Inside Saab by Steven Wade » bankruptcy http://inside.saab.com Lorum Ipsum tagline Wed, 21 Dec 2011 21:55:14 +0000 en hourly 1 http://wordpress.org/?v=3.1.1 Press Release: SAAB AUTOMOBILE FILES FOR BANKRUPTCY http://inside.saab.com/press-release-saab-automobile-files-for-bankruptcy/ http://inside.saab.com/press-release-saab-automobile-files-for-bankruptcy/#comments Mon, 19 Dec 2011 08:25:49 +0000 Swade http://inside.saab.com/?p=4373
Read more →]]> 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.

]]> http://inside.saab.com/press-release-saab-automobile-files-for-bankruptcy/feed/ 35 Press Release: Saab Automobile Confirms Bankruptcy Filing By Swedish Unions http://inside.saab.com/press-release-saab-automobile-confirms-bankruptcy-filing-by-swedish-unions/ http://inside.saab.com/press-release-saab-automobile-confirms-bankruptcy-filing-by-swedish-unions/#comments Mon, 12 Sep 2011 13:19:57 +0000 Swade http://inside.saab.com/?p=2969
Read more →]]> Trollhättan, Sweden: Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) confirm that Swedish unions Unionen and Ledarna filed for bankruptcy of Saab Automobile. The court has received the filing, but has not yet rendered a judgment which could take a few weeks.

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