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Saab CEO, Muller furious for putting the company in to bankruptcy situation
Monday, 19 December 2011
Saab Automobile's CEO Victor Muller is angry and sad that he is now forced to put the company into bankruptcy.

On Monday morning Saab CEO Victor Muller requested the automaker to go into bankruptcy in Vänersborg court. This is something he did with intense mixture of sadness and anger.

"I am heartbroken and angry," he told Swedish press, responding to the question how he feels today after trying to put the company back to tract in recent months.
The decision to request the company in bankruptcy was made early Monday morning after General Motors responded to Victor Muller's e-mail about the latest proposal to save Saab, according to the newspaper TTELA.

GM said it could not accept any investment in Saab that involves the Chinese Youngman, regardless if they were loans or equity.
"Youngman could not ignore the threat, "said Victor Muller to TTELA.
But how Victor Muller feels the behvious of GM, he would not tell.
"No comment," he had said according to Swedish press reports.


Asked if this is the end of Saab car production in Trollhättan, he responded "Who knows. It is one of the best infrastructures in Europe. Hopefully, someone would make an effort to re-start operations”.

It is still unclear what will happen to the owner company Swedish Automobile, Swan, which basically will become a blank company without Saab Automobile.

It is "too early to answer," said Victor Muller when asked if Swan also be liquidated since it was crested to take control of Saab car producer and the other subsidiaries of Saab automobile.

Not long ago, it was reported that Swan will sell sports car business Spyker to a U.S. private equity firm North Street Capital.

Saab recommends that the lawyer, Mats Emthén from the law firm Carler in Stockholm to take over the bankruptcy management. The application to the district court states that he is the address and has indicated its willingness to undertake the mission.

The proposed bankruptcy trustee Mats Emthén has extensive experience in the automotive industry. He has previously been in bankruptcy for Osterman, dealer of Ford in Sweden. He has also worked as administrator for the dealers of Fiat and Alfa Romeo in Sweden and also in the 1990s served on the board of the Swedish Hyundai.

The application also applied to Saab 'assets in tools and equipment worth an estimated Skr 3 billion. A large proportion of these are placed with suppliers in a dozen countries.

The company says it does not expect to get something out of their shares in Saab Automobile and will do a write-down on the whole book value of Saab Automobile.

Swedish Enterprise Minister Annie Loof, and Labour minister  Hillevi Engstrom will hold a press conference today in response to the bankruptcy announcement.
By Scancomark.se Team

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