Press Release: SAAB AUTOMOBILE FILES FOR BANKRUPTCY

Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.

After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. 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.

Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.

You may also like

34 Comments

    1. At http://www.svd.se/naringsliv/professor-varumarket-kan-leva-vidare_6719181.svd Pär Åhlström (prof at Stockholm School of Economics) says “It is possible that you can save parts of it, that you can reconstruct it in some way and come back with the brand itself and the technology and all the models we have in the pipeline. There is a chance for it, I think so.”
      And analyst Matts Carlsson thinks “It is clear that it is gloomy, but I think on the other hand it is a tactical action by Victor Muller’s side. I do not think he gives up”.

  1. I’ll hang on to my Saab 9000CS, 2.0LPT, MY1995, for as long as the parts last.

    Thank you Saab for the years of motoring pleasure.  

  2. This is a really sad day – thank you Saab, for all the great things you have achieved.  I still hope there will be a Saab in the future, but it does not look very bright right now.  Thank you Swade, for great websites surrounding our beloved carmaker.  My heart goes out to all the employees and all the people affected by this.

  3. Realy sad indeed. So when GM could not kill Saab in any other way they did it by sending e-mails to Swedish media, scaring away Youngman?

    Anyway, perhaps not very likely, but fingers crossed for them to put everything not GM in one box (the Factory, the Phoenix platform, IQon, all the people doing the development etc) and sell to someone willing to restart development (under a new name if necessary), find replacements for everything not GM and at least get the NG 9-3 out there? The buyer would not have to worry about old debts or paying all the factory workers before there are new cars to produce. If required for using the name Saab perhaps a new owver could even agree to let the factory stay in Trollhättan?

  4. So sad.  My heart goes out to all those working for Saab in Sweden and all the dealers around the world.    A brave, valiant fight was fought by Victor Muller and his team, but I think in the end the cards were stcked so highly against them that only a miracle could help.

    Personally, I don;t feel animosity towards GM.  They are a business, not a charity and have to answer to their shareholders.  Business decisions often end up hurting someone…

    Maybe sometime in the future, someone will raise Saab (or whatever it may be called) from the ashes like the Phoenix and Saab’s DNA will live on.  We’ll see.

    For now, I wish everyone as Saab the very best of luck in the future and gainful employment as soon as possible, including you Steven.  Best of luck!

    1. GM were bailed-out by the US government, are owned by them, the Canadian government and a workers’ union. This move makes GM ungrateful hypocrites in my eyes. Do the UAW really know that they’ve been responsible for the loss of livelihood of fellow unionised workers?

  5. A sad, sad day.

    We at Volvo feel very sorry for our friends at Saab, it’s truely the worst thing that could happen. My thoughts go to all employees, dealers and fans out there.

    /Mattias 

  6. My heart goes out to all the employees at Saab. I’m sure it has been a struggle for most of the year and then for this to happen a week before Christmas is simply heartbreaking.

    I will miss you Saab.

    Robert – Chicago (four Saabs)

  7. It is a sad day. I cant believe its over.The dream of SAAB has come to a tragic end, to my friend SAAB you will be missed. You were miss managed. Miss understood. Space in the world is running out for truly different things, and you SAAB were “different” and I really liked you for it…. 

    I hope the families in Sweden that worked for you will get some money out of this. They were loyal the “SAAB workers”. I breaks my heart to think about those people not having a decent Christmas. The children with no gifts ,no Santa stop,  so Glum. 

     Mr. Swade if you read this and their is something I can do to help even one Swedish SAAB workers Christmas to be more merry let me know. I know I cant save SAAB. 

    But I want to help the people this mess has hurt. 
    And their kids. I cant imagine how awful to wake up Christmas morning and Santa did not come. That said it was a poor idea of VM to let GM have any say in SAAB. I know VM saved SAAB before, and that was good. But letting GM hold controlling stock was really really stupid. Considering GM’s past performance with SAAB. It was a bad Idea to waste money on the phoenix concept instead of spending money on advertising and boosting the SAAB marque. But its all water under the bridge .

    1. I don’t think it was Victor Muller’s intention to keep GM involved in Saab, but rather a necessity to keep cars (which were designed under GM) to keep flowing until they could get GM-free product ready. It’s really too bad this couldn’t happen, for whatever the reason.

      Best wishes to the employees and their families.

