This is the official press release that was sent out from Saab's Headquarters today......
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, the Chinese investor, 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.
To read the Detroit News analysis about Saab, click here.
Our Editorial Analysis:
Some analysts seem to think there could be some investors waiting in the wings to resurrect the automaker. However, that seems like a slim chance, in our eyes. If you own a Saab, it could be considered a collectors' item or an extremely poor investment -- depending upon one's perspective. And what we do know is that pretty soon Saab owners will soon experience difficulty getting these vehicles serviced too as dealers fold and parts become scarce. ( UPDATE: Saab is no longer honoring the new-vehicle warranty on their vehicles.)
Ironically, just a few days ago, the Saab 9-4X crossover and the Saab 9-5 Sedan have both earned a ‘Top Safety Pick’ for 2012, the highest rating for crashworthiness awarded by the Insurance Institute for Highway Safety (IIHS) in the United States for a second consecutive year. Oh well!