Saab's owners Swedish Automobile had been in talks with potential buyers Youngman and Pang Da, but GM, which sold Saab in February 2010, refused to agree to necessary technology licence transfers to the Chinese car companies.
Further talks had been underway with a different combination of would-be investors, including a Chinese bank, but Detroit-based GM said it could not support the proposals as they were "not meaningfully different" from the previous options.
In a statement this weekend GM spokesman James Cain said: "Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders. As such, GM cannot support any of these proposed alternatives."
Guy Lofalk, Saab’s court-appointed administrator, had already applied to end the reorganisation earlier this month on the grounds that the carmaker was out of money and had no realistic hope of gaining financing soon.
Negotiations had been taking place under a three-month bankruptcy protection order and Swedish Automobile's chief executive Victor Muller had been due in court today as judges debated whether to extend or lift the order.
Instead, Mr Muller went to the court to file for Saab's bankruptcy.
Saab GB, the British division of the company, went into administration at the end of November, threatening the jobs of 55 people working at its Milton Keynes headquarters and 65 employed in dealerships in London.
The vast majority of Saab’s 3,600-strong workforce is based in Trollhaettan, Sweden.
Saab’s vehicle sales, which peaked at 133,000 cars in 2006, have plunged in the last few years. The company sold 31,696 cars in 2010, missing a target of 50,000 to 60,000 vehicles.
Saab Auto suspended production in March, when it couldn’t pay suppliers, and has only occasionally restarted assembly lines since then. It has delayed wages several times and has yet to give workers pay that was due at the end of November.
Saab GB, the British division of the company, went into administration at the end of November, threatening the jobs of 55 people working at its Milton Keynes headquarters and 65 employed in dealerships in London.
The vast majority of Saab’s 3,600-strong workforce is based in Trollhaettan, Sweden.
Saab’s vehicle sales, which peaked at 133,000 cars in 2006, have plunged in the last few years. The company sold 31,696 cars in 2010, missing a target of 50,000 to 60,000 vehicles.
Saab Auto suspended production in March, when it couldn’t pay suppliers, and has only occasionally restarted assembly lines since then. It has delayed wages several times and has yet to give workers pay that was due at the end of November.
By Emily Gosden taken from http://www.telegraph.co.uk/finance/8965181/End-of-the-road-for-Saab-as-owners-file-for-its-bankruptcy.html
No comments:
Post a Comment