      1.  I would have told gm I am buying SAAB from you. get lost gm. I will give you stock but not controlling stock. As you stupid pieces of *&#!%&?  at gm made this mess of  SAAB. I wouldn’t trust you gm to take out my trash, let alone have control over my new company. (its my money)

          Like Intel processors, how does the IP thing work for them ? Because intel processors were in pc’s and then Macs. ——-This ip non-sense is just that non-sense. Did the Chinese clone the Intel processors? Did Microsoft go after Intel ? or Apple? No. 
         If he made a UrSAAB-like car it  would have taken off and none of this would be. I would have asked my designers to work over time nights weekends when ever, get the new Ipod(SAAB) out there Quick! That one design is what put Apple back on the map. It got people talking about Apple , which lead them to Apple stores, the people saw the Macs and some bought Macs and became loyalist, all from on simple little rink y-dinky Ipod.One NEW product.
        Perhaps some new investor will come along and return SAAB to its Own Spot in the automotive world. 

        Well no matter I love my 9-3 Convertible. I will keep it until it or me turns to dust. 

  8. I was out for some Christmas shopping earlier today. When I jumped in my 9-3 Aero to head home I switched on the Swedish Radio stream. And heard the news.

    The news made me select a smaller and slightly longer road home, to enjoy 30 kilometers of twists and turns. Just me and my Saab.

    It’s a sad sad day, if this really is the end. I still want a JC9-3! I refuse to believe this is the end. Whatever happens, I’m gonna try to get the restoration of my 99 EMS finally started and take good care of my newer Saabs.

  9. I think this is not the end for Saab Automobile. I just feel it. Now, we have to be patience and wait for more information. Bankruptcy is a scary word, when you hear the word you
    (function(){var src = document.getElementById(‘source’);src.focus();src.select();src.style.boxSizing=src.style.WebkitBoxSizing=src.style.MozBoxSizing=src.style.MsBoxSizing=’border-box’;})();Menade du: associeras

    associated it with dead. But there is still a chance.
    Skriv text, ange adressen till en webbplats eller översätt ett dokument.
    Avbryt
    Översättning från svenska till engelska
    What I have heard and read is that there is speculators who are intrested in Saab. I am not a religius person but I still hope and I pray for the best for Saab. For Saab, for the workers, for us and for Sweden.

  10. Exuse me.

    I think this is not the end for Saab Automobile. I just feel it. Now,
    we have to be patience and wait for more information. Bankruptcy is a
    scary word, when you hear the word you
    associated it with dead. But there is still a chance.
    Skriv text, ange adressen till en webbplats eller översätt ett dokument.
    Avbryt
    Översättning från svenska till engelska
    What
    I have heard and read is that there is speculators who are intrested in
    Saab. I am not a religius person but I still hope and I pray for the
    best for Saab. For Saab, for the workers, for us and for Sweden.

  11. very sad news indeed saab deserve another chance GM should be ashamed to disgrace a brilliant car company and i hope they realise what they have done i am very angry Mike. Mair. Aberdeenshire scotland

  12. Having worked for and within the “Old” GM, it is no surprise that they take the position they do, and to a degree, should not be fully blamed.  Why an arrangement could not be concluded for technology and platform use we might not know for a while but business and the free market can be cut-throat.  Buying up competetion and shelving their products is not uncommon in software industry.  Survival of the Fittest is not equivalent to Survival of the Enlightened.   Is there enough Saab Fans to donate to a Save Saab Fund to the degree of capital required to maintain or convince a buyer/salvager to take it over near whole?  In the end and the bottom line very sad to say – ts about the money – and there appears to be none.  But how many could post at some site what they would donate – or is it too late?

  13. Sickening! GM concerend over their IP, sorry that dosen’t cut it with me! anyone could by one of there various platformed cars strip and copy, why? I do not know there not exactly cutting edge! As a Saab onwer my heart felt wishes go out to all the Saab employees at this time of year which we should be enjoying.
    GM typical American self intertested bias you should be ashamed! but you won’t be!  

  14. Very sad to hear this. I found a 05 93 Linear Conv. The remote portion of the keys are toast and I need them replaced. I feel for the workers and their families as well as the dealers and supporters and fans of your products. I pray there is a future for the company. My thoughts and prayers are with you.

Leave a Reply

Your email address will not be published. Required fields are marked *