[Squishy]

GM going bankrupt piece by piece?

I had expected Saab to do this, but by March at the earliest.

Saab files for creditor protection

By Steve Goldstein, MarketWatch
Last update: 5:45 a.m. EST Feb. 20, 2009

LONDON (MarketWatch) -- The Saab Automobile division of General Motors on Friday filed for creditor protection after failing to get funds from both the Swedish government and its parent.

"Pending court approval, the reorganization will be executed over a three-month period and will require independent funding to succeed," it said. Saab said it's seeking funding from both private and public sources.

General Motors had warned of such a move in a filing to the U.S. Congress earlier this week. GM said at the time that it wanted Saab to be independent by 2010.

Saab has only made a profit once in 20 years.

Stephen Pope, chief global market strategist at Cantor Fitzgerald Europe, said Saab's Detroit parent "oversaw the destruction of the Swedish car company's soul."

He cited Saab's 9-3 model as an example, saying it's a Saab body skin wrapped around the Vectra model of GM's mass-market brands Opel and Vauxhall.

"Did GM really believe that a potential Merc or Beemer buyer would have their head turned by a reskinned Opel?" Pope asked, referring to the Mercedes unit of Daimler.

Saab said its plan is to concentrate design, engineering and manufacturing in Sweden, which it will present to creditors within three weeks.

Saab will continue to operate as usual.

"We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal restructuring 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, in a statement.

Trollhaettan-based Saab is not related to the publicly traded Saab, which makes aircraft engines.

Steve Goldstein is MarketWatch's London bureau chief.

http://www.marketwatch.com/news/story/s ... siteid=rss

 

[stone]

Intriguing. Thanks Squishy.

 

[JIMMYJOHN]

ANOTHER ONE BITES THE DUST :wall:

 

[Ajax]

I always liked Saabs, and didn't think much of GM buying them. I heard, however, that GM did help increase the quality somewhat (a scary thought....) However, I was offended to my core when I saw stuff like the 9-7X (a V8 Chevy Trailblazer-based Saab).

Hopefully they can reorganize and stay on their feet.

 

[jonas1022]

If they company would go away, I doubt that anyone would truly miss them other than the employees. All the SAAB quirkyness has been beat out of them at the hands of GM. No one wanted to buy the car company before GM took the dive to save them and make a buck. No one wants to buy them now that they are like any other GM out there in the marketplace. Too bad, I liked the old cars from way back when. Now? Not so much. :barf:

 

[stone]

When i was at the car detailers, someone had the latest model SAAB station wagon. The front and side design seemed reasonable. To me the rear end shape was out of whack. It did not seem to blend in. Was not impressed by tail lights, and thought it quite dissapointing. Personally it struck me as not very inspiring.

With all due respect, even the later model VOLVOS do not excite me. Periodically, i will see an early model BMW 635CSI, being driven in adelaide. But these are rare sightings. The design of this particular bimmer still interests me. The later model BMW 7 Series limousines are quite snazzy. By the same token, i am not overly fascinated by them. My soft spot is for the early versions of 7 series, when they were first released. I like the older styling.

Still currently intrigued by PORSCHE. But it depends on which model. I have never lost interest , in the engineering technology and the overall style of car. Some people may think the porsche shape to be outdated. To me it is still a modern design, and i regard them as having a visual presence. Low centre of gravity and they hug the road bends nicely when being driven.

 

[Wingsfan]

never really liked saab before or after GM :shrug: