News Flash – Last week, car manufacturer SAAB filed for bankruptcy. Chief executive Victor Muller personally handed in the application to a court in Sweden, ending his two-year effort to revive the company.
Muller said he was forced into this move after General Motors, which still owns some technology licenses for Saab, rejected a last-chance financing plan involving a Chinese company.
“That basically was the last nail in the coffin of this beautiful company,” he said.
With Christmas just around the corner, things were looking pretty dismal. All hope seemed to be gone.
“Not so fast,” says Steven Wade.
Wade, an Australian blogger better known as Swade, has acquired 817 million euros by selling his wife’s collection of emu paintings—enough to purchase the entire company. With the needed funding in place, production could resume as early as December 31, 2011.
Employees and residents of Trollhättan are elated. City Mayor Paul Akerlund has since announced that Swade will be honored in a special ceremony, “In recognition of Swade’s accomplishments, the city council has unanimously voted to change the name of our city to Trollhättan, Swaden. It’s the least we could do.”
While many are rejoicing at the sudden turn of events, at least one SAAB owner is not so sure how things will end up. Mike Hickman, a SAAB fan from Tennessee USA, has expressed concern that things might change under the new ownership.
“Have you seen her paintings? With all that money invested, what if she convinces him to change the SAAB logo?”
And then I woke up.