With the parent company having already filed for bankruptcy in Sweden back in December, the brand’s North American distribution company, Saab Cars North America (SCNA) has been marked for liquidation.
“We notified creditors that it is our opinion that there is no way to salvage the company,” said Jim McTevia of Bingham Farms-based McTevia & Associates, the administrator appointed to operate the U.S. distribution arm.
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.
Tim Colbeck, president of Saab Cars North America, expects a buyer for the parts business will be found by the end of February.
“There still will be a market for parts,” Colbeck said. The question is whether there will be a U.S. distributor for parts.”
Last week, U.S. auto and mortgage lender Ally Financial Inc said it wants court approval to take control of 151 Saab vehicles stored at the Port of Hueneme by Saab Cars North America.
The financial institution claims the cars are collateral for $61 million in financing on which Saab defaulted.
Saab was declared bankrupt by a court last month, ending a nine-month battle by its Dutch owner Swedish Automobile NV to stay afloat. It has not made any vehicles since April and several rescues have failed.