About a year ago, at the end of December, we reported that the bankruptcy administrator for Saab had submitted a final report and a proposal for the final distribution of remaining assets in bankruptcy. The report stated that the total accumulated debt reached as much as 13 billion Swedish crowns and that the administrator was able to collect only 3.2 billion for creditors. Additionally, the company remained indebted to 3,000 former employees for an additional 17.7 million Swedish crowns.
As reported by Swedish magazine “Expressen,” one year after the final report and the end of bankruptcy proceedings, the last money from the bankruptcy estate has been paid out, and a total of SEK 17.7 million has been distributed to almost 900 former employees.
While bankruptcy usually means a “quick” end for most companies, for Saab, this “end” lasted more than a decade. After the final report, the District Court in Vänersborg approved the proposed division of the bankruptcy estate in April of this year. Furthermore, the bankruptcy of Saab marked a significant moment for the automotive industry, and for Saab enthusiasts around the world, it was a sad and unfortunate event.
Since none of the trustees appealed the court’s decision, today, November 21, 2022, the last money from the remaining bankruptcy estate of the Saab company was paid out. In total, it is about SEK 17.7 million, which has been distributed among just under 900 of a total of 3,000 former Saab employees. The reason that not all former employees got to share the money is that the employees had different salary guarantees.
At the same time, it is clear that the state loses around SEK 900 million in connection with the bankruptcy, after the state sold the spare parts company Orio. The loss is basically due to one of Saab’s loans that the state guaranteed.
At the same time, the Swedish state loses about 900 million swedish kroner (about 84 million US dollars at today’s exchange rate) through the bankruptcy of the Saab company, after the state sold the spare parts company Orio. The loss is mainly due to one of Saab’s loans which was guaranteed by the Swedish state. According to the bankruptcy trustees, only about ten percent of all debts can be paid back to those to whom Saab owed money, Ekot magazine reports.
Swedish government should have kept the company alive and probably avoid the financial losses.
However, General Motors are about to enter European soil once again. Since they don’t have any European factory plants anymore, I wrote @ LinkedIn that there’s that small factory in Southern Sweden ;) And if you don’t have any brands for European market, there might be a possibility to obtain a brand which is not active anymore but could be revived ;)
Every time GM gets involved in a European car company, the end is on the horizon
The end www already happening that’s why GM came in the 1st place.
GM was the end of SAAB They took all techo info and left SAAB dying. They should not be allowed to make any deal in Europe.
Saab 900spg was the best car ever built GM f@#$& up great auto maker
Imagining this would be the greatest comeback story ever, for a once famous innovative brand. Too many loyal Saab owners out here looking for the return.
As the brand evolved in it’s last years, it wasn’t really about function and reliability but rather something more about a look not their own. Many are left to make improvements on their own.. knowing “Saab” could do it better.
We’re still here…
I still enjoy my 2006 SAAB 9 5 (exactly 48,000 miles) and my 2007 9 3 convertible (83,449 miles). GM will one day have articulate, engineering-background management again. Then they can successfully revive the SAAB brand across Europe and reintroduce the lineup to the USA.
And then, bring back OLDSMOBILE!
I agree with you about saab but forget Oldsmobile bring back Saturn
To hell with any general Motors product. I still 0wn 4 Saabs and all are doing well. Come back Saab and I will buy the first one. Paul Williams..423-845-0561 USA
I have owned 3 Saabs and I own a 2008 Saab 9-7x. I hate they stopped making them. I surely would buy another if they make them again.
Saab could be next NOKIA, Nokia is coming again after the rotten marriage with Microsoft…
I own a 2008 tid vector convertible.
Best car I’ve ever owned.
Shame they did not continue to develop the range .
Have had my 2008 SAAB 9-5 since new. Still runs great. Since new, over 15 years have spent $5,100 in parts, labor, tires and preventative maintenance. I loved the 2010 and 2012 9-5’s, but they are nightmares. That’s $340 a year.
What a shame about SAAB. Terrific vehicles.
Boosted saab 95 hear its fun
I have a 2007 9-3 4 door wagon , with 80 k miles loaded w leather sun roof and etc .. beautiful liter blue . I’m in serious need of selling this vehicle .. I can’t think of a better place to try and sell than to those people that appreciate this car. My name is Ted Napoli reach by text. 503-498-7466 or email calltedoconner@gmail.com
Thank you .
Saab would have died much earlier without GM buying the initial % in the 90s. Yes, GM could have done better and the end was unfortunate. Saab and Opel were victims of subprime lending market collapse more than anything.
I have owned 4 96 strokers and 3 V4s as well as a sport. Just wish I had a V4 today. Best car I ever owned. Chris Wilson.
2003 saab 9-3 its my daily and only for the last 4 years. We’ve had some rough weeks though😅😂
There is so much enthusiasm for the Saab story…the early years…that with careful marketing and careful product design…a Saab reintro could be viable. It could be distinctive. I for one would love to see that. (I currently drive an ‘04 ARC 9-3. convertible. Have had other Saabs including a ‘67 v4 96 and a ‘96 900s convertible)
Saab has got to be the Happiest and Best Car 🚘 in the World 🌎 🌍. The only car that one can scream down the Virginia I-95 at about 145mph alongside a VA State Trooper (unknowingly) and don’t get pulled over. 1987 SAAB 900T SPG! Loved 🥰 It. Had a lot more. Still own 2 1994 Turbo Convertibles and my wife a 1997 900. Have had had 9-5s and 9-3s. Not to mention walking 🚶♂️ away from a 125mph wreck unscathed. The Best I Reiterate!!!
I agree. It’s also the only car that has ever went a 114 mph up sand lake rd in Orlando fl and never get pulled over. This was a 2003 saab 9³ vector
I have a 72 and 73 Sonett, refurbished 12 years ago, and 1969 96 Deluxe in my mountain garage in CA. All low mileage. Buyers? greeneo@sonic.net
You guys could not imagine, I have Saab 9-3, already hit the 280,000 km and still going strong. Just changed the ECU and ABS pump, and it has been driving like a damned new drive. It is more powerful now that before I had it 7 years ago. Too bad in Singapore, every car life needs to come to an end, and mine is coming February 2024. Unles anyone wants it to be exported out of Singapore, do come back to me. My details is below.