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Saab To Leave GM and File for Bankruptcy Protection

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Filed under Automotive, News, Saab

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saab-logoAt the time of GM’s (General Motors) woes in the suffering economy they are looking to out some of the makes including that of the Swedish connection, Saab. Saab looks to be on their own again and filing for bankruptcy protection. Saab seeks $1 billion to be self-financing while they reorganize. They will still have some support from GM during the reorganization which leaves us with the question: will the newer Saabs be based off of the same (GM) platforms or will they have more deep-rooted Swedish roots?

Below is an excerpt from autonews on the full story…

Excerpt from AutoNews:

“Saab is seeking $1 billion (793 million euros) to be self-financing, the company said today after it filed for reorganization under a self-managed Swedish court process.

The General Motors-owned Swedish brand said it will work “to create an independent business entity” and will concentrate production, design and engineering in Sweden.

Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

Saab Managing Director Jan Ake Jonsson said: “We explored and will continue to explore all available options for funding and/or selling Saab. It was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment.”

Saab’s application for reorganization was filed with the Swedish district court in Vanersborg. Under the procedures, the court appoints an administrator to review Saab and its business plans…”

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