Saab UK today filed for bankruptcy protection. These are less delightful news, the English daughter is actually profitable. There is a commitment from Youngman to fund further operations in the UK, but no funds have yet been received.
The application for bankruptcy protection is a direct result of GM's blockade. As long as there is no agreement with General Motors, funds from China are not available. I hate to write this text because we already have enough negative press. As bad as the news is, Sweden is also cautiously getting more and more positive signals. We should have a little more patience - yes this terrible word - and just wait and see.
The Saab Press Release:
Trollhattan, Sweden: Swedish Automobile NV (Swan) and Saab Automobile AB (Saab Automobile) announce that Saab Great Britain Ltd (Saab GB) filed for administration with the High Court in London today.
The board of Saab GB has been given the necessary legal protection. The appointment of the administrator is done by the directors of Saab GB. Once appointed, the administrator wants to take on the management powers of the directors.
Swan received a conditional funding commitment from young man for the payment of the wages of the employees of Saab Automobile and for the continuation of the activities of Saab GB. Saab Automobile and Saab have not yet received this funding.