Saab Cars North American undergoing bankruptcy liquidation
With the parent company having already filed for bankruptcy in Sweden, the next step is for Saab Cars North America to follow suit, and that's precisely what's happening.
The operation based in Royal Oak, Michigan, ceased operating last month when its parent company did, but resumed distributing parts just this past Thursday. That does not mean, however, that the American business will remain afloat. With no money to keep it going, Saab Cars North America is being liquidated. Sources estimate the company's liquidated assets at around $100 million (give or take $25m), offset by a relatively minor $10.5 million in liabilities.
As for the dealers, they'll have to choose to declare bankruptcy individually or let the administrator dealing with SCNA's liquidation tend to theirs as well.
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