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Updated: Saab files for bankruptcy protection

Swedish carmaker Saab is filing for bankruptcy protection after struggling financially in recent months, Reuters reports.

The group’s owner, Amsterdam-listed Swedish Automobile (Swan), formerly known as Spyker Cars, said today (Wednesday) that its Saab Automobile unit would file for voluntary reorganisation at 9am central European time with the district court in Vänersborg, Sweden.

“Swan and Saab Automobile are of the opinion that, considering Saab Automobile’s current limited financial resources, a voluntary reorganisation will entail the best preconditions for using existing resources in the most efficient way,” the Dutch company said.

Saab’s owners had been trying to raise short-term financing to tide the ailing brand over pending Chinese government approval of a €245m deal agreed with two companies, Pang Da and Youngman, to distribute its cars in China.

Swedish Automobile said on Wednesday: “The eventual purpose of the proposed voluntary reorganisation process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions of Pang Da and Youngman.”

However, Saab GB has stressed that it is an independent business and a separate UK legal entity to Saab Automobile, it is wholly owned by SWAN and is not part of the voluntary reorganisation filing.

Saab GB will continue to operate the business in the UK as normal and has sufficient funding in place to meet all creditor obligations and will continue to pay all employees, dealers and suppliers as normal.

Saab GB and its dealer network will continue to provide servicing, replacement parts and vehicle warranty facilities for Saab customers as normal.


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