Saab bankrupt
December 19, 2011
Troubled carmaker Saab filed for bankruptcy in a Swedish court on Monday. Swedish Automobile, which operates the carmaker, said the move came after a Chinese group announced it was pulling out of plans to invest in the company.
Zhejiang Youngman Lotus Automobile's announcement came after it became clear that Saab's previous owner, General Motors, would not allow any of the technology licenses it holds, used in Saab production, to be transferred to the Chinese company.
A clerk at the district court in the town of Vannersborg told the AFP news agency that the bankruptcy request was still being examined.
"The court aims to handle the request and appoint a liquidator quickly," said a statement posted on the court's website.
Standstill since April
Saab was on the brink of bankruptcy when Swedish Automobile bought it from General Motors for $400 million (308 million euros) in early 2010.
The carmaker's production lines at its main plant in the town of Trollhattan have been at a virtual standstill since April, after parts suppliers ceased deliveries due to unpaid bills.
Saab has also been struggling to meet its payroll, with its 3,500 employees still waiting for their November paychecks.
Author: Chuck Penfold (dpa, AFP, DAPD)
Editor: Martin Kuebler