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Monday, December 19, 2011

Saab Files for Bankruptcy!

Today Saab filed for bankruptcy, after General Motors shot down Saab's recent plan. It now looks like Saab will not survive. Spyker purchased Saab from General Motors in 2010 for $400 million.

I really was hoping that Saab would be able to make it after it was purchased from General Motors. It's a shame that Saab has to suffer due to the lack of management of the old General Motors. The 9-5 and 9-4x are very attractive vehicles and it would have been nice to see what Muller could do with the brand. I have to give credit to Muller because he has stood by Saab the day since it was acquired. I didn't expect the Saab brand to go through all of these problems. Today looks like the beginning of the end for Saab.

Update (2/28/12): It seems like Saab may still have some life left. Several international and Swedish investors have made bids for Saab. The names of these investors have not been released but leads many to speculate. According to a few sources Volvo and BMW have thrown in bids for Saab. The investor who gets Saab will have to a plan that is in the best interest of Saab. .

Please be sure to check back for more details!

Will Saab be rescued? Are you a loyal Saab fan?

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