Saab files for bankruptcy as General Motors blocks Chinese rescue deal
The saga has been running for two years but Saab’s fate looks as if it has finally been sealed, with news that the Swedish manufacturer has filed for bankruptcy.
In a very public struggle to stay afloat, Saab was almost sold off to Pang Da and Youngman – both Chinese manufacturers – but the deal was called off by Saab’s former owners, General Motors, who didn’t want its technology falling into Chinese hands.
The troubles began when General Motors sold a struggling Saab to Spyker in January 2010, and there was never a successful model to kick-start sales in the competitive segment Saab is a part of.
An official statement read: “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. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.”