7 September 2011

BUSINESS-US-GM-SAABSwedish carmaker Saab is filing for bankruptcy protection, worrying the elbow patches of geography teachers up and down the country.

Owners of Saab, Swedish Automobile, have said that the move would protect it from its creditors while it tried to secure additional funding. The company has already suspend production after suppliers stopped all deliveries after not being paid.

Workers have also had their wages delayed for three months in a row.

Saab, of course, were rescued from closure by General Motors last year and and then bought by Swedish Automobile, formerly Spyker Cars, who announced that two Chinese firms would buy minority stakes in the company. Sadly for Saab, these deals have not yet had regulatory approval in either Sweden or China.

Worse news is that it looks unlikely that the Chinese government will be giving the two companies the go-ahead.

Is the brand too tarnished to recover?


TOPICS:   Motoring   High Street News


  • Dick
    Finally they get what is coming to them for having two letter a's in a row. It is not natural and it's against God I tell thee, against God.
  • andy y.
    Beard..Saab..Patches.Oxbow Lake.Ugly missus. Geography teachers 1972-2011
  • Andrew W.
    Thanks for that input Dick! As a Saab owner of ten years I'm stunned by a great brand and car destroyed by the mediocrity and mismanagement of GM. They truly masters of turning wine into water! If they'd only left Saab's Swedish engineers to continue to do what they do best rather than rehashing Vauxhall Cavaliers as premium cars where would Saab be now? GM have demonstrated their utter incompetence in handling brands in a similar manner to Fords handling of it's Premium Automotive Group. It's fitting that GM are in the s**t. I hope Saab survive, they are true innovators and have some fantastic designs in the pipeline though sadly starved of funding and the only lifeline being offered by China.
  • Dick
    If SAAB were so great, why did they need to be owned by GM in the first place? Money, money, money .... oh, that was ABBA.

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