Are those Chinese vultures I see circling over Trollhättan?
After months of speculation the Swedish car manufacturer has bowed to the inevitable and is filing for bankruptcy protection.
Although in a statement it said this did not affect its U.S. operation.
The manufacturer’s owners, the Amsterdam listed Swedish Automobile (Swan), revealed on Wednesday that Saab Automobile would file for voluntary reorganization in an attempt to prevent the unions applying for the stricken manufacturers bankruptcy.
Saab is still holding out for the long promised funding from Pang Da and Youngman both, it has been said, “support” the voluntary reorganization. The trouble is, the Chinese Government needs to approve any deal and that is still forthcoming.
This is the second time in 36 months that Saab has been in the Swedish bankruptcy courts. In 2009 it filed for reorganization as GM was preparing to do likewise in the U.S., following its decision to rid itself of the Swedish marque to third party investors.
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