Administrator admits he is ready to end struggling car maker's fight for survival
6 December 2011

Last-minute attempts to save Saab could be curtailed by the administrator in charge of its restructuring, according to reports.

Administrator Guy Lofalk has told the Swedish press he is considering abandoning plans to rescue Saab, as funds required to clear debts have not been forthcoming.

"I immediately have to decide if it really is possible to continue this restructuring," he said.

It is not clear if Lofalk's comments are designed to put pressure on potential investors to come forward and agree a deal quickly.

It was announced yesterday that Swedish Automobile, or Swan, is negotiating with an unnamed bank and Zhejiang Youngman Lotus Automobile Company for a new rescue package.

Lofalk's role in trying to rescue Saab has often been criticised during the restructuring process, with the current owners saying his interventions have put off potential investors.

Earlier this year, Youngman and Pang Da Automobile announced a deal to buy the brand, but the agreement hit trouble when former owner GM said it would not licence its technology to the new owner.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Skoda-Karoq 2.0 TDI 4x4
    First Drive
    16 October 2017
    Diesel version of Skoda’s junior SUV is unobtrusive and undemanding, but we’d still go for the silkier petrol version of the Karoq
  • Audi Q7 e-tron
    First Drive
    16 October 2017
    Expensive and flawed but this understated diesel-electric Audi Q7 has a lot to offer
  • Citroën C3
    First Drive
    16 October 2017
    Is the third gen Citroën C3 ‘fresh and different’ enough to take on its supermini rivals? We spend six months with one to find out
  • BMW X3
    First Drive
    15 October 2017
    A satisfying rework of the X3 that usefully improves its handling, cabin finish, space and connectivity to make this BMW a class front-runner again
  • Vauxhall Insignia Country Tourer
    First Drive
    13 October 2017
    Off-road estate is now bigger, more spacious and available with torque-vectoring all-wheel drive, but is it enough to make its German rivals anxious?