Bankrupt Saab Left $2 Billion in Debts image

Receivers handling Swedish carmaker Saab‘s bankruptcy Tuesday said the total debt amount to 13 billion Swedish kronor ($2 billion), while total assets stood at SEK3.6 billion.

The debts include 606 million kronor ($89 million) in claims from former Saab owner General Motors (GM), and 513 million kronor ($75 million) in claims from Saab employees. The Swedish automaker also owes GM 2.2 billion kronor it paid for preferential shares.

However, General Motors would only be able to collect on the sum if the bankruptcy ended up with a surplus, which administrators say won’t happen.

Sweden’s National Debt Office, which has a credit line of 2.2-billion kronor with Saab, will get its money back, the report says.

The Trollhattan company halted production a year ago and spent much of the remainder of the year trying to raise new cash. But one-by-one, its rescue plans fizzled as potential investors either walked away or were blocked.

Facing stiff competition from Volkswagen AG and its Audi unit, BMW AG and Swedish rival Volvo, Saab never hit GM’s 150,000 annual sales target.
Sales peaked at nearly 133,000 in 2006 before falling to 93,000 in 2008 when GM put Saab up for sale.
Saab’s current owner, Swedish Automobile, bought the company from GM in 2010.

Attorneys Hans Bergqvist and Anne-Marie Pouteaux were appointed on December 19th 2011, when the carmaker‘s Dutch owner, Swedish Automobile, filed for bankruptcy