Saab files for bankruptcy protection

Swedish car manufacturer Saab on Wednesday filed for bankruptcy protection from creditors amid mounting debt and production stoppages in a last minute attempt to save the brand.

The filing at the Swedish court includes its subsidiaries Saab Powertrain and Saab Tools but excludes overseas subsidiaries and Saab Parts.

The car maker signed a financing agreement with Chinese companies Youngman Automotive and Pang Da Automobile Trade but the deals still await regulatory authorisation.

Saab Chairman and CEO, Victor Muller, said: “We have concluded that a voluntary reorganisation process will provide us with the necessary time, protection and stabilisation of the business.”

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