Saab files for bankruptcy, continues to operate
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Global recession brings more bad news. Today GM confirmed that Saab has filed paperwork with local courts for reorganization that would eventually make Saab a fully independent business.
For the reorganization to happen GM needs around $1 billion for the new company. This is more than problematic as GM does not have that money and so far Swedish government has said NO.
Saab won’t be closing doors, it continues to operate in accordance with the formal reorganization process, with the Government providing some support during this period. The reorganization should have no impact on other GM operations.
What Saab needs is funding and very fast. Funding for the restructured company will need to be secured during the reorganization process and will be sought from both public and private sources.
Currently Saab has three models ready to be launched over the next year and a half. If the reorganization is successful Saab will bring resources back to Sweden. We hope Saab finds some local investors and the automaker can continue its operation again as a Swedish company. Hopefully with better management they will do better than under GM.
Source: GM
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Its a shame that Saab hasnt found a huger audience globally these cars are in a class all of their own. I have worked around many brands of cars all my life and now that I have owned a 2005 9-3 Linear im a believer. You wont find a better driving more comfortable compact reliable car anywhere around for the money. I sincerely hope Saab finds private money to continue on. Folks these are incredible fun driving cars enough said!