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(EMAILWIRE.COM, December 22, 2011 ) Asheville, NC - Saab Motors has been struggling for several years. The company was sold by General Motors in 2010 as that company struggled to emerge from bankruptcy. The new owner has been unable to reverse the iconic automakers decline and filed for bankruptcy in a Swedish court earlier this week.
Victor Muller, the Dutch entrepreneur who purchased Saab from GM, appeared in court personally to file the bankruptcy papers. Late last week, Saab had won one last gasp when it was given the opportunity to strike a deal with Zhejiang Youngman Lotus to purchase the company. That deal fell through when General Motors refused to allow the sale of the company to the Chinese automaker. According to GM spokesman Jim Cain, ''Saab's various new alternative proposals are not meaningfully different from what was originally proposed to General Motors and rejected. Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders. As such, GM cannot support any of these proposed alternatives.''
Based on GM's position ''The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. It is expected that the Court will approve of the filing and appoint receivers for Saab Automobile very shortly,'' Saab said in a statement released to the press.
While Saab has been mainly known for its ''quirky'' production cars, it has reached iconic status in Europe. The company could never convert quirky into large scale sales. With Europe in the midst of an auto production excess, a buyer for Saab will mostly likely never emerge. It seems good-bye is the only thing left to say.
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Source: EmailWire.com
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