Saab U.S. Liquidation Plan Approved
The long story of Saab’s bankruptcy is starting to come to an end as the Swedish automaker has gained court approval for a plan in the U.S. to liquidate in order to pay back creditors.
The U.S. Bankruptcy Court in Delaware signed off on Saab Cars North America Inc.’s plan to pay back its creditors and some portion of unsecured claims, while wiping out equity holders. Under the automaker’s liquidation plan, secured creditors will receive full payout.
As for unsecured claims, they are slated to earn between 25- to 82-percent recovery. Those claims total about $77 million so far, excluding contract rejection claims that are likely to be asserted by Saab’s U.S. dealers.
[Source: Reuters]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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Got a 92 900S in Blue that is completely dent free and 1 owner. Love the car. Just cant get the family on board with not having a "new" car. Roof liner needs work but will miss the feel and history of the car if I ever sell it. Love the SAAB brand and sad to see it going away.
I own a 2006 Saab 93 Aero convertible. Its a bit of love hate relationship at times when silly things stop working. Beautiful black on dark grey/black learher interior with 110000km. It's still a head turner with its swanky curves and smooth V6, especially with the roof down. Was gonna sell it until decided it just might be a rare version to keep and grow in value. Gonna store it over winters now and get myself a proper AWD machine for the harsh winter months.