The roller coaster ride continues for the former General Motors subsidiary Saab.
Dumped by GM in 2010, Saab was picked up by the Dutch car maker Spyker, but it too is now trying to get rid of the loss-making Swedish outfit. Saab thought it had found a buyer in the form of two Chinese companies, but that deal was blocked by GM in November. Saab is still under bankruptcy protection, but that could be removed by a court this Friday.
Saab has been making cars since 1947 but its plant has been at a virtual standstill since April. Latitude News has previously reported on Saab’s struggles and its impact on Trollhättan, a town dominated by the auto industry for five decades. The Saab factory was once the lifeblood of the town’s economy. Now, the workforce is about 30 percent what it once was. Those that remain have not been paid since the end of October.
Further bad news came on Monday when trading of shares in Saab’s Dutch parent company was suspended. But then on Tuesday a bit of good news: a first payment from one of the company’s Chinese suitors and a promise of more to come to cover unpaid salaries.