Saab cars filed for bankruptcy yesterday, a Swedish district court said, bringing to an end two years of efforts to rescue the iconic brand.
The final desperate efforts to organize help in China were obstructed by General Motors (GM) over licenses.
“They were here this morning and submitted the documents requesting bankruptcy,” a clerk at the Vaenersborg district court said, adding that the court was currently examining the request.
A statement on the court’s Web site said three Saab companies had filed for bankruptcy: SAAB Automobile Aktiebolag, Saab Automobile Tools AB and Saab -Automobile Powertrain.
Saab’s owner Swedish Automobile said in a statement that: “the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors.”
“It is expected that the court will approve of the filing and appoint receivers for Saab Automobile very shortly,” the statement said.
Saab’s chief executive Victor Muller had been due to appear before the court yesterday as judges had been scheduled to decide whether to lift or prolong the three-month bankruptcy protection Saab had been placed under while it was attempting to negotiate a deal to rescue the company.
Muller had been struggling to clinch an agreement in recent months with two Chinese groups, carmaker Zhejiang Youngman Lotus Automobile Co (浙江青年蓮花汽車) and car distribution company Pang Da Automobile Trade Co (龐大汽車).
However, Saab’s former owner GM repeatedly said it would not agree to the necessary technology license transfers to the Chinese firms.
The attempts to sell Saab to Chinese partners had been seen as the last chance of saving the Swedish carmaker, which was already on the brink of bankruptcy when GM sold it to Swedish Automobile — at the time called Spyker — early last year for US$400 million.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS