Saab Story #432: Saab Files For Protection From Its Creditors
Saab, the fair-haired stepchild of General Motors and the brand Born from Debts, has filed for protection from its creditors in a Swedish court, according to i The/iiNew York Times/i.
The move comes as no surprise because in its filing with the U.S. Treasury Department earlier this week General Motors indicated it would stop funding Saab next year. As is the way these dark days, Saab is looking to the Swedish government to step in and provide financial assistance for the soon-to-be orphan brand.
Uh oh. Reuters news service quoted a spokesman for the industry minister, Hakan Lind saying, Support in the form of money is not on the agenda.
According to Saab managing director, Jan-Ake Jonsson, the company sees a formal reorganization as, the best way to create a truly independent entity that that is ready for investment. Indeed. So, anyone interested in buying Saab? It sold a grand total of 21,383 vehicles in the United States in 2008. Gather your crowns, kids.
NYT
