Saab's New Owners are Almost Bankrupt
It’s the story that just won’t end. Saab has once again found itself in dire financial straits, and it’s the Swedish automaker’s parent company that’s left holding the bill. According to a report in the Wall Street Journal, an auto parts supplier petitioned a Swedish court on Tuesday to declare Saab’s parent, National Electric Vehicle of Sweden (NEVS), bankrupt. The company, Labo Test, affirms that NEVS has failed to pay its invoices since February of this year, amounting to $22,000.
According to NEVS however, the petition has been annulled. "The company whose representative filed a bankruptcy petition has informed NEVS that they will withdraw the case after information they have [received] regarding ongoing dialogues," wrote NEVS in a release.
Though the company looks to be staving off its creditors for the time being, money remains tight for the automaker. “We are in a situation where we are unable to pay all our debts and we are sorry for the strain that this is causing our suppliers,” commented Mikael Ostlund, director of communications at NEVS.
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This, of course, follows up on Saab’s ongoing streak of financial turmoil. The company, now owned by a Hong Kong conglomerate, had been purchased out of bankruptcy last year after a failed restart of the brand by Spyker – a move made possible only after General Motors sold the struggling brand in 2010. Since its NEVS reboot, Saab has only mustered a half dozen cars per day off its assembly lines.
Over its 67 years of operation though, Saab has designed and built some truly remarkable autos – the 99 Turbo, the rarer than rare Sonett I, and rally-fiend Saab 96 for starters. If the Saab story (pun intended) does end on this final chapter, there's still hope. Because it just means there's room for a sequel.
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