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Saab Bankruptcy Protection - Yesterday we reported that Saab filed to a local court for bankruptcy protection asking for approval of a voluntary reorganisation. Vänersborg District Court has now denied Saab the application.
Saab Bankruptcy Protection
Yesterday we reported that Saab filed to a local court for bankruptcy protection asking for approval of a voluntary reorganisation. Vänersborg District Court has now denied Saab the application. Reports say bankruptcy could be just around the corner.
This is what you call hanging on to the last threads. Saab is waiting for investment promises to come through from two Chinese investors, Pang Da and Zhejiang Youngman. But before Saab sees any funds from either, Chinese authorities have to approve the investment, a process which may take some time.
As Saab already owes a large number of suppliers and even its own workers money, time is just something Saab doesn’t have. In a recent statement the court said it saw no reason to believe a reorganisation would work for Saab. Because of this, IF Metall union is apparently looking into having Saab declared bankrupt in a matter of days.
It’s a sad day for Saab lovers, and although it’s no official, the end could be very near. Saab Automobile said in a recent statement that it is “disappointed with the ruling and will appeal the District Court’s decision”.
saab must have been one of the ugliest cars in the car history!and the price to buy saab craps?just outraged.there is a joke,saab,something that always breaks!nobody will miss them and those who say they like saabs,they just lie!!!
George, that’s a bit harsh – but it should have been let die when GM started to close it down. The few Aussies who have bought the new 9-5s are stuck with real orphans.
Is Holden still responsible for parts in Australia or has Saab Australia taken this over? If the latter, then parts will be a nightmare.
Used to own the 9-3 sedan, it was a very comfortable, solid & safe car until the transmission decided to go a month pass the warranty. Saab pay for the new trans and I just pay the labour cost….. well that’s the end of the ownership and trade up to a S3.
Saab bankruptcy protection denied
Too bad about your tranny, but the 9-3 is equipment with an Aisin that is used in everything from fellow Sweds Volvo to Toyota’s and everything in between. Actually Toyota owns part of Aisin along with BorgWarner (Your A3 has a BorgWarner in it btw). Not a darn thing about its failure that has to do with Saab. Frankly, it sounds like they tried to make you happy and paid for new transmission even though they certainly were under no obligation to.
But just why GM thought it could make money out of it by using Opel (also losing money at the time and still shakey too) platforms beats me.
Yes, Saab may have been in trouble in 1989 when GM bought 50% of the company, but in the 20 years that GM had a say what did they do? Pretty much next to nothing. Well they gave Saab one of the most efficient factories in Europe. But thats about it. “You only get out what you put in” Never has this statement been more true then with GM and Saab. GM had hoped to position Saab against BMW, Mercedes and Audi. And this could have worked, except instead of investing in Saab GM threw them Opel’s leftovers. Lets have a look at GM’s “quality investment” in Saab shall we?
The Saab 9-3 (2003-Current) the only model GM actually allowed Saab to build from scratch, then again, it was still based on Opel underpinnings. Also with this model Saab had the XWD (AWD) 9-3X ready for production in 2006, but GM decided that the platform it was built on would not receive AWD technology. Only to backflip in 2009 when the 9-3X was finally launched.
The Saab 9-5 (2010-Present) First off, Saab actually had an all new 9-5 ready for production in 2005, but GM in it’s infinite wisdom opted for a new facelift for the 9-5 giving it the chrome headlight surrounds and all of the sort. In 2010 the new 9-5 was finally launched, and yes again it was based on a platform already in use by GM’s non premium producers (Opel, Buick)
If you have a premium car maker in your portfolio you place a high priority on it, with intense investments and constant product replenishment. GM placed Saab at the bottom of the pack, starved it of new product and then wondered why it wasn’t competing well with the other Europeans. Any idiot can tell you “you only get out what you put it”
Such a shame. Saab had great potential to produce interesting and unique cars, and be a real alternative to the Audi, Mercedes and BMW norm.
Unfortunately everything stagnated under GM’s ownership, and the new 9-5 came about 6 years too late, and the 9-3 is starting to show its age also with no replacement in sight. GM had a real habit of producing rubbish in the 1990s and early 2000s, and they really tried to wreck Saab during that period with stupid ideas like the re-badged Subaru Impreza, among other rubbish that nobody really wanted.
Saab Bankruptcy Protection