Saab Great Britain, the UK arm of Swedish car manufacturer Saab Automobile, has filed for administration on the back of funding troubles with Chinese investors.
The company said that it had previously received a conditional funding commitment from Youngman (China Youngman Automobile Group) for the payment of the wages of Saab Automobile employees and for ongoing operations at Saab GB. However, the firm has not yet received any money.
The company's statement read: "The board of Saab Great Britain is of the opinion that administration gives the company and creditors the necessary legal protection until the required funding for the company has been secured."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BC
-
Trump’s tariffs: what is he thinking and how should UK respond?Every right-thinking person knows that free trade is a surer route to the wealth of nations than protectionism, says Stuart Watkins. What is Trump thinking?
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
