today, so we’ll update here. Check back later for more details.

By Cars UK