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.

Tuesday, November 29, 2011

Saab Great Britain asks court for bankruptcy protection

Saab has just annunced in a press release that Saab Great Britain Ltd, which is a susidiary of Saab Automobile AB's parent company Swedish Automobile NV, today filed for administration with the High Court in London. In other words, the company has asked the court to be protected from its creditors and thus from bankruptcy until the required funding for the company has been secured.

To my humble knowledge, an administrator will take control of the company if the court decide that the administration request is to be approved.