Saab files for bankruptcy

Automotive Design 22 Dec 2011
Saab files for bankruptcy

After the recent struggles to stay in business, Saab has finally filed for bankruptcy. It could be the end for the Swedish iconic automotive brand, founded in 1937.


Below we report the official statement released by Saab, along with a collection of sketches and images from the brand’s heritage and recent past – you can also check the full gallery here.

1960 Saab 96 Design Sketch 1970 Saab Sonett III 1984 Saab 900 Turboo 16S sketch

Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.

Saab 92 Saab 92 Design Sketch

After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded.

2002 Saab 9-3X Concept 2006 Saab Aero X Concept

Saab 2006 model range The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors.

It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly.

Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.

(Source: Saab)

Image Gallery

Saab files for bankruptcy - Image 1
Saab files for bankruptcy - Image 13
Saab files for bankruptcy - Image 14
Saab files for bankruptcy - Image 2
Saab files for bankruptcy - Image 8
Saab files for bankruptcy - Image 10
Saab files for bankruptcy - Image 7
Saab files for bankruptcy - Image 3
Saab files for bankruptcy - Image 6

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Comments

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  1. Zsolt Mezőlaky
    22/12/2011

    Thank you, GM and Bob Lutz!

    (via Facebook)
  2. 'Timeshifter' Adam
    22/12/2011

    NOOOOOOOOOOOOOOOOOOOOOO! This was the last hope in automotive industry… 🙁

    (via Facebook)
  3. Mohamed Eissa
    22/12/2011

    Unfortunately this is a normal result to the new strategy of renovation process that the Sweden car maker acquired since the last decade. While many brands meet success to out of their problems like Bugatti and pourshe and even mini and MG by making new models spreads their attendance in market the Sweden manufacturer intended to provide models for a very limited type of clients they already prefer other brands like Audi and Maserati and others. Which made it’s sharing in market reduced day after day regardless the quality of design, materials used and performance of their models.

    This is a hard lesson they learned. And I think every company should learn it before they meet the same disteny.

  4. 23/12/2011

    WOW! it’s a real shame to see such a popular brand collapsed. I thought the Chinese could save them… what happened?

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