Owners of Saab, Swedish Automobile, have said that the move would protect it from its creditors while it tried to secure additional funding. The company has already suspend production after suppliers stopped all deliveries after not being paid.
Workers have also had their wages delayed for three months in a row.
Saab, of course, were rescued from closure by General Motors last year and and then bought by Swedish Automobile, formerly Spyker Cars, who announced that two Chinese firms would buy minority stakes in the company. Sadly for Saab, these deals have not yet had regulatory approval in either Sweden or China.
Worse news is that it looks unlikely that the Chinese government will be giving the two companies the go-ahead.
Is the brand too tarnished to recover?
[Guardian]
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