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 not 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”.