Saab in danger of bankruptcy - report

It sounds like déjà vu all over again as a new report is indicating that Saab is in danger of going bankrupt.

It sounds like déjà vu all over again as a new report is indicating that Saab is in danger of going bankrupt.

In an interview with Sweden's Dagens Industri, would-be Russian investor Vladimir Antonov stated he doesn't believe Saab will reach their goal of selling 80,000 cars in 2011. He added this would cause problems with the European Investment Bank which could result in Saab being declared bankrupt within five days after the loan is due. Furthermore, Antonov said the company likely needs €1 billion to stay afloat and he is willing to invest half that amount.

While nothing is official, Saab's financial situation could explain Spyker's recent decision to sell their supercar division to CPP Global Holdings. Of course, this could also be chalked up to an overzealous investor who's peeved that his alleged ties to organized crime deep-sixed his original attempts to back Saab.

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Automaker Saab
Article type Corporate/Financial
Tags bankruptcy, saab bankruptcy, saab sale, vladimir antonov