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View Full Version : Car Firm Saab Abandoned By General Motors



RickT
20-02-2009, 10:18 AM
Swedish car maker Saab has applied for legal restructuring to prevent bankruptcy after it was jettisoned by its owner General Motors, a Saab spokesman confirms.



http://news.sky.com/sky-news/content/StaticFile/jpg/2009/Feb/Week3/15226356.jpg
Saab will operate as an independent company


A Saab (http://indepth.news.sky.com/InDepth/topic/Saab) spokesman stressed to Sky News Online that it was "business as usual" for the company.
The move came after GM (http://indepth.news.sky.com/InDepth/topic/General_Motors) said it was not prepared to plough any more cash into the firm - and the Swedish government said there was no bail-out on the cards.
Saab now has three weeks to work with administrators on a business plan.
That gives the company breathing space before it is exposed to their creditors again.
The company would then get three months to reorganise its business.
GM had warned that Saab would have to file for bankruptcy protection "as early as this month" if did not get a bail-out.
A formal announcement is expected later today.

http://news.sky.com/skynews/Home/Business/Recession-Car-Maker-Saab-Applies-For-Reconstruction-After-Being-Abandoned-by-General-Motors/Article/200902315226349?lpos=Business_Top_Stories_Header_2&lid=ARTICLE_15226349_Recession%3A_Car_Maker_Saab_A pplies_For_Reconstruction_After_Being_Abandoned_by _General_Motors


Very Sad times for all........

onzarob
20-02-2009, 10:24 AM
I think it will be a good thing, maybe they will actually build SAAB's properly gain ;)

I do think that a smaller car firm may be more viable as it should be able to react to demand quicker.