The long running Saab saga is now running to an inevitable conclusion. The Scandinaivian automaker has filed for bankruptcy in a Swedish court.
The long running Saab saga is now running to an inevitable conclusion. The Scandinavian automaker has filed for bankruptcy in a Swedish court.
Saab have spent the last few months painfully attempting to rescue the brand with a number of rescue plans. The latest of which involved Chinese automaker Zhejiang Youngman Lotus Automobile, but this was once again vetoed by General Motors who are Saab's key supplier.
Saab's Dutch owner, Swedish Automobile released a statement. "After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded."
"The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors."
The bankruptcy means Saab's workforce of 3,600 face a bleak immediate future. However, most should have seen the writing on the wall long before this latest development. It has been many months since a Saab vehicle has been produced.