Update 09: 28 / 09: 33 / 10: 31 / 10: 50 / 11: 12 / 11: 49 / 13: 08 / 14: 08 / 15: 02 / 16: 58
In order to better follow the events in Sweden, this article is now listed as a news ticker. It could be that we and Saab do not even get to Vänersborg today and that the trial will not take place.
Information from the Swedish press, including Dagens Industri, says Saab Automobile AB will file for bankruptcy today at 10: 00. It is not yet confirmed, but fits the facts that no funds have flowed and Saab CFO Rob Schuijt has resigned on Friday his office.
That would be sad news, even the negotiating marathon of Victor Muller would have been in vain.
09: 28 Clock
First media in Sweden confirm Saab Automobile's filing for bankruptcy
09: 33 Clock
The press release from Saab Automobile. Bankruptcy filing for Saab Automobile AB, Saab Automobile Tools AB and Saab Powertrain. Youngman provides after the GM statement of yesterday no means available to continue the reorganization.
Zeewolde, The Netherlands, 19 December 2011 - Swedish Automobile NV (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.
Saab Automobile said that Saab Automobile could not be completed. The Saab Automobile did not complete the reorganization of Saab Automobile. The Board of Saab believes that the company will not be financially viable. It is expected that the court will approve of the filing and appointing receivers for Saab Automobile very shortly.
Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.
10: 31 Clock
Bankruptcy trustee of Saab could become Mats Emthèn, lawyer at the law firm Carler in Stockholm. Saab's assets are estimated at approximately 330 million. Saab himself suggested Emthèn. Victor Muller is devastated. He was furious and sad, he told the press. Understandable. For Muller, the Saab bankruptcy is also a very big personal tragedy and a huge financial loss.
10: 50 Clock
Lars Holmqvist, CEO of the supplier association CLEPA, sees Saab at the end. He does not think anyone would take over the car manufacturer. GM's announcement yesterday kills the cause, according to the supplier's boss.
11: 12 Clock
For the suppliers and the location Sweden the Saab bankruptcy is a bad blow. 800 has Saab, including 75 national in Sweden. Some companies will not survive this, others close the Swedish branches. Now suddenly the press notices that the innovations did not come from Gothenburg but from Trollhättan for decades.
11: 49 Clock
Paul Akerlund, the mayor of Trollhättan commune, continues to believe in the Saab future. He expects the company to continue and now expects government intervention. In a few days, he says, there will be a solution from the Ministry of Industry in Stockholm.
That there are interest groups around Saab, we know. Swedish investors want to take over the plant and expand it into a supplier company and a think tank. Without vehicle.
13: 08 Clock
The Saab staff will receive 14: 00 at the factory information about the current development, at 14: 45 will hold a press conference. We will see.
14: 08 Clock
For Saab employees, the state wage guarantee now applies. The November salary is expected within the next 5-7 working days. With luck, the money will arrive in time for the Christmas party, which will not be particularly happy.
We await the decision of the court ordering the bankruptcy trustee. This will be the case during the day, but not later than Tuesday. Then we will see, which prospective customers show up for Saab.
15: 02 Clock
Victor Muller still sees some hope for Saab at his press conference. However, the bankruptcy trustee has to have the last word in the future who has to negotiate with the interested party. To the consequences of the Saab bankruptcy and the possible opportunities, there will be more later.
16: 58 Clock
The government in Stockholm regrets the Saab bankruptcy, but has no way of helping the Trollhättan region or the car manufacturer. Nothing else was to be expected from Industry Minister Annie Loof and Labor Minister Hillevi Engström. In the next few days, the duo want to travel to Trollhättan to get an overview of the situation on site. Politicians, whether in Sweden or Germany, make no difference.