Bankrupt Swedish automobile maker looks for relief in Turkey

ISTANBUL - Hürriyet Daily News

Saab Automobile has filed for bankruptcy, bringing to an end two years of efforts to rescue the iconic Swedish brand. AA photo

Top executives from Saab Automobile, the Swedish car maker which announced bankruptcy yesterday, recently met with Turkey’s consulate general to Stockholm recently to discuss details about the company’s current position and future plans about Turkey.

“A mission, including Saab Chairman Victor Muller, have visited,” Zergün Korutürk, the consulate general, told the Hürriyet Daily News yesterday. “And we have passed the information to our Foreign Ministry.” 
The Turkish government is urging local companies to start up projects to launch the country’s first nationally produced car. Turkish media has speculated that a Turkish firm or a consortium might buy out bankrupt Saab as a part of the Turkey-made car bid. 

Saab filed for bankruptcy on Dec. 19, bringing to an end two years of efforts to rescue the iconic brand, which has been the hallmark of Swedish cars for six decades.

The final desperate attempts to raise funds in China were frustrated by Saab’s former owner General Motors which still holds key licenses. Saab’s owner Swedish Automobile said in a statement that “the company without further funding will be insolvent and filing bankruptcy is in the best interests of its creditors. The court approved the filing several hours later and appointed receivers for Saab. k HDN