Youngman, the Chinese company that tried to buy Saab has officially stopped all negotiations and discussions with the Swedish automaker. Swedish carmaker Saab Automobile on Monday filed for bankruptcy protection, ending two years of efforts to save the iconic Swedish brand.
According to various reports, GM’s decision to block Youngman investing in the ailing manufacturer ended its last chance for a revival. GM has constantly rejected any plans to restructure Saab.
“After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganisation of Saab Automobile could not be concluded,” Saab’s owner Swedish Automobile said in a statement.
Saab’s owner Swedish Automobile said in a statement that “the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors.”
“It is expected that the court will approve of the filing and appoint receivers for Saab Automobile very shortly.”
“There’s no doubt this is the blackest day in my career,” Chief Executive Officer Victor Muller said at a press conference today at Saab Auto headquarters in Trollhaettan.
The court said in an online statement that it accepted the petition and appointed two Gothenburg, Sweden-based attorneys, Hans Bergqvist and Anne-Marie Pouteaux, as administrators.
“He has shown an ability to try to turn every stone to solve this and he should be commended for that,” Fredrik Amlqvist, a 17-year veteran Saab car builder, told Reuters on Monday.
“Some think he should have thrown in the towel earlier but one should not give up until all possibilities are investigated. He has done a good job, I think,” said Amlqvist.