This morning Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy, putting an end to several months of agony. Swedish Automobile N.V. (Swan), which is the company currently owning Saab, submitted the bankruptcy papers to the District Court in Vanersborg, Sweden. Until this morning, Saab was undergoing an extensive reorganization program, which was funded by Youngman.
Because the funding for this reorganization could not be "concluded", Saab's administration board decided to file for bankruptcy. This will be in the best interest of the company's creditors.
Swan announced they do not expect to get any benefits from their shares in Saab Automobile, and that they will write off their interest in the carmaker completely.
