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Saab Denied Court Protection


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Saab Denied Court Protection

William Maley - Editor/Reporter - CheersandGears.com

September 8, 2011

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Saab is running out of lives. Yesterday, the company filed a request in Swedish Court asking for protection, citing if approved, the company would undergo a voluntary reorganization. Today, a Swedish court has denied Saab's application.

In a statement released by the Vanersborg district court in west Sweden, they believe the reorganization process wouldn't work for Saab.

Saab say they're appealing the ruling.

"Saab Automobile is disappointed with the ruling and will appeal the District Court's decision," the company said today.

This leaves Saab in a precarious position. If the company's appeal fails or is not filed in time, the union could force the company into bankruptcy.

"We will now thoroughly analyze the new situation. If the company doesn't find another solution or files a bankruptcy request themselves, we may be forced to do that in the next few days," said Stefan Lofven, head of IF Metall in a statement.

Source: Automotive News (Subscription Required)

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I hate to say this, but the creditors should take over SAAB and make it profitable. If they refuse, they can sell it off piece by piece. I do not miss Saab at all. My mom had an OK 1994 Saab 9000 CSE and then it had a weird engine problem in 1997. The car was sent back to Sweden never to return. Good riddance to that pile.

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Employee/union ownership would be a joke.

Why?

Nothing telegraphs "lost cause" like such a takeover.

Has that ever worked, anywhere?

Saab's toast.

Actually it has, though in different industries; ones which are far less complicated than an automaker. I doubt even dedicated employees would be able to weather the supply-management/advertising/investment shoring needs of SAAB for long.

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