The car manufacturer has filed for bankruptcy Monday, ending the last two years efforts to save an iconic brand with a history of 74 years, according to Bloomberg. Swedish court in Vänersborg announced that the three main companies of the Group, Saab Automobile Aktiebolag, Saab Automobile Powertrain Tools and Saab Automobile, declared bankruptcy and a liquidator will quickly be appointed. A court official said the request of Saab is currently being analyzed.
The owner of Saab, the Dutch company Swedish Automobile (Swan), has confirmed that in the absence of new funds, the automaker is insolvent, and bankruptcy is in the interests of creditors. “We expect the court to approve the declaration and quickly appoint a liquidator for Saab Automobile”, it said in a statement from Swan. Swedish Automobile (former Spyker Cars) bought Saab in February 2010, from the American group General Motors. Saab won in September, in court, protection from creditors and tried unsuccessfully to attract more funding. Swedish Automobile shares fell following information by 67%, to 7 cents per unit.
Saab was founded in 1937 as a manufacturer of aircraft and began to manufacture cars in 1947. Operations in aeronautics were separated in the nineties from car production. GM bought a 50% stake in Saab Auto, and in 2000 became the sole owner. The American group put the brand on the market for sale in 2009, together with other three divisions, for the purpose of increasing its profitable activities. Swedish Saab Automobile intended to reach sales of 120,000 vehicles per year and become profitable by 2012. Saab sales have never reached this goal, and in 2010 have only totaled 31,696 cars sold.
Saab Automobile has negotiated with Zhejiang Youngman Lotus Cars and a Chinese bank to get loans in China of 600 million euros. GM, which has the right to influence decisions about Saab due to their technology links, announced last weekend that it can not support proposals to save Saab as it would affect the American company.
Among the companies interested in Saab Automobile, were Pang Da Trade in China and Russian banker Vladimir Antonov, former shareholder of Spyker.
