The bankruptcy filing was made today at the Vaenersborg District Court to protect the car maker from a bankruptcy petition from unions, according to Bloomberg. If it gets approved the process will last three months, and according to Saab can be extended to last a year.

Chief Executive Officer Victor Muller said via a statement “We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business”.

Saab was sold by General Motors in 2010 and had first halted production back in March due to cash shortages, and after briefly restarting stopped completely at the beginning of June. Last month the company delayed paying staff wages that was the third time it had done so. This led to labor leaders to begin the process of a bankruptcy order.

Saab is planning to provide a restructuring plan to its creditors in the next few weeks, and make the company into a more competitive company. Swedish lawyer Guy Lofalk, who oversaw Saab’s reorganization under GM in 2009, has been put forward as an administrator by the company.

It can apply for a state guarantee for the workers’ wages if the move wins court approval. Saab’s biggest union IF Metall that represents around 1,500 workers has promised to hold off forcing the company into bankruptcy.

Saab has been trying to gain funding for months, and was close to securing a $155 million. Trouble is the manufacturer is running at a loss. Last year it only sold around 30,000 cars but needs to shift 120,000 just to break even. When the company ran out of money last year it took longer to get production rolling again and launch the new 9-5 model.

GM had emptied the factory of equipment as it was planning to completely shut the company down, but later sold Saab for $400 million to Spyker cars NV. Do you hope Saab can survive this latest crisis?

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Today we have news that the Swedish company have unveiled their new Android-based Infotainment system IQon at the Geneva Motor Show. It may not be the first to produce such a system but the IQon platform from Saab offers more than just the usual features you would expect from an in-car infotainment system.

As 4WheelsNews reports in their article the IQon features entertainment and navigation which you’d expect but also includes lots more. It also has an App Store with a wide range of multi-media functions, online services and apps, more significantly it will feature sensors all over the car allowing access to over 500 signals from the inside and outside the vehicle.

These signals measure barometric pressure, temperature (inside and outside), engine torque and speed as well as speed of the car, steering wheel angle and much more. Saab’s Johan Formgren says ‘there are no limits to the potential’ of Saab’s IQon.

More details are available at 4WheelsNews or you can check out the Saab Newsroom. Also check out the video below to see the IQon system in action. What do you think of Saab’s Infotainment system? We’d love to hear your thoughts.

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82.8 percent of the guarantee amount will come under intense scrutiny by the commission to see if any state rules are being broken, this was according to a recent article from Reuters. The other 17.2% is said to be remunerated at market terms, this means that the European commission sees this as no aid.

This loan is seen as a positive sign that sportscar maker Spyker will acquire Saab, which we covered in a recent post. If all goes well, then the Danish carmaker will pay $74 million in cash to GM with the other $326 million coming from deferred shares for Saab.

Saab has been losing so much money over the past ten years, which is why GM put the brand up for sale. All parties’ involved hope that the sale goes through quick, we will keep you informed of the progress.

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As reported from the Guardian, the deal comprises of an initial payment from Spyker of $74m to General Motors, while $326m will be paid in deferred shares for Saab.

It ends a troubled few months for Saab, who have failed to make any money, as a result of failing to attract a global audience with their brand.

Spyker’s Chief Executive Victor Muller insists that the company will maintain the “uniqueness, heritage and individuality” of the Saab brand.

Full article through the link, let us know your thoughts on the buyout. Is this a good move for Saab or not?

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According to The Daily Star, General Motors had said that they would give potential bidders up until Thursday, January 7 to help come in and save Saab. There have been a number of proposals already, but GM need to sit down and take a closer look at them first.

General Motors had been in talks with Dutch carmaker Spyker Cars, but they were unable to reach a deal. We reported back in June that there had been two rival bidders, Koenigsegg and Renco Group. Sadly both bids failed so was back to the drawing board.

According to swedishwire.com, Saab enthusiasts are upset and have urged GM to reach a deal, hoping that the 70-year old automaker will be saved. Saab is just the latest casualty in General Motor’s portfolio; they have already dropped Buick, Cadillac, Chevrolet and GMC. There does not seem to be much hope for Saab, unless GM finds a serious bidder for the brand.

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