Saab’s supposed saviors in China have not sent any money (not that this is surprising). Saab’s other savior Vladimir Antonov is out on bail, had to surrender his passport and report with the coppers in West London three times a week. Which adds new revs on Saab swirling down the drain.
Saab reports that it’s UK unit Saab Great Britain Ltd (Saab GB) “filed for administration with the High Court in London today.” Administration is the UK version of bankruptcy. The court appoints an administrator, which takes n the management powers of the directors.
Saab says the Chinese are to blame:
“Swan received a conditional funding commitment from Youngman for the payment of the wages of the employees of Saab Automobile and for the continuation of the activities of Saab GB. Saab Automobile and Saab GB have not yet received this funding.”
Meanwhile in Trollhättan, salaries have not been paid. The unions are preparing the required demand notice, and if that triggers no money, the unions will file for bankruptcy. Just Auto says:
“Saab unions, suppliers and Swedish tax representatives are to meet the automaker at 17:00 today [Sweden, 29 November) in the manufacturer’s home city of Trollhattan as crisis talks to rescue the company appear on a knife edge.”