Filed under: Saab, Earnings/Financials
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It’s a Saab story, we know, but this is - in all likelihood - the end of the road for Sweden’s “other” automaker. Sure, there are still talks of one foreign entity or another picking up where GM and Swedish Automobile (Swan)/Spyker left off, but even if they do, they’ll have a heck of a lot of work on their hands. And that includes rebuilding its presence in North America.
With the parent company having already filed for bankruptcy in Sweden, the next step is for Saab Cars North America to follow suit, and that’s precisely what’s happening.
The operation based in Royal Oak, Michigan, ceased operating last month when its parent company did, but resumed distributing parts just this past Thursday. That does not mean, however, that the American business will remain afloat. With no money to keep it going, Saab Cars North America is being liquidated. Sources estimate the company’s liquidated assets at around $100 million (give or take $25m), offset by a relatively minor $10.5 million in liabilities.
As for the dealers, they’ll have to choose to declare bankruptcy individually or let the administrator dealing with SCNA’s liquidation tend to theirs as well.Saab Cars North American undergoing bankruptcy liquidation originally appeared on Autoblog on Mon, 23 Jan 2012 14:28:00 EST. Please see our terms for use of feeds.
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