Saab has taken yet another step, this time a major one, towards what’s shaping up to be an inevitable bankruptcy, with news coming out today that the struggling Swedish automaker posted a $322 million loss for the first six months of 2011.
The latest figure is four times the amount Saab lost a year ago, and the automaker’s negative equity of $570 million now exceeds its sales revenue for the period.
Total sales over the six month period were 15,194 units, with revenues of $513 million.
Saab ceased production back in April due to a shortage of parts and an inability to pay suppliers and workers, and despite its best efforts to secure short-term funding, creditors and government agencies are already starting to eye its assets
in the lead up to bankruptcy proceedings.
In a formal statement, Victor Muller, the boss of Saab’s parent company Swedish Automobile, gave his “sincere apologies” for delaying salaries.
Looking to the future, he said the current business plan is under review pending completion of funding negotiations and to reflect ventures with tentative Chinese partners Pang Da and Youngman
There's also hope that Saab will be able to secure a $157 million bank loan to help pay its suppliers and restart production.
To follow our ongoing coverage of Saab’s woes, click here