Saab's reorganisation will fail, says administrator

[Zorro]

Source: AFP

Funding to save Swedish carmaker Saab from bankruptcy has fallen through as Chinese investors would now rather take the company over, the Saab administrator said Friday, asking a court to halt the reorganisation process.

"The Chinese parties no longer wish to cooperate with Saab Automobile's (Dutch) parent company Swedish Automobile. (They) instead want to invest directly in Saab Automobile and thereby take over all ownership in Saab," said the carmaker's court-appointed administrator Guy Lofalk.

Swedish Automobile (Swan) confirmed in a statement Friday that its Chinese partners Pang Da and Youngman, which had agreed to inject 245 million euros ($335 million) into Saab in exchange for about half the carmaker, had now offered to buy the whole company.

"Swan declined the offer," it said in a statement, adding it had "requested confirmation from Pang Da and Youngman that they are able and willing to consummate the (signed) agreements... That confirmation has not been received to date."

Read more: http://news.yahoo.com/saabs-reorganisation-fail-says-administrator-154158056.html

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RIP Saab.

[madrchsod]

1. that sucks..

my dad and i owned about 25 saabs over the last 40yrs...great cars.

[DemoTex]

2. It sucks, indeed.

Dr. D. was t-boned in her 1999 Saab 9-5 wagon in 2007 by a kid running a red light doing 50 (in a 30 mph zone) in an old Buick. It totaled the Saab, but she walked away unhurt. The Saab dealer people in Greenville, SC, (Sitton) were dicks, so we bought a Volvo wagon (our second). The Volvo is OK, but the 4-cyl turbo-Saab wagon was much, much better. Maybe we should buy one now, before they disappear.

[Zorro]

3. I have a 99 9-5 sedan

+160k miles, no squeaks or rattles, and runs like a bat out of hell -- quite amazing how a turbocharged 4 cylinder can haul ass while getting 30+MPG (and being fun to drive to boot).

It's too bad they never could attract a larger customer base.

[Ikonoklast]

4. You better buy two of them, then. Or hope the one you buy never breaks.

Saab is going away, and spare parts will disappear as soon as Saab does.