SAAB file for bankruptcy

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Shame...

..and just when my 9-3 convertible is up for sale! :(
 
I've grown kind of bored to this ongoing saga that should have been sorted a long time ago but it is sad to see this happen, excusing my ignorance but how does this affect Spyker cars? I thought I read somewhere that they had been sold off or something, would be a real shame if they went under too as they're beautiful cars.
 
really not very surprising at all.

writing has been on the wall since SAAB was rescued. It's Sweden's equivalent of Rover.
 
I had 4 900s but abandoned the fold after the 900. I just couldn't see the attraction of the 9-3. Which puts GM in the frame for stuffing the brand.

Sad though. I always had a soft spot for the viggen in the logo.

Saab_Logo.jpg
 
Not good news, but sadly totally anticipated.
 
Same as Rover, I guess.

Someone will take-over the business of supplying spare parts (and will probably buy the factory's stock).

Dealers will sell any remaining cars in stock as bargain prices.

Second hand values may suffer slightly but only in the short term - the news about the marque's vulnerability have been spreading for a while now, so most of the volatility-related damage to values has probably already been done gradually over the past year or so.
 
C240Sport97 said:
really not very surprising at all.

writing has been on the wall since SAAB was rescued. It's Sweden's equivalent of Rover.
Click to expand...

Having driven both, I would argue Saab has the edge over Rover on its products.

Neither are the best though in any case.

I am not surprised - when they last disclosed they were having cash flow issues earlier this year, I thought then the writing was on the wall.
 
The 'classic' 900 was the last real SAAB, and a brilliant motorcar. The floorpan sharing with Fiat/Lancia for the 9000 (still not a bad car), and GM takeover were the begining of the end. :(
 
I wonder how cheap a new 9-5 will get, sorely tempted at under £10k
 
Saab are not bankrupt, they have filed for Bankruptcy protection which is an altogether different thing. The Americans call it Chapter 11.

This means they can continue to trade but none of their creditors can take any legal action that will stop the business trading or even call in thier debt.

The idea is to give them breathing space to reorganise their finances, find investors or potential buyers.

Obviously it's not good, but it's still a long way from the company ceasing trading (despite the downtime in the factories).
 
bpsorrel said:
I'll let you know when I manage to sell or part ex mine! :confused:
Click to expand...

Even if they do finally go **** up, I think there is something in place which means spares will be produced for 10 years after - so they should be OK.

Rover spares are produced by a company in China who owns Rover now (Shanghai Automotive?) I think.
 
Red C220 said:
Saab are not bankrupt, they have filed for Bankruptcy protection which is an altogether different thing. The Americans call it Chapter 11.

This means they can continue to trade but none of their creditors can take any legal action that will stop the business trading or even call in thier debt.

The idea is to give them breathing space to reorganise their finances, find investors or potential buyers.

Obviously it's not good, but it's still a long way from the company ceasing trading (despite the downtime in the factories).
Click to expand...

It's difficult to see it going any other way than closure. They don't see to be making cars to sell, and it's got to be such an expensive Market to enter who would.

Existing manufacturers not exactly in the Market either, unless it ends up with a far eastern conglomerate
 
JohnEBoy said:
Even if they do finally go **** up, I think there is something in place which means spares will be produced for 10 years after - so they should be OK.

Rover spares are produced by a company in China who owns Rover now (Shanghai Automotive?) I think.
Click to expand...

GM had to guarentee spare parts availability for 10 years post sale as part of the agreement.

Looks like you sold yours just in time!:thumb:
 
At any rate, this sort of action will only buy them a one-off (partial) 'erasing' of debt, which is not going to help much if their business model remains flawed.

In the US they would have had to show that they took cost-cutting measures and have a feasible recovery plan before allowing to emerge from Chapter 11.
 
China will invest/buy the firm if the Swedish Gov will allow it.

There is a great deal of intellectual property in Saab, so it has value.

I'd be extremely surprised if Saab simply ceased trading. I'd be equally surprised if it survived in the form in which we know it now.
 
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