Car Company to Close… I’m so Saab :(

Saab appears to have run out of gas. Not even a new fuel pump could save them now. The 74 year old car company filed for bankruptcy this morning.   This news is likely to be followed by the company announcing that it will shut its doors completely.  The only fuel pump that would rescue them would be one that turns gas into gold.

Saabs’ last chance was to acquire $782 million in loans from the Chinese company, Zheijang Youngman Lotus Automotive, but General Motors denied the deal.  GM was a former owner, but still had a say in the deal because they supply parts to Saab.  Speculation was that GM objected to the loan because they worried that some of their technology would end up in Chinese competitors’ hands.  However, GM came out and said that they were against the deal because it was, “not meaningful different,” from previous offers.

GM sold Saab to Swedish Automotive back in 2010.  Swedish Automotive is a Dutch company, which is not at all confusing.  Saab did get some funding back in June from a couple of Chinese companies, but they blew through that cash faster than my girlfriend spends her paycheck on Black Friday.

There is still a slight chance that Saab will still exist.  A new buyer could swoop in and buy the remaining assets.  So, if you and your friends have some extra cash lying around, feel free to group the cash together and go “Dutch” on the car company.