The 64 year old brand has filed for bankruptcy in its home country Sweden. Saab also recently announced that it will not honor warranties in North America.
Saab Cars USA CEO Tim Colbeck hopes to offer a solution. Speaking to The Detroit Bureau, he said:
As Autoblog reports, this is again just a plan, and nothing has been done to make it happen. Saab customers in the US will be footing the bill, in all probability.
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.