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In what’s turned into one of the most painful and drawn-out demises in automotive history, Swedish automaker Saab has filed for bankruptcy with a Swedish District Court. The move came after General Motors reaffirmed it would block any transaction to sell Saab to Chinese suitor Youngman, prompting Youngman to withdraw its funding offer. The move left Saab with no alternative except filing bankruptcy, which it deems to be in the best interests of its creditors.
As for the next step, the Court must approve the bankruptcy filing (which it will), and then receivers are appointed to oversee the dissolution of Saab. Saab’s parent company, Swedish Automobile, will write off its interest in Saab, and isn’t likely to realize any value from its holdings.
Beyond this, what happens to Saab is anyone’s guess. The eternally optimistic may point out that bankruptcy isn’t necessarily the end, but in Saab’s case it very likely is. There are rumors that a company is waiting in the wings to buy Saabs assets and re-launch the brand, but it’s likely that any company will face the same obstacles as Youngman.
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