F&I Management & Training

Saab Automobile has been placed into voluntary reorganisation today (7 September 2011) with the District Court in Vänersborg, Sweden. Saab GB has confirmed it is not affected by the move.

Its parent Swedish Automobile NV (Swan), formerly Spyker Cars, confirmed Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) have all filed for voluntary reorganisation.

Saab Great Britain and Saab Cars North America are excluded from the reorganisation.

“Swan and Saab Automobile are of the opinion that, considering Saab Automobile’s current limited financial resources, a voluntary reorganisation will entail the best preconditions for using existing resources in the most efficient way,” said a company statement.

Swan is awaiting approval from the Chinese government for a €245m deal to distribute cars in China.

“The eventual purpose of the proposed voluntary reorganization process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions of Pang Da and Youngman.”

Saab confirmed it has formulated a reorganisation plan aimed at lowering its cost-base and creating a “viable, competitive and independent organisation”

The plan will be presented to creditors within the next three weeks.

In a separate statement Saab GB confirmed it was not part of the voluntary reorganisation filing.

"Saab GB will continue to operate the business in the UK as normal and has sufficient funding in place to meet all creditor obligations and will continue to pay all employees, dealers and suppliers as normal," it said.

Spyker Cars acquired Saab from General Motors in June 2010.

DATED: 08.09.11

FEED: MT