It feels utterly bizarre that we're still talking about Saab, but Reuters is reporting that the bankrupt Swedish manufacturer's American arm has gotten approval from the US Bankruptcy Court to liquidate its assets and pay back creditors. As part of the plan, secured creditors like Ally Financial will receive full repayment. Unsecured creditors, consisting of those affected by abandoned leases and contracts will get anywhere from 25 to 82 percent of their money back.

There are currently $77 million in unsecured claims, according to Reuters, but that number doesn't include claims from former Saab dealers. Naturally, the entire affair is full of lawyers and legalese. A trust formed on the Saab side will be negotiating with creditors and their affiliates in an attempt to reduce claims against Saab. This sounds like the start of a long and sordid affair...


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  • 27 Comments
      Adrian Elliot
      • 1 Year Ago
      Poor lil' Saab. They tried real hard. My family owned 5 of them over the years.
        hgeorgech
        • 1 Year Ago
        @Adrian Elliot
        1 main one .. and 4 for parts??
          normc32
          • 1 Year Ago
          @hgeorgech
          Parts are actually less expensive if you pay $1,300 for a partts car. Ask a German car owner one or two visits cost.
      Matt
      • 1 Year Ago
      Saab was 30 years ahead of their time with turbocharging. Their little turbo four had more output than Ford's 5.0 V8 at the time. Has anyone killed more storied automotive brands than GM?
        • 1 Year Ago
        @Matt
        [blocked]
          Teleny411
          • 1 Year Ago
          The General actually made things worse and then over-priced the Saabs it built. Saab was always a niche company with distinctive cars. The General forgot the distinctive part.
          • 1 Year Ago
          [blocked]
          • 1 Year Ago
          [blocked]
        FutureDoc
        • 1 Year Ago
        @Matt
        SAAB, Pontiac, Oldsmobile, Saturn, Geo, Hummer (kinda)... and then.... Winton, Welch, Cartercar, Rainier, Oakland, Ewing, Elmore, Rapid Truck, Relience Truck, Marquette, Scripps-Booth, Samson, McLaughlin, Sheridan, Yellow Coach, LaSalle, Viking, Cleveland Diesel, Envoy, Acadian, Ranger, Beaumont, Passport Asuna. Since Detroit filed bankruptcy, do we count them too?
      • 1 Year Ago
      [blocked]
        Kimura
        • 1 Year Ago
        That's because the municipal has gone bankrupt, not a company that is or related to an automaker. This is AUTOblog after all.
        • 1 Year Ago
        [blocked]
      SooooRight
      • 1 Year Ago
      This has to be hard on all those basement dwelling losers that still sob for Saab.
      Teleny411
      • 1 Year Ago
      I still mourn that BMW didn't buy at least the name for its fwd line-up, Could have been a winner for them.
        • 1 Year Ago
        @Teleny411
        [blocked]
        sinistro79
        • 1 Year Ago
        @Teleny411
        I know...because now we will jut get fwd BMWs. So much for "The Ultimate Driving Machine."
      Avinash Machado
      • 1 Year Ago
      The cat with nine lives.
      Heather R Miller
      • 7 Months Ago
      So when will the Saab owners who got screwed get their money?
      rbnhd1144
      • 1 Year Ago
      Ally Financial will get full payment, why am I surprised, Ally is the new name for the Old GMAC Financial, others can whistle for their money.
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