SAAB AUTOMOBILE FILES FOR BANKRUPTCY

I try to avoid the media coverage on weekends. I can live with all of the negativity surrounding SAAB Monday - Friday thanks.
So this morning I re-capped on the various stories that made the headlines and I must admit it did not look good which ever way you sliced it.
These days I have become much more objective however I could only conclude that there was not even one positive piece of news. Everything looked pretty gloomy.

Had a great weekend where we at long last decorated the Christmas tree with the kids, drank a little glögg ( Hot spiced wine ) and generally brought in the Christmas spirit.

Then this

SAAB AUTOMOBILE FILES FOR BANKRUPTCY

Zeewolde, The Netherlands, 19 December 2011 – Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vänersborg, Sweden this morning.

After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided 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.

Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely.