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SAAB BANKRUPT

SAAB

Saab administrator: ‘the patient is dead’

Saab's bankruptcy administrator said at a press conference on Saturday that the company is dead but continues to bleed, while retaining hope that a buyer can be found.

Saab administrator: 'the patient is dead'

“Saab is a patient who has long bled to death and the brutal truth is that the patient is dead.”

“But the patient has not stopped bleeding,” Hans Bergqvist, one of Saab’s bankruptcy administrators, said on Saturday in a first public statement following the long-embattled firm’s bankruptcy in December.

Bergqvist continued to underline the importance of maintaining the residual value within the firm in order to increase the chances of staying afloat.

He also said that the administrators had chosen to bide their time to wait for the right moment to approach former owner US firm General Motors to discuss Saab’s future.

Although GM beat them to it with a new statement in which they underlined that they were unwilling to release licences for their technology to any new buyers.

“GM got there before us and we now have to take this into consideration before we continue.”

Bergqvist underlined that the administrators are conducting an ongoing dialogue with stakeholders.

“Over the next two to three weeks it will emerge which are serious.”

He noted that interest has been shown in both the business as a whole and in part.

The inventory of Saab’s bankruptcy has not yet been completed and according to Hans Bergqvist, the delay is understandable.

“There is an enormous task,” he said, expressing hope that it would be completed by March.

Bergqvist’s colleague Anne-Marie Pouteaux revealed that there are several interested parties keen on taking over the Saab museum but no decision has been taken.

“We have received a large number of bids and we shall now evaluate them,” she said.

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NORWEGIAN

Norwegian’s subsidiaries in Denmark and Sweden go bankrupt

The struggling low-cost airline Norwegian has reported its staffing subsidiaries in Denmark and Sweden have filed for bankruptcy, meaning roughly three quarters of its pilots and crew will lose their jobs.

Norwegian's subsidiaries in Denmark and Sweden go bankrupt
A Norwegian Air Shuttle plane: Photo: Norwegian

In a press release issued on Monday afternoon, the airline said that the financial support packages offered by the Swedish and Danish government had not been sufficiently generous to keep the subsidiaries which employ pilots and cabin crew in the two countries solvent. 

”The impact the Coronavirus has had on the airline industry is unprecedented. We have done everything we can to avoid making this last-resort decision and we have asked for access to government support in both Sweden and Denmark”, said Norwegian's chief executive Jacob Schram in the statement.  

“Our pilots and cabin crew are the core of our business and they have done a fantastic job for many years.”

“It is heart-breaking that our Swedish and Danish pilot and cabin crew subsidiaries now are forced to file for bankruptcy, and I’m truly sorry for the consequences this will have for our colleagues,”  Norwegian's chief executive Jacob Schram said in the statement.  

“We are working around the clock to get through this crisis and to return as a stronger Norwegian with the goal of bringing as many colleagues back in the air as possible.”

The company said it was also immediately ending staffing deals with the OSM Aviation, which supplies it with crew based in Spain, UK, Finland, Sweden and the US.

The company said that 1,571 pilots and 3,134 cabin crew would be affected by the move, with only the 700 pilots and 1,300 cabin crew based in Norway, France and Italy being kept on.

In the release, the company blamed the “the lack of significant financial support” from the Swedish and Danish governments, which it contrasted with that of Norway, which has agreed to pay “all salary related costs” while staff are furloughed. 

The companies declared bankrupt include: 
 
Norwegian Pilot Services Sweden AB
 
Norwegian Pilot Services Denmark ApS
 
Norwegian Cabin Services Denmark ApS
 
Norwegian Air Resources Denmark LH ApS
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