Report: Saab's assets less than one-third of its debts

Filed under: Europe, Hirings/Firings/Layoffs, Plants/Manufacturing, Saab, Luxury

The Detroit News reports the sum total of the remaining Saab assets is worth less than a third of the defunct automaker's debts. All told, the company owes a hefty $1.9 billion at current conversion rates, though its total property value rings in at a comparatively paltry $532 million. The debt includes $89 million owed to former employees, $107 million to General Motors and $388 million to Sweden itself. With so many hands to feed and so few dollars to go around, Saab says only those who hold securities are likely to have their debts paid.

That means those who were employed by Saab Automobile likely won't see a dime. The horizon looks a bit more rosy for Saab Automobile Powertrain workers, however.

Saab had said the company has six or seven investors interested in saving the manufacturer's name from falling into obscurity, though it's unclear how many of those remain dedicated to the prospect currently.

Saab's assets less than one-third of its debts originally appeared on Autoblog on Wed, 11 Apr 2012 16:29:00 EST. Please see our terms for use of feeds.

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