Thursday, June 21, 2012

Court Approves Saab’s Bankruptcy, Appoints Two Receivers – But is it Really Over?

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.

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