Seems that Saab just can't catch a break. Yesterday, the Swedish automaker filed for government protection, citing that if approved, the company would undergo a voluntary reorganization. Now, a court has rejected Saab's application for protection.
Saab plans to appeal the court's decision. In a statement, the automaker said that it is "disappointed with the ruling." The bad news is that, unless an appeal works, this could very well be the end of the road for Saab.
Automotive News reports that the Vanersborg district court in west Sweden released a statement regarding the Saab decision. Apparently, the court feels there is no reason to believe that a reconstruction would work.
Follow the jump for Saab's official statement, and stay tuned for more details as they unfold.
Saab plans to appeal the court's decision. In a statement, the automaker said that it is "disappointed with the ruling." The bad news is that, unless an appeal works, this could very well be the end of the road for Saab.
Automotive News reports that the Vanersborg district court in west Sweden released a statement regarding the Saab decision. Apparently, the court feels there is no reason to believe that a reconstruction would work.
Follow the jump for Saab's official statement, and stay tuned for more details as they unfold.
COURT REJECTS VOLUNTARY REORGANIZATION APPLICATION, SAAB AUTOMOBILE TO APPEAL DECISION
Zeewolde, The Netherlands, 8 September 2011 - Swedish Automobile N.V. (Swan) announces that the District Court in Vänersborg, Sweden today rejected the proposal for voluntary reorganization by Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile). Saab Automobile is disappointed with the ruling and will appeal the District Court's decision.
Zeewolde, The Netherlands, 8 September 2011 - Swedish Automobile N.V. (Swan) announces that the District Court in Vänersborg, Sweden today rejected the proposal for voluntary reorganization by Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile). Saab Automobile is disappointed with the ruling and will appeal the District Court's decision.
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