It’s curtains for Saab Automobile after 64 years in the business, as the last-ditch rescue plan by Chinese investor Zhejiang Youngman Lotus Automobile fell through, the attempt blocked by former owner and key licence holder General Motors. The Swedish automaker, which hasn’t made any vehicles since April, filed for voluntary bankruptcy yesterday, and a court approved the bankruptcy request, reports say.
“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 reorganisation of Saab Automobile could not be concluded,” Saab’s owner Swedish Automobile said in a statement.
“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,” and Swedish Automobile “does not expect to realise any value from its shares,” the statement added. Two receivers have been appointed to run the company.
“There are parties out there that have expressed an interest to pursue a possible acquisition of Saab from bankruptcy,” Swedish Automobile CEO Victor Muller told reporters,. He said that it was now up to receivers appointed to oversee the bankruptcy process to judge such offers, the reports add.
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AI-generated Summary ✨
Comments express sadness over Saab's collapse after 64 years, highlighting its innovative engineering and history. Many blame GM for mishandling Saab, citing poor management and missed potential, and emphasize GM's reluctance to sell to Chinese companies fearing technology loss. Several discuss the broader impact on jobs and industry, with some suggesting that Malaysian automakers like Proton could have benefitted from acquiring Saab. There's concern over China's rising automotive power and potential technology transfer. Others reflect nostalgically on Saab as a technologically advanced brand, with some viewers considering their existing Saab cars as valuable collector's items. The future of Saab's technology and workforce is uncertain, evoking sympathy for employees and enthusiasts alike. Overall, sentiments are a mix of regret, criticism of GM, and concern for the automotive industry.