Saab to get rid of gm after bankruptcy filing

Saab to get rid of gm after bankruptcy filing

Trollhattan (Sweden), 20. February 2009 – What has been apparent for a long time is now official: Saab Automobile AB is insolvent. The Swedes want to use the bankruptcy proceedings to break away from the US parent company GM, which is itself threatened by insolvency, and to make a new start as an independent car manufacturer. Not affected by the insolvency proceedings is, by the way, the Swedish avionics and rd group Saab AB with headquarters in Stockholm.

Spin-off of the passenger car division in 1995

Both joint-stock companies, which bear the name Saab and use confusingly similar corporate logos, have common roots in the 1937-founded "Svenska Aeroplan Aktiebolaget" (SAAB), which began building passenger cars in 1947, and which is now known as the Swedish Aircraft Company (SAAB).

In 1990, the passenger car division was spun off from the group and the now insolvent Saab Automobile AB was created. This company was initially owned in equal parts by truck manufacturer Saab-Scania and General Motors (GM). In 2000, the U.S. car giant took over all the shares in the car company. But for most of the time, the noble Swedish brand remained a loss-maker for GM; in 2008, sales shrank by a quarter to around 93,000 Saab cars.000 Saab cars.

Future in Sweden

Insolvency proceedings are regarded in Sweden as a customary procedure in which the company management works closely with the court-appointed insolvency administrator. The most important point for the future should be the concentration of design, development and production in Sweden. Corresponding proposals are to be submitted to the creditors within three weeks. Overall, the transformation into an independent company is expected to take place within three months, but will require investors from outside the company, which will be sought in the public and private sectors, Saab Automobile announced today.

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