GM Press Release: "Saab On The Road to Independence"
Trollhättan – As a result of GM’s strategic review of the global Saab business the Saab Board announced today that it will file for reorganization under a self-managed Swedish court process to create a fully independent business entity that would be sustainable and suitable for investment.
The reorganization is a self-managed, Swedish legal process headed by an independent administrator appointed by the court who will work closely with the Saab management team. As part of the process, Saab will formulate its proposal for reorganization, which will include the concentration of design, engineering and manufacturing in Sweden. This proposal will be presented to creditors within three weeks of the filing. Pending court approval, the reorganization will be executed over a three-month period and will require independent funding to succeed.
“We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment,” said Jan-Åke Jonsson, Managing Director for Saab Automobile. “With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs. Reorganization will give us the time and means that help get these products to market while minimizing the liquidity impact of Saab on GM.”
Funding for the restructured company will need to be secured during the reorganization process and will be sought from both public and private sources.
Saab will continue to operate as usual and 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. Details of the progress will be provided as milestones are achieved.
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As an involuntary investor in GM (i.e., I'm a taxpayer), I resent the idea that GM would put any more money into Saab. As I've said before, if Sweden doesn't care if Saab dies, why should America? We know our economy needs jobs and investment, but apparently Sweden doesn't. Looks like the Swedes have made a sucker out of Uncle Sam.
RF: GMAC just put the dagger into this whole bit about 'independence'. They've started notifying dealers that there will be no more flooring of new vehicles, effective immediately. Existing inventory can be run off. Saab will be essentially out of business by the end of the next quarter. Saturn is next....