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.

Thursday, September 8, 2011

A tragic situation for Sweden

Earlier today the Vänersborg District Court rejected Saab's application for reconstruction. According to the head of the Swedish Association of Automotive Suppliers (FKG), Fredrik Sidahl, this rejection is a tragic situation for Sweden.

"It's an incredibly tragic situation for Sweden. There is an obvious risk that we lose the momentum we had with both Saab and Volvo," Fredrik Sidahl said to Swedish news agency TT.

Sidahl now believes that Saab is heading for bankruptcy.

"Our members will not receive anything. Everything would have been better than this, now they get nothing, they are last in line," Sidahl said.

This afternoon 500 memebers of the engineers labour union at Saab will vote for or against a bankruptcy filing. From earlier we know that both the blue-collar union IF Metall and the white-collar union Unionen have said that they would file for bankruptcy in case Saab was denied reconstruction.

Tough times ahead...