IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Monday, December 12, 2011

Swedish DI claims: "Saab to declare bankruptcy today"

Swedish Dagens Industri claims that Victor Muller and Saab will go to the Vänersborg District Court this afternoon to request that the court declare the company bankrupt. DI reports that this has been confirmed by several independent sources.

Swedish Radio P4 Göteborg's source say that Swedish Automobile is preparing a bankruptcy application, but it is uncertain when and if it will be sent to the court.

Swedish news agency TT does however report that their sources say that no decision concerning bankruptcy has been taken.

Martin Larsson, Executive Director New Business Development, would neither confirm nor deny the information.

"I have no comments," was his only answer when Dagens Industri talked to him.

Local Trollhättan newspaper TTELA has also been in touch with its sources who say that the negotations with Youngman is still ongoing and that there are no plans to apply for bankruptcy yet.

Head of the labour union Ledarna at Saab, Thomas Haglund, calls the latest news rumors.

"It is only rumors. I know that they were in Stockholm negotiating during the weekend. We will have to wait and see if there will be any news during the day. The result can just as well be the opposite," Thomas Haglund said according to Svenska Dagbladet.

My assessment is that they probably are preparing a bankruptcy application just in case. If the negotiations do not bear fruit, then they need to be prepared for the next and final step.