The impasse on the sale of Saab Automobile to Pang Da and Youngman has not been resolved, due to Saab shareholder and supplier General Motors objecting to its platform and engineering technology being transferred to the Chinese.
Swedish Automobile N.V. (Swan), though, announced today that Saab Great Britain (Saab GB) filed for administration with the High Court in London.
Saab GB says it hopes that this action will give both the company and its creditors the necessary legal protection until adequate funding has been secured. If its request is accepted, the High Court-appointed administrator will take over the company’s management from its current board of directors.
Swan added that, even though it has received a funding commitment from Youngman for the payment of Saab Automobile employees’ wages, this has yet to materialize…
