According to Motorauthority, Saab Cars North America has been marked for liquidation.
Jim McTevia, who was appointed administrator to Saab Cars North America, said "We notified creditors that there is no way to salvage the company."
He continued saying that the parts distribution business was “the only meaningful asset."
President of Saab Cars North America, Tim Colbeck, remains optimistic that a buyer for the parts business can be found. It's still not yet clear if a U.S. company will buy the distribution business.
Leonard Bellavia, a lawyer representing 161 of 188 Saab dealers in the U.S., does however view the asset picture differently from McTevia.
Bellavia estimates that the liquidated assets will have a value in excess of $75 million, including $25 million owed by General Motors for repairs covered under warranty. He estimates the liabilities to be in the range of $10.5 million.
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
