As we warned yesterday, Saab, GM's meatball-of-a-badge, officially filed for bankruptcy protection today in Sweden. Remaining to be seen is what role, if any, GM will have with the born-from-jets brand. Swedish Chef is sad.
Here's what the NYT has to say:
Unmoored from its parent, Saab went to a Swedish court for protection from its creditors, and said the company would - with assistance from the Swedish government - reorganize to pave the way for private investors to buy all or part of the company.
"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," the managing director of Saab, Jan-Ake Jonsson, said in a statement