Quirky Swedish Car Maker SAAB files for bankruptcy protection.

In an effort to stave off creditors and salvage the company, SAAB has asked a Swedish court to allow it to enter into bankruptcy reorganization from which it expects to emerge in three months time. Currently SAAB is owned by Swedish Automobile, formerly known as Spyker, a Netherlands based concern. Swedish Automobile is waiting on funding from Chinese firm Pang Da and with this joint venture money it will be able to pay its creditors and realign its business. If the Swedish court refuses to grant SAAB a reorganization then it will be forced into bankruptcy. This request comes two and a half years after SAAB’s last major restructuring when it was then part of the struggling General Motors corporation. The main difference between SAAB’s restructuring then as opposed to now is that SAAB stands alone without the GM corporate umbrella to protect it from the rain. At that time SAAB had models in development and could pay salaries to its 3,700 workers; however, now the automaker finds itself in the middle of a production lull that began in February and without any models in development. I pray that SAAB survives. I’ve always loved their quirky cars and they will always hold a particular place in my heart. Especially a little electric blue 9-3.

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