Saab’s U.S. Unit Wins Court Approval of Liquidation Plan

A U.S. bankruptcy court has approved the plan of Saab Cars North America, a regional arm of Sweden's Saab Automobile AB, to liquidate its assets and repay creditors.

A group U.S. Saab's dealers forced the regional unit into bankruptcy in January 2012. The parent company sought court protection in Sweden in late December 2011.

The North American liquidation plan would fully repay the unit's secured creditors and give unsecured creditors between 25% and 82% of what is owed them. The plan would form a trust to challenge creditor claims.

The equity of shareholders will be wiped out.