Editing Saab Automobile (section)

====2011 – bankruptcy====
On 25 February, Spyker Cars N.V. announced that it had agreed to sell the sports car arm to focus on Saab. Spyker intended to change its name, in May, to include the Saab name.<ref>{{cite news|last=Kinnander|first=Ola|title=Spyker to Sell Sports-Car Unit to Vladimir Antonov to Focus on Saab Brand|url=https://www.bloomberg.com/news/2011-02-24/spyker-agrees-to-sell-sports-car-unit-to-vladimir-antonov-to-reduce-debt.html|publisher=Bloomberg|access-date=8 March 2011|date=24 February 2011|archive-date=27 February 2011|archive-url=https://web.archive.org/web/20110227070411/http://www.bloomberg.com/news/2011-02-24/spyker-agrees-to-sell-sports-car-unit-to-vladimir-antonov-to-reduce-debt.html|url-status=live}}</ref>

In early 2011, Saab began to run out of money, and Spyker were not able to cover the losses. Both companies stopped paying bills, and on 30 March several suppliers refused further deliveries to Saab's factory in Trollhättan. Initially Spyker CEO Victor Muller blamed the media for the problems, and claimed that Saab had no problems with funding.<ref>{{cite news |url=http://www.svd.se/naringsliv/saab-nacka_6063513.svd |title=Muller: 'Saab lever i ett glashus' |trans-title=Muller: "Saab lives in a glass house" |first=Leif |last=Petersen |work=SvD Näringsliv |date=4 April 2011 |access-date=21 February 2015 |language=sv |archive-date=31 December 2014 |archive-url=https://web.archive.org/web/20141231105235/http://www.svd.se/naringsliv/saab-nacka_6063513.svd |url-status=live }}</ref> On 5 April all production was halted at Saab's plant in Trollhättan.

Spyker CEO Victor Muller tried to obtain funding from several different sources. On 30 March his former sponsor, Russian banker Vladimir Antonov, applied to Swedish authorities, the EIB and General Motors for permission to become a shareholder in Saab. His request was denied by the EIB, citing concerns about his business practices.

On 3 May, a joint venture between Saab and Chinese carmaker [[Hawtai]] was announced. This deal quickly unraveled and on 12 May Hawtai walked away from Saab.<ref>{{cite news |url=http://www.svd.se/naringsliv/saab-avtal-skrotas_6158719.svd |title=Saab-avtal med Hawtai skrotas |trans-title=Saab agreement with Hawtai scrapped |first=Carolina |last=Neurath |work=SvD Näringsliv |date=12 May 2011 |access-date=21 February 2015 |language=sv |archive-date=31 December 2014 |archive-url=https://web.archive.org/web/20141231103707/http://www.svd.se/naringsliv/saab-avtal-skrotas_6158719.svd |url-status=live }}</ref>

Plans for a new joint venture with Chinese carmaker [[Youngman]] and Chinese automotive retailer [[Pang Da]] followed shortly. After months of negotiations the companies agreed to a joint US$140&nbsp;million takeover of Saab Automobile and its UK dealer network unit from [[Swedish Automobile]], with Youngman and Pang Da taking 60 and 40&nbsp;percent stakes respectively.<ref>{{cite news|url=https://www.nytimes.com/2011/10/29/business/global/chinese-carmakers-to-buy-saab-pulling-it-back-from-the-brink.html|title=Saab Sputters On, Saved by 2 Chinese Automakers|access-date=29 October 2011|work=The New York Times|date=28 October 2011|first=David|last=Jolly|archive-date=29 October 2011|archive-url=https://web.archive.org/web/20111029015834/http://www.nytimes.com/2011/10/29/business/global/chinese-carmakers-to-buy-saab-pulling-it-back-from-the-brink.html|url-status=live}}</ref><ref>{{cite news |url= https://www.reuters.com/article/us-saab-idUSTRE79R1MZ20111028 |title= Sweden's Saab heads for Chinese owners after rescue bid |access-date= 29 October 2011 |publisher= Reuters |date= 28 October 2011 |archive-date= 28 October 2011 |archive-url= https://web.archive.org/web/20111028204436/http://www.reuters.com/article/2011/10/28/us-saab-idUSTRE79R1MZ20111028 |url-status= live }}</ref><ref>{{cite news |url= https://www.bbc.co.uk/news/business-15490773 |title= Saab chief Victor Muller reflects on sale of car maker |access-date= 29 October 2011 |publisher= BBC |work= News |date= 28 October 2011 |archive-date= 3 September 2023 |archive-url= https://web.archive.org/web/20230903090220/https://www.bbc.com/news/business-15490773 |url-status= live }}</ref>

On 6 December, GM announced that it would not continue its licenses to GM patents and technology to Saab if the company was sold to Pang Da and Zhejiang Youngman, stating that the new owner's use of the technology is not in the best interest of GM investors. Because of this, Saab started working on a new proposal which would not change the original ownership structure and would not include a Chinese partner as an owner of the company, but instead as a 50% owner of a new daughter company.

On 19 December 2011, with no alternatives left after GM continued to block any form of involvement with a Chinese partner, Saab officially filed for bankruptcy after a three-year fight for survival. Under Sweden's bankruptcy laws, a party that files for bankruptcy can be bought out of bankruptcy.

On 16 April 2012, a meeting on Saab's bankruptcy was held at the District Court of Vänersborg.<ref>{{cite web |url=http://en.konkursboet.se/ |title=Saab bankruptcy site |work=Konkursboet |date=December 2011 |access-date=13 April 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120422092741/http://en.konkursboet.se/ |archive-date=22 April 2012 }}</ref> The official receivers in charge of the Saab liquidation valued the assets at US$500m and the debt at US$2,000m. After subtracting the value of the assets, Saab leaves a debt of US$1,500m.<ref>{{cite news |url=https://www.wsj.com/articles/SB10001424052702303772904577335704135209644 |title=Saab Auto Left $2 Billion in Debts |newspaper=Wall Street Journal |date=April 2012 |access-date=27 April 2012 |first=Christina |last=Zander |archive-date=30 January 2016 |archive-url=https://web.archive.org/web/20160130083425/http://www.wsj.com/articles/SB10001424052702303772904577335704135209644 |url-status=live }}</ref>