Skip to content

🚗 Your People Are Here. Get In.

The internet is full of car content. This is the community.

Cheers & Gears has been bringing enthusiasts together since 2001. Join the conversation, show off your garage, and find your people.

Saab To Be Shown To Bankruptcy Today?

Featured Replies

Saab To Head Into Bankruptcy Today?

William Maley - Editor/Reporter - CheersandGears.com

October 11, 2011

post-10485-0-37169100-1318358061.png

Saab could be heading into bankruptcy today, if a report from Autocar is to be believed. According to the story, £60 million loan ($94M USD) from Chinese automaker Youngman Automotive is likely to be denied by the Chinese government. The reason why is due to the deal not having any intellectual property rights being acquired.

Saab has been waiting on a £60 million loan from Youngman and an additional £210M ($328M) from Zhejiang Youngman Lotus Automobile and PangDa Automotive to help pay off debts and workers. The only problem is the Chinese government approving the deal.

Reports in Sweden are suggesting the administrator handling Saab's restructuring under court protection could declare the company bankrupt today.

Source: Autocar

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

Latest News

Who's Online (See full list)

  • There are no registered users currently online

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

Account

Navigation

Search

Search

Configure browser push notifications

Chrome (Android)
  1. Tap the lock icon next to the address bar.
  2. Tap Permissions → Notifications.
  3. Adjust your preference.
Chrome (Desktop)
  1. Click the padlock icon in the address bar.
  2. Select Site settings.
  3. Find Notifications and adjust your preference.