Saab Files For Bankruptcy

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

The Swedish car manufacturer Saab goes bankrupt. The GM subsidiary continues production and is considering a cooperation with Opel.

The automaker Saab, which belongs to the US group General Motors (GM), is filing for bankruptcy, but wants to continue production. The supervisory board decided on Friday morning. According to media reports, a merger with Opel is a possible salvation for Saab.

4000 Saab employees affected

The German group also belongs to the acutely ailing manufacturer GM. Saab sold 94,000 cars last year and employs 4,000 people. The company has been making heavy losses for several years and no longer receives any financial contributions from its parent company GM, which is struggling to survive.

Observers in Stockholm also cite the attempt to reduce Saab's high debts by suspending or deferring payments to suppliers as the background for the bankruptcy application. After filing for bankruptcy, Saab wants to secure its survival independently of the previous US parent company General Motors. Saab announced this on Friday at a press conference at the company headquarters in Trollhättan. At the same time, GM pledged in Detroit to secure the continuation of production with the 4,000 employees.

The previous Saab CEO Jan-Åke Jonsson described the assistance provided by the Swedish government as crucial for the success of the planned reconstruction of Saab. This had previously rejected any form of capital or guarantees for Saab as a subsidiary of GM. Jonsson said they were "in a constructive dialogue" with the authorities. (dpa)