Over the past several days, many incidents happened with regards to the news of Saab’s bankruptcy. Some people (obviously Saab fans) have vented their anger and frustration towards General Motors. They have accused General Motors of not trying to save a recognised brand and instead killing it of just like that. Saab dealers in some countries (Australia and some areas of North America) have cancelled all existing warranties on Saab vehicles and this has caused Saab owners to worry.

It’s been a while since a big auto firm has gone bankrupt and right now, the company are virtually in an unknown territory. No one is quite sure what will happen to the company. What will happen to all existing inventories such as new unused cars, spare parts and even former employees of the company? Will someone or some company save the Saab name?

When Saab filed for bankruptcy, that does not mean that it is the end for Saab. In Sweden, there is a law that allows a company to come out of bankruptcy if someone comes to save the company by injecting the necessary amount of cash.

Almost immediately after the Swedish Court, where the bankruptcy protection was filed, announced that they have declared Saab bankrupt; two parties have declared to claim Saab. According to the administrator who is in charge of liquidating Saab, the two initially unnamed parties were the Turkish government and Chinese auto company, Youngman.

Many would be familiar with the Youngman name as it has given out loans to Saab during this year. The company tried to save Saab in the last few months and even tried to buy the company but General Motors have refused any takeover opportunities from Youngman. Looks like Youngman is not giving up Saab yet.

The other party, the Turkish government, who has expressed interest in the Swedish auto firm; is not considered as a surprising candidate. There are many auto companies that has manufacturing facilities in Turkey; Fiat, Renault, Toyota and Hyundai, just to name a few. But what the country does not have is its own car brand. Earlier this year, the Turkish Industry Minister did mention that the government wishes to have its own car brand.

It might be too early to say or predict what will happen to Saab but there a lot of possibilities and there could be other interested parties that might come and save Saab from becoming history. And I hope it happens soon as not only the Saab name continues but jobs are kept as well.

Photo credit: Auto Blog and autos.yahoo.com

other news, discussions, sweden and 10 more...

Viewed: 1,266 times