Super Street Network

 |   |   |  Saab Board On The Road To Independence with Reorganization - Web Exclusives
Subscribe to the Free
Newsletter

Saab Board On The Road To Independence with Reorganization - Web Exclusives

Feb 20, 2009
Eurp_0902_01_z+saab+logo Photo 1/1   |   Saab Board On The Road To Independence with Reorganization - Web Exclusives

As a result of GM's strategic review of the global Saab business, the Saab Board announced 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 Ake Jonsson, Managing Director for Saab Automobile. "With an all new 9-5, 9-3X and 9-4X 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 to 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.

BROWSE CARS BY MARKET

MORE FEATURES

After a 20-year hiatus, the BMW 8 Series coupe is returning to the U.S. The range-topping two-door will go on sale this fall.
Kelly PleskotJun 15, 2018
Preview the Super Street August 2018 issue, featuring Gooichi Motors’ PistachioFD RX-7; the Baller Hauler & its AE86; Jonathan Salazar’s snow cone-slingin’ Hijet; ’18 WRX STI Type RA reviewed; and more!
Bob HernandezJun 15, 2018
The Vantage GT3 gets a lightweight aluminum chassis based on the road car, in addition to a new steel roll cage and Xtrac six-speed sequential transmission.
Kelly PleskotJun 14, 2018
We traveled to the Fiorano Circuit in Italy to drive the 2019 Ferrari 488 Pista, the most powerful V-8 road car ever built by the coveted brand.
Motor Trend StaffJun 14, 2018
One of the best things about a Forza game coming to E3 is that it always brings an awesome car with it,
Andrew BeckfordJun 13, 2018
Sponsored Links

SEARCH ARTICLES BY MAKE/MODEL

Search
CLOSE X
BUYER'S GUIDE
SEE THE ALL NEW
NEWS, REVIEWS & SPECS
TO TOP