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SAAB declares bankruptcy

December 19, 2011 Leave a comment

So sad to hear the news about SAAB’s bankruptcy. I feel for all the workers at this time.

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Saab

September 18, 2011 Leave a comment

I am keeping my fingers crossed for SAAB tomorrow. They are trying to go into the Swedish equivalent of administration. Their original application failed making bankruptcy a possible outcome.

I have always had a soft spot for the marque. It is a cliché but when I used to own one it genuinely did put a smile on my face and it was über  practical. Under GM, Saab had lost its mojo, but having become independent again the quirks and inspired innovation were clearly on the return. However, time and the economic circumstances we live in have not been kind.

They haven’t produced any cars in europe for a few months now and have struggled to pay suppliers and staff. The basic problem is cash-flow. The separation from GM took longer and was never going to be easy. Coupled with a premium range of cars that are struggling to sell in Europe and the USA plus an unresponsive Swedish government and it was perhaps no surprise that Saab’s rebirth was troublesome. With all that said, there are genuine long term Chinese investors waiting and Saab’s products a absolutely ripe for that market.

Good luck to Saab and its workers

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