Twitter laments Saab demise

With the news of Saab’s demise people have taken to Twitter to express their sorrow at the loss of an iconic and quirky car marque. But also to blame the bankruptcy on previous Saab owner General Motors which is thought to have put a block on the sale to Chinese company Youngman. Here’s some of the comments we read: @benjfriedrich: Here, let's buy a company, run it into the ground, ditch it, and then get jealous when it tries to move on. Poor Saab. @Celt_UK So GM decided to send SAAB to...

Saab files for Bankruptcy

After months of negotiations it seems a common agreement for saving Saab cannot be reached, as it has been announced this morning that the carmaker has filed for bankruptcy in Sweden. It is thought that General Motors’ reluctance to agree to a deal with Chinese company Youngman over the sale of its remaining interest in Saab had lead to Youngman pulling out of the deal – leaving the executives at Saab with no option but to make the filing. The release issued today reads The Board of Saab...

Saab GB files for administration

Saab GB has gone into administration in the latest twist regarding the manufacturer’s struggles. Production has been on hold during negotiations to get the cash-strapped Swedish brand back on its feet, however Saab Automobile AB has now been placed in the hands of joint administrators David Dunckley and Daniel Taylor of Grant Thornton UK LLP. The GB division of Saab employs 55 people in Milton Keynes and has exclusive rights to distribute Saab cars and parts in the UK to a 58 strong...

Saab is saved. Weekly Column

Against all odds, Saab may finally now have been saved. After a tumultuous few months that have seen production stopped for a full six months, union calls for the firm to be made bankrupt and Saab boss Victor Muller consistently find just enough cash to keep the wolves from the door, a deal has finally been agreed. Saab is to be sold to Chinese firms Youngman and Pang Da for €100m: the two companies have promised to invest €500m more in Saab to restart production and, in time, bring new...

Saab restructure plans revealed

Swedish carmaker Saab has revealed more of its plans to escape the clutches of its creditors and secure long term profitability. Key to the plan is the MOU signed last week with Youngman and Pang Da which will see the Chinese firms secure 100% of the shares in Saab. An initial €50m investment by the Chinese will fund Saab through the reorganisation, although this money has yet to be received, with a further €600m needed to restart production at the manufacturing plant, clear all the company’s...