Saab Files for Liquidation in Sweden
Saab, the storied Swedish automaker that built its first car in 1944 and maintained a diehard base of loyal customers until the end, filed for liquidation following a failed buyout attempt by a Chinese consortium of companies that was blocked by General Motors.
Saab and its two subsidiaries announced the filing with the District Court in Vanersborg, Sweden in a written statement by the automaker’s parent company, Swedish Automobile. The parent “does not expect to realize any value from its shares in Saab Automobile,” it said, “and will write off its interest in Saab Automobile completely.”
Saab effectively shut down earlier this year after suppliers refused to extend credit, forcing a halt to production at the company’s main plaint in Trollhattan, Sweden.
In 2010, Saab was acquired by Viktor Muller, a Dutch entrepreneur who had also run Spyker, a sports car company, for $74 million and $326 million in preferred shares from General Motors. As Saab’s former owner, GM held veto power over any technology transfers and was concerned about an adverse impact on its business in China in the event of new Chinese ownership of the company.