Yesterday, Saab announced it filed for bankruptcy. According to “Saab calls it quits” by Peter Valdes-Dapena of CNNMoney.com, “The Board of Saab Automobile subsequently decided that without further funding the company will be insolvent, and that filing bankruptcy was in the best interests of its creditors.” Saab has been turned over “to a Swedish court-appointed receiver”.
General Motors sold the company to Swedish Automotive in 2010, but maintained an ownership stake. GM made no comment on the bankruptcy. Saab has previously attempted to sell the company to Chinese investors. The article reports that Saab suffered from lack of cash, inability to pay their workers, and lackluster sales. At this point, Swedish Automotive “does not expect to realize any value from its ownership of Saab”. The only hope for Saab is if any entity steps forward to buy all or portions of the company.
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