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Saab Bankruptcy Looms


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STOCKHOLM — Beleaguered Swedish carmaker Saab said on Thursday the administrator of its reorganisation plans to ask the court to halt the process, in a move that could force the company into bankruptcy.

Guy Lofalk, who has been appointed by the Vaenersborg district court in southwestern Sweden to oversee Saab's three-month restructuring process under bankruptcy protection, had informed the company he would ask that the process be terminated, Saab's Dutch owner Swedish Automobile (SWAN) said in a statement. Although the statement did not provide an explanation, Lofalk's decision indicates he does not think the restructuring will be successful. If the court grants his petition, thousands of individual requests from unionised company employees and suppliers for Saab to be declared bankrupt, which have been put on ice during the reorganisation, will be activated again."Saab Automobile shall contest this application and request for continuation of the voluntary reorganisation process," SWAN said, adding that it also planned to "apply at the court for replacement of Mr. Lofalk as administrator."Lofalk could not be immediately reached for comment.

http://www.google.com/hostednews/afp/article/ALeqM5hg0F907m1_R4T2aUKsPlnHGbhCRQ?docId=CNG.945133394c8f4300e095ecf56df9e54f.101

Sounds like it's the end of the road for the once proud car company. Just has too many miles on the clock & now destined to end up at the brakers yard.

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http://www.google.co...cf56df9e54f.101

Sounds like it's the end of the road for the once proud car company. Just has too many miles on the clock & now destined to end up at the brakers yard.

They make crap cars these days.

I used to like the SAAB 96 - looked like a jelly mould, but had a free-wheel when you took your foot off the accelerator. There was a SAAB 96 flashers club when you passed another on the road. Kinda made driving exciting!

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Good riddance!

How many more "Saab is dead" threads are we going to have on HPC.co.uk?

Probably another thread everytime it shows signs of life and another company buys it. It was dead when GM bought it, and it was dead again when the Dutch company bought it. It's dead now, but who knows what company could take it over next. The latest is that the Chinese company that bought Volvo is interested in also buying Saab. So the country that brought us lead paint tainted toys for our children and contaminated pet food which killed our pets might be producing the two safest cars on the planet. Amazing!!

The Swedish government should have saved both companies. They need to take some lessons in socialism from us Americans.

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