Saab North America will stay open for at least 30 more days, despite parent company Saab Automobile has been declared bankrupt earlier this week.
The president and COO of Saab North America, Tim Colbeck, has announced yesterday that the North American unit will try its best to avoid liquidation. “We believe the best course of action is to keep this action out of court. We have appointed an outside administrator to assess in keeping this company going or eventually winding it down,” Colbeck was quoted as saying by Crain’s Detroit Business. The administrator firm is McTevia & Associates, based in Bingham Farms.
Jim McTevia, managing member of the company, said a decision will be made only after a 30-day review of the company. “The board of directors of Saab North America, with the advice of their counsel, took a very, very good step to protect their customers and creditors. If Saab North America chooses to liquidate, they don’t have to spend the fortune to do that in bankruptcy court,” McTevia said.
Colbeck expressed its hope that the Swedish parent company will be bought out of bankruptcy, while McTevia said Saab NA could be bought as a separate entity. “Saab North America has an infrastructure and an ability to distribute product. That’s worth a lot of money to somebody,” he said.