Posted on 08/28/2011 7:10:47 PM PDT by Red Badger
Troubled Swedish carmaker Saab, owned by Dutch group Swedish Automobile NV, is to apply for court protection from its creditors, public radio quoted sources as saying on Friday.
Saab, rescued from bankruptcy last year by Swedish Automobile as former owner General Motors Co. prepared to shut it down, has struggled to raise funds to restart production, pay wages and settle suppliers' bills.
Public radio's sources said the company would apply for court protection from creditors. It did not say when this would happen Saab declined to comment on the report.
A spokesperson said the company continued to work on raising the necessary funds If the company obtains a court creditor-protection order, it would place it into a process of corporate restructuring. Under this process, which Saab entered in 2009 after GM made clear its intention to cease funding the company and exited that year, the Swedish firm is granted temporary protection from creditors while an
(Excerpt) Read more at montrealgazette.com ...
GM destroyed SAAB, a sad story.
bump.
Agree. Mrs. RQSR, and I have been driving nothing but SAAB’s for many years. A huge difference in quality between prior to GM, and after GM cheapened up the cars. They ruined them in our opinion.
With the state of SAAB now, we are looking at some FORD products for our future.
SAABs were for pretentious yuppie boomers who tought Volvo wasnt pretentious enough.........
Isn’t it amazing that the old GM could shed so many losing product lines, so many unprofitable factories around the world, so many layers of employees and management; structure the unwanted stuff into some type of ugly cocoon, Old GM with billions of debt.
Then, have the new Government Motors emerge as a vibrant NEW company making billions a year. bright future, wonderful turnaround management, happy labor unions, rainbows and unicorns, bonuses for everyone.
What a scam!
Maybe the “success” of the Volt will bring down this fraud to reality.
Really, where is the hue and cry for the latest SAAB’s in the general public? They were a marginal brand with some ugly cars that had a niche market overseas. They had a sort of cool falcon symbol in their emblem but otherwise........?
SAAB should and needs to go as the world’s truly capable car-makers cement themselves for quality and economy.
GM, as FUBARED as they are, didn’t submarine them. SAAB did that well themselves.
SAAB is dead? The collective groan you hear from the remainder of the world’s drivers equals nothing.
Best riddances to a worn out nameplate....
..............Really, where is the hue and cry for the latest SAAB’s in the general public?.............
Yep, totally agree!
And where was the old GM management’s head when they decided to pay mega bucks to buy this niche company that was neve noted for anything special??
I know a guy who drives a “Saab 97x.” It’s just a Chevy Trailblazer SUV with some Saab badges, leather seats and a $40k window sticker.
Saab ping
“......“Saab 97x.” It’s just a Chevy Trailblazer SUV with some Saab badges, leather seats and a $40k window sticker.”
That’s right. I saw one of those one time for sale at Swedish Car Clinic in Harbor City. It was an unSAAB. :)
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