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SAAB Files For Bankruptcy

Posted: December 19th, 2011 | Author: | Filed under: Business News | Tags: , , , , , | Comments Off on SAAB Files For Bankruptcy

SAAB Files For BankruptcyThe stalwart Swedish car maker Saab has filed for bankruptcy, bringing to an end two years of struggle to rescue the iconic brand.

Final desperate efforts to organise help from China were obstructed by General Motors over licences.

A statement on the court’s website said three Saab companies had filed for bankruptcy: SAAB Automobile Aktiebolag, Saab Automobile Tools AB and Saab Automobile Powertrain. Saab’s charismatic chief executive Victor Muller had been due to appear before the court on Monday as judges had been scheduled to decide whether to lift or prolong the three-month bankruptcy protection Saab had been placed under while it was attempting to negotiate a deal to rescue the company.

The car maker was forced to halt production in April as suppliers stopped deliveries over mountains of unpaid bills. Saab’s some 3,700 employees, whose salaries have been delayed for five months running, have yet to receive their November pay cheques :: Read the full article »»»»


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