VH_Supra26
02-21-2009, 02:43 PM
by Kenneth Hall
http://www.motorauthority.com/content/thumbs/s/a/saab_9x_air_concept_main630-0917-630x360.jpg
Saab says it's not experiencing bankruptcy nor Chapter 11, but a different sort of reorganization
The quirkiness of Saab’s past may finally be set to return as the Swedish carmaker has been given approval by the courts to achieve independence from General Motors and take on a new partner. GM confirmed in its latest viability plan that it will no longer supply Saab with funding and that the Swedish carmaker would become an independent business as of January 1, 2010.
Thanks to 28 billion Swedish kronor ($3.23 billion) in loans and loan guarantees from the Swedish government, plus help from private investors, Saab will be able to operate as usual for the foreseeable future but the company is still predicting a loss of more than $300 million for the current year. Saab lost about $340 million in 2008, according to documents filed with the Swedish court that granted the company a stay of execution.
The injection of 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.
Saab has also announced that it will seek a new partner but any restructuring would need the approval of creditors, who will meet on April 6 to decide the future of the company.
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 says it's not experiencing bankruptcy nor Chapter 11, but a different sort of reorganization
The quirkiness of Saab’s past may finally be set to return as the Swedish carmaker has been given approval by the courts to achieve independence from General Motors and take on a new partner. GM confirmed in its latest viability plan that it will no longer supply Saab with funding and that the Swedish carmaker would become an independent business as of January 1, 2010.
Thanks to 28 billion Swedish kronor ($3.23 billion) in loans and loan guarantees from the Swedish government, plus help from private investors, Saab will be able to operate as usual for the foreseeable future but the company is still predicting a loss of more than $300 million for the current year. Saab lost about $340 million in 2008, according to documents filed with the Swedish court that granted the company a stay of execution.
The injection of 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.
Saab has also announced that it will seek a new partner but any restructuring would need the approval of creditors, who will meet on April 6 to decide the future of the company.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/gm-finds-no-buyers-for-saab.html