Saab preparing to file for bankruptcy protection - report

The Saab saga could be coming to a close as a new report is indicating the troubled automaker will file paperwork for bankruptcy protection.

Details are unconfirmed at the moment, but the move would reportedly enable the company to reorganize in a last ditch effort to stave off collapse.

In light of the recent events, Saab said they were aware of the reports but issued a non-denial which read "In order to secure the continuity of Saab Automobile, Swan (Swedish Automobile N.V.) and Saab Automobile are evaluating all available options. Swan will update the market in case of new developments."

The news follows an August 23rd announcement which said the company would likely have to delay payments to their workers. Possibly foreshadowing the current rumors, Saab said there can be "no assurance that the necessary funding will be obtained or the funds collected."

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Automaker Saab
Article type Corporate/Financial
Tags saab bankruptcy, saab collapse, saab debt, saab suppliers