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SAAB Australia Says Siornara

Posted: January 10th, 2013 | Author: | Filed under: Grilled Auto News | Tags: , , , , | Comments Off on SAAB Australia Says Siornara

Grilled Auto News - SAAB Australia Says SiornaraThe importer and distributor of Saab cars in Australia has been placed in administration owing roughly $2 million to its creditors. Saab Australia has six staff operating out of Port Melbourne and just 10 new cars for sale in Australia.

The administrator Ferrier Hodgson says a creditors meeting will be held by the end of this week. Partner Stuart McCallum says it was not unexpected as Saab’s Swedish parent company entered bankruptcy in December 2011.

“This is as a result of the bankruptcy of the Saab cars’ parent in Sweden, following the global financial crisis in 2008 and specifically the collapse of Lehman Brothers that led to a large shock in the global car industry including for Saab,” Mr McCallum said :: Read the full article »»»»


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 »»»»