Saab GB files for administration

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."

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