Ladies and gentlemen, Saab is now officially dead. That's it. No more twists and turns. No more hope.
The Swedish company issued a statement to announce that it had been declared bankrupt by a court on Monday after failing (yet again) to pay creditors.
China's Youngman, its last remaining saviour, informed Saab that the funding to continue and complete the reorganization process could not be concluded, thus hitting the final nail in the coffin.
So rest in peace, Saab, and thanks for the memories!
Timeline of Saab's demise – March 2011 to present
Saab unveils the PhoeniX concept at the Geneva Motor Show. The future looks bright despite a number of financial issues and a lack of interest from consumers.
The Trollhattan plant suspends production due to disputes over non-payment of suppliers. Operations resume for a brief time in June and July, but no new Saab was ever manufactured.
- Youngman and Pang Da invest 351 million euros for a 53.9% stake in Saab.
- Saab can no longer meet payroll.
- Spyker, Saab's other owner, changes names and becomes Swedish Automobile.
- A collection process starts after Saab fails to pay some $620,000 in debt.
- Saab files for a voluntary reorganization but is rejected by the government. However, an appeals court overrules the verdict and grants - - Saab protection from creditors.
- Unions withdraw their request to have the automaker declared bankrupt.
- Youngman and Pang Da make a pitch to buy Saab, but their offer is deemed unacceptable by Swedish Automobile CEO Victor Muller, who chooses to end their June agreement. Muller backtracks by the end of the month and greenlights the sale of Saab to the two Chinese partners.
- GM blocks the transaction using its veto as Saab's former owner. The American automaker doesn't want its technology to wind up in the hands of a company it has no business ties with.
- The administrator in charge of the reorganization steps down and Saab is officially declared bankrupt.