Saab Files for Bankruptcy

SaabBankruptcy1 Saab Files for BankruptcySaab is officially bankrupt, Parent company Swedish Automobile announced today. The company has been in trouble since April, when it ran out of cash, couldn’t pay its suppliers and had to stop building cars. However, after eight months of negotiations it looked as if Saab was going to be saved after a sale was agreed with Chinese manufacturer Youngman and distributor Pang Da. Unfortunately that very deal fell through, triggering the bankruptcy.  The deal was primarily called off due to General Motor’s refusal to have their designs and technology used by the Chinese. General Motors spokesman Jim Cain told Automotive News that Saab had not been able to reassure GM that its technology would be safe in the sale to the Chinese.

A brief explanation: General Motors once owned Saab, but put it up for sale in 2009 when GM itself was in financial trouble. By that time Saab had designed the new 9-5 and 9-4X using mostly GM parts in their underbodies, suspensions, powertrains, and electronics. Then In early 2010, Saab was bought from GM by Victor Muller’s investment company, which also owned tiny supercar maker Spyker. However, when Muller agreed upon the sale to the Chinese, GM then decided it wouldn’t let its designs go to China. GM believe that copyright protection is too weak in China and its technology would be pirated. This poses a huge threat to GM as they manufacturer other cars using the same systems – the Insignia, Astra, new Zafira and their US and Chinese equivalents.

 

New Saab 9 4X Saab Files for Bankruptcy

With bankruptcy, Muller has said he won’t get any money out of Saab. Creditors will scrap over the remaining value left from the company’s tools, equipment and premises and they won’t get much nor will its workers.

Read the official Statement below:

‘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.’

CarDVD-Player.net All Right Reserved.Back to Shopping on: Car DVD player car dvd player with GPS for Toyota Car DVD Player with GPS for Honda Car DVD Player with GPS for Hyundai Car PC Car DVD Players Headrest DVD Player Audi DVD Player BMW DVD Player Buick DVD Player Chevrolet DVD Player Citroen DVD Player Daihatsu DVD Player Ford DVD Player Fiat DVD Player GMC DVD Player Honda DVD Player Hyundai DVD Player Lexus DVD Player Kia DVD Player Mazda DVD Player Mercedes-Benz DVD Player Mitsubishi DVD Player Nissan DVD Player Opel DVD Player Peugeot DVD Player Skoda DVD Player Renault DVD Player Suzuki DVD Player Toyota DVD Player Volkswagen DVD Player Rear Camera

Related posts:

  1. 2011 Saab 9-4X Aero XWD – Short Take Road Test What Is It? It’s a Cadillac SRX crossover in Swedish clothing....
  2. How is the Amplifier in car dvd player? [www.cardvd-player.net] All of the Car DVD players has the inside Amplifier,the questions...
  3. What is 2 din or 1 din? What is 2 din or 1 din car dvd player?Many customer confuse...
  4. What is Can Bus? What is Can Bus?Do I need can bus to install...
  5. How to use the usb/sd port? [www.cardvd-player.net] All of theCar DVD player has the USB port and...
  6. 2012 Chevrolet Cruze Review For the longest time, it seemed like GM and other...
  7. Honda is the most “pothole proof” says UK survey A recent survey conducted in the UK by Warranty Direct,...
  8. Can I connect to internet via car dvd player? It is a great innovation for us to connect internet...
  9. BMW 1-Series 3-Door Hatch Exposed Thanks to Chinese portal site sohu.com, the images above and...
  10. How to install the rear camera for a car? [www.cardvd-player.net] All of the Car DVD player support the rear camera input...

About cardvd-player.net

www.cardvd-player.net-Professional Car Dvd Player Manufacturers and Supplier!
This entry was posted in Auto Express, Car DVD Player Knowledge, Car Reviews, Saab and tagged auto GPS, car DVD player with GPS, Car GPS, car Navigation, Car Radio, In-dash DVD players, SAAB BANKRUPTCY auto DVD player, SAAB BANKRUPTCY auto GPS, SAAB BANKRUPTCY car audio, SAAB BANKRUPTCY Car DVD Player, SAAB BANKRUPTCY Car DVD Players, SAAB BANKRUPTCY Car Stereo, SAAB BANKRUPTCY DVD player, SAAB BANKRUPTCY DVD Players, SAAB BANKRUPTCY GPS, SAAB BANKRUPTCY In-Dash, SAAB BANKRUPTCY In-Dash DVD player, SAAB BANKRUPTCY iPod, SAAB BANKRUPTCY Navigation, SAAB BANKRUPTCY Radio. Bookmark the permalink.

Leave a Reply

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

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>