The factory in Trollhattan stands idle but the bookkeepers and bankruptcy attorneys have been keeping busy in recent weeks trying to tally up the debts owed by the now-insolvent Saab Automobile and compare that to the company’s few remaining assets.
The math doesn’t work out well for those Saab owed money to. The final balance sheet shows assets of $532 million (3.6 billion Swedish kronor) but debts of $1.9 billion (13 billion kronor). It is possible that the tally will look more favorable, however, if the trustees overseeing Saab’s bankruptcy are able to find a buyer – with as many as seven bidders reportedly looking closely at the company.
Nonetheless, the bottom line isn’t a good one: a lot of folks looking to recover money from the doomed maker are likely to wind up with nothing. Among those least likely to come out whole are Saab’s Swedish employees. They actually pressed for the bankruptcy filing in hopes of recovering months of back pay. Those workers are owed $89 million.