VH_Supra26
02-20-2009, 09:16 AM
by Kenneth Hall
http://www.motorauthority.com/content/thumbs/s/a/saab_9x_air_concept_main630-0917-630x360.jpg
Saab hopes to reorganize itself into an independent firm in order to gain new investment
The quirkiness of Saab’s past may finally be set to return as the Swedish carmaker is looking to become independent like it was during its glory days of the late 1970s and early 1980s. Saab is currently owned by General Motors but as a result of the Detroit carmaker’s strategic review of its global businesses Saab will finally have the opportunity to remove its shackles and restructure itself as a standalone firm.
Saab announced today that it will file for reorganization under a self-managed Swedish court process to create a fully independent business entity. An administrator, however, would still be needed to oversee the process and determine how any further investment funding should be spent.
Saab’s management will present a viability proposal of sorts to creditors and if given the go ahead the reorganization is expected to be completed in three months. The proposal will include the concentration of design, engineering and manufacturing in Sweden, as well as a request for $1 billion in loans.
The funding will be used to help launch three new models over the next 18 months and hopefully see the company become an innovator of technology like it had been in the past. Some important automotive technologies pioneered by Saab include headlamp wipers and washers, impact-absorbing bumpers, wastegate-operated turbocharger systems, and one of the world’s first 16-valve turbocharged engines.
The three new models planned include the recently revealed 9-3X as well as the new 9-4X and 9-5, all of which are desperately needed. Last year Saab saw its global sales drop 25.5% to just 93,338 units and 2009 is expected to be even lower.
In the meantime, the company will continue to operate as usual thanks to a little help from the Swedish government as well as private investors.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/gm-finds-no-buyers-for-saab.html
http://www.motorauthority.com/content/thumbs/s/a/saab_9x_air_concept_main630-0917-630x360.jpg
Saab hopes to reorganize itself into an independent firm in order to gain new investment
The quirkiness of Saab’s past may finally be set to return as the Swedish carmaker is looking to become independent like it was during its glory days of the late 1970s and early 1980s. Saab is currently owned by General Motors but as a result of the Detroit carmaker’s strategic review of its global businesses Saab will finally have the opportunity to remove its shackles and restructure itself as a standalone firm.
Saab announced today that it will file for reorganization under a self-managed Swedish court process to create a fully independent business entity. An administrator, however, would still be needed to oversee the process and determine how any further investment funding should be spent.
Saab’s management will present a viability proposal of sorts to creditors and if given the go ahead the reorganization is expected to be completed in three months. The proposal will include the concentration of design, engineering and manufacturing in Sweden, as well as a request for $1 billion in loans.
The funding will be used to help launch three new models over the next 18 months and hopefully see the company become an innovator of technology like it had been in the past. Some important automotive technologies pioneered by Saab include headlamp wipers and washers, impact-absorbing bumpers, wastegate-operated turbocharger systems, and one of the world’s first 16-valve turbocharged engines.
The three new models planned include the recently revealed 9-3X as well as the new 9-4X and 9-5, all of which are desperately needed. Last year Saab saw its global sales drop 25.5% to just 93,338 units and 2009 is expected to be even lower.
In the meantime, the company will continue to operate as usual thanks to a little help from the Swedish government as well as private investors.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/gm-finds-no-buyers-for-saab.html