Saab wind-down

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Saab Declares Bankruptcy

GM vetoes deal involving Chinese company

(Newser) - Saab finally threw in the towel today, after former owner General Motors once again vetoed a rescue plan involving China’s Zhejiang Youngman Lotus Automobile. Saab’s current owner, Swedish Automobile, filed for its bankruptcy, saying that "the company, without further funding, will be insolvent, and that filing bankruptcy... More »

Saab Could Go Bankrupt This Week, Union Warns

Its main plant has been closed since April

(Newser) - Saab has until Friday to pay its workers—or else. This is the third straight month that the Swedish automaker has failed to pay its workers on time, and last Friday IF Metall put in a request for wages for 1,486 of its blue-collar workers who were due to... More »

GM Strikes $400M Deal to Sell Saab

Dutch luxury car maker Spyker snaps up dying brand

(Newser) - GM has reached a deal to sell its otherwise doomed Saab brand to Dutch luxury car maker Spyker Cars NV for $74 million in cash and $326 million in preferred stock. The deal is dependent on Sweden agreeing to guarantee a $563 million European Investment Bank loan to the Swedish... More »

GM to Close Down Saab

After another failed sale, GM will begin 'orderly wind-down,' it says

(Newser) - GM has failed in a last-chance bid to sell its Saab unit and will now settle the Swedish automaker’s debts and “wind down production and the distribution channel in an orderly manner.” A deal with Dutch sports-car maker Spyker just fell through, a month after the sale... More »

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