SAAB Faces Bankruptcy Due to Financial Lackluster

saab 3 SAAB Faces Bankruptcy Due to Financial Lackluster

Maybe, the daylight of the 19th December for all car aficionados appeared blurred and fainted due to the declaration of the sudden closure of a Swedish automaker named SAAB for ever. On hearing this sad news about the withdrawal of the name of SAAB from the Swedish automobile industry, experts and car owners have felt regretted due to the sudden demise of a powerful automaker for financial stringency.

In a short official brief note served among the employees of SAAB, the CEO of this Swedish car manufacturing company has revealed the final verdict of the management board of this company. In a statement, the CEO has clearly stated that the decision regarding the declaration of being bankrupt on account of the shortage of fund is final and it will not be backtracked or reviewed whatsoever. SAAB authority has moved to the District Court located in Vanersborg , in Sweden for getting an approval letter in which the declaration of bankruptcy will be mentioned.

Way back to 1947, Svenska Aeroplan Aktiebolaget came into existence in Trollhättan, Sweden. This aircraft upgradation and manufacturing unit also started the production of light weighted vehicles at comfortable prices.

Before the announcement of insolvency on the part of SAAB owing to shortage of fund to finance the company to produce cars in future, the company tried its best to upgrade the financial condition by taking a decision to lend money from a well know Chinese car maker, Youngman. However, eventually, the company was not able to get success in upgrading the economic status due to the insufficient fund for running the production unit. This type of drastic decision will certainly do harm to the automobile industry. The previous performance records of SAAB are eye-catching as this company released many eco-friendly car models in collaboration with Scania-Vabis. However, situation started becoming worse as the management of the SAAB lost its control to build up a powerful financial career by earning huge profits.

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