Saab Files for Bankruptcy
ZEEWOLDE, THE NETHERLANDS - Chinese company Youngman decided it could no longer fund Saab's reorganization, so the automaker's board decided to file for bankruptcy.
ZEEWOLDE, THE NETHERLANDS – Saab announced it has filed for bankruptcy with the District Court in Vänersborg, Sweden. The company said that after GM stated its position on a potential transaction with Chinese company Youngman, that company informed Saab that it could not continue to fund and complete the reorganization of Saab Automobile. Saab’s board decided that without further funding, Saab will be insolvent and decided to file for bankruptcy.
This comes after the automaker had reported that its voluntary reorganization could be terminated.
The entire process has seen its ups and downs, with Chinese companies Pang Da and Youngman at one point making an offer of 100 million EUR to purchase the automaker, and later GM refusing to approve the deal due to Saab's use of GM technology.
Saab's parent company, Swedish Automobile N.V., stated it does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.
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