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Saab on death watch

Swedish car manufacturer Saab is on the verge of bankruptcy.
Swedish car manufacturer Saab is on the verge of bankruptcy. Drive

SWEDISH media outlets are reporting that car maker Saab is about to be declared bankrupt.

The maker, which has been struggling to survive since being offloaded by former parent General Motors in 2010, is believed to be preparing to file for liquidation.

Dutch authorities - the company is part owned by Dutch supercar maker Spyker - halted trading in Saab shares yesterday in response to a report in Swedish newspaper Dagens Industri that the company's chief executive Victor Muller had conceded defeat in his attempts to keep the company afloat.

Last week a court-appointed administrator asked the court to declare the company bankrupt and a verdict is expected to be delivered by the end of the week.

The company has been trying to do a deal with Chinese company Youngman, but has been blocked by General Motors, which is concerned about its intellectual property falling into the hands of the Chinese.

Saab hasn't made a car at its Trollhattan plant since April and was unable to pay its employees last month. The company maintains it is continuing to seek funding.

Saab has sold 139 vehicles this year, up from just 9 in 2010.

Topics:  bankruptcy motoring saab



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