Sun Is Setting on Saab? - Dodge Nitro Forum
Chrysler/Dodge/Jeep News Find out the latest scoop here!

 
LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 09-08-2011, 10:15 AM Thread Starter
Super Moderator
 
rickaren's Avatar
 
Join Date: Nov 2006
Location: Indiana
Posts: 22,756
Garage
Question Sun Is Setting on Saab?

Saab Denied Bankruptcy Protection By Swedish Court

September 8, 2011




After months of failed funding negations and ceased production, Saab, along with its Saab Powertrain and Saab Tools subsidiaries, announced this week that it had filed for voluntary bankruptcy protection with the District Court in Vanersborg, Sweden.

However, the court today rejected Saab’s application for protection from its creditors (mainly suppliers and labor unions), leaving the door open for bankruptcy.

The decision comes because of doubt surrounding Saab’s ability to generate enough funding to pay off its debts.

Saab was hoping a reorganization procedure would be granted, whereby a court-appointed administrator would work closely with Saab’s management team over a period of up to one year to help the automaker pay off its debts.

Additionally, the court-appointed administrator would apply for a government-backed wage guarantee scheme to allow wage payments to all Saab employees to be made, starting with August salaries. As for Saab’s creditors, they would have to wait a little while longer pending the outcome of the reorganization.

Saab’s parent company Swedish Automobile, run by Victor Muller, is confident that it will be able to secure additional short-term funding and remains in negotiations with several parties about obtaining such funding, namely, China’s Pang Da and Youngman.

According to Swedish Automobile, funding for Saab to pay off its debts has been secured through binding agreements with Pang Da and Youngman as announced back in July, though none of these agreements have been given official approval by Chinese and Swedish government agencies. Right now Saab’s only hope is gaining approval of these alliance deals, though it certainly looks as though the sun is setting on the automaker.



Rick

Nitro Year: 2007 (1 of 91,815 sold in 07)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
rickaren is offline  
Sponsored Links
Advertisement
 
Reply

  Dodge Nitro Forum > Dodge Nitro News & Polls > Chrysler/Dodge/Jeep News

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Dodge Nitro Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Thread Thread Starter Forum Replies Last Post
Record Setting V-10 Challenger rickaren Chrysler/Dodge/Jeep News 0 04-11-2011 08:46 AM
Saab running out of money rickaren Off-Topic Discussion 0 04-01-2011 10:28 AM
The New Saab? rickaren Chrysler/Dodge/Jeep News 0 09-10-2009 04:06 PM
Record-setting Viper rickaren Chrysler/Dodge/Jeep News 0 08-05-2009 02:49 PM
Saab Sold rickaren Chrysler/Dodge/Jeep News 0 06-16-2009 01:35 PM

Posting Rules  
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome