Saab GB enters administration
* Saab GB in administration * Sale of Saab in the balance * Customer hotline set up...
Saab Great Britain (Saab GB) has gone into administration.
An official statement released by the company reads:
_With immediate effect, David Dunckley and Daniel Taylor of Grant Thornton UK LLP have been appointed joint administrators of Saab GB.
Saab GB, a 100% subsidiary of Swedish Automobile N.V. (Swan), has exclusive rights to distribute Saab cars and parts in the UK. It employs 55 people in Milton Keynes and distributes the cars and parts to a 58-strong dealer network across the UK of which 20 are Saab-only sites. Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.
The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. The appointment of the administrator is effected by the directors of Saab GB. Once appointed, the administrator will take on the management powers of the directors.
Swan continues discussions with potential investors regarding the sale of Saab Automobile AB and Saab Great Britain Limited._
A Saab GB customer hotline has been set up on 0845 300 9593, or Saab owners can visit www.saab.co.uk for more details.
Saab's sale to Chinese car makers Pang Da and Youngman has fallen into doubt after General Motors (GM) threatened to cut the supply of vital technology if the deal goes through.
GM said it would also stop the supply of the 9-4X SUV it makes for Saab if the sale was completed, saying it wanted to protect the best interests of GM shareholders.
GM operates a joint venture with Chinese car maker SAIC, a competitor to Pang Da and Youngman.??
The protracted deal to save Saab was thought to have reached a conclusion at the end of October, when Pang Da and Youngman agreed to buy Saab for a knock-down price of 100 million (88 million). ??
Saab is now in discussions with Pang Da and Youngman to see whether a structure can be agreed that is acceptable to all concerned parties.
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