As expected, the District Court of Vanersborg accepted Saab’s request the same day, Monday December 19, and declared the Swedish carmaker bankrupt.
The company’s CEO, Victor Muller, blamed General Motors for blocking every rescue attempt that involved the Chinese company Youngman Lotus Automobile, including its latest offer of a US$5 million funding to continue the restructuring process.
“That, basically, was the last nail in the coffin of this beautiful company”, said Muller only hours after requesting that Saab be declared bankrupt.
Two receivers have already been appointed by the court to run the company from now on and take care of the liquidation of its assets.
Is this though really the end of the road for Saab? According to Autonews, Muller doesn’t think so: “There are parties out there that have expressed an interest to pursue a possible acquisition of Saab from bankruptcy”, he said, adding that the court-appointed administrator, Guy Lofalk, who oversaw the restructuring process, had instead undermined it.
Since the U.S. division of Saab wasn’t included in the failed rescue plan, its future is still uncertain. Saab has 188 dealers in the United States and they recorded a 22 percent rise in sales until the end of November to 5,340 units, compared to the same period of 2010.
Was Saab’s death prematurely announced? Is another company really interested in buying what’s left of it from the receivers, or is Muller just putting up a brave face while the carmaker is dead and buried?
Mats Faegerhag, Saab’s product development chief, thinks that there is still a possibility for the carmaker to be rescued “in one piece” if a viable investor” stepped in, even after the bankruptcy. He stressed though that “It would have to happen quick, in a few weeks, because our employees will be looking for other jobs.”
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