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Car-maker Saab's estate revealed

The trustees of bankrupt Swedish car-maker Saab have said the value of the firm's assets covers less than a third of its debts, and that mainly preferential creditors will get their money back.

A summary of Saab's estate inventory shows the company has debts of 13 billion kronor (£1.2 billion) and assets worth only around 3.6 billion kronor (£334 million).

The debts include 606 million kronor (£56 million) in claims from former Saab owner General Motors (GM), and 513 million kronor (£47 million) in claims from Saab employees. Saab also owes GM 2.2 billion kronor (£204 million) it paid for preferential shares.

Saab filed for bankruptcy in December. Trustees have previously said six or seven potential investors are mulling plans to save the brand from bankruptcy.


From Belfast Telegraph