It has been a turbulent year for the Saab brand – and now it appears the company is on the verge of collapse.
Swedish Automobile NV has announced that Saab Automobile, as well as its subsidiaries Saab Automobile Tools and Saab Powertrain, have filed for bankruptcy with the District Court.
Saab has been informed that the funding it needed to continue and complete its reorganisation could not be concluded. As such, its board has decided that the company will be insolvent and that filing bankruptcy is now in the best interest of its creditors. It is expected that receivers will be appointed in the near future.
Now Swedish Automobile NV expects to write off its interest in Saab completely and does not expect to realise any value from its shares in the company.
