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SAAB Australia Says Siornara

Posted: January 8th, 2013 | Author: | Filed under: Auto Maker, Auto News | Tags: , , , | Comments Off on SAAB Australia Says Siornara

Grilled Auto News - SAAB Australia Says SiornaraThe importer and distributor of Saab cars in Australia has been placed in administration owing roughly $2 million to its creditors. Saab Australia has six staff operating out of Port Melbourne and just 10 new cars for sale in Australia.

The administrator Ferrier Hodgson says a creditors meeting will be held by the end of this week. Partner Stuart McCallum says it was not unexpected as Saab’s Swedish parent company entered bankruptcy in December 2011.

“This is as a result of the bankruptcy of the Saab cars’ parent in Sweden, following the global financial crisis in 2008 and specifically the collapse of Lehman Brothers that led to a large shock in the global car industry including for Saab,” Mr McCallum said ::::

After struggling to avoid insolvency throughout 2011, Saab AB petitioned the Swedish court for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company. The purchase had been blocked by former owner General Motors, which vehemently opposed the transfer of technology and production rights to a Chinese company.

On June 13, 2012 Saab AB announced that NEVS – National Electric Vehicle Sweden – had bought Saab Automobile’s bankruptcy estate. Saab remains the exclusive automobile Royal Warrant holder as appointed by the King of Sweden.

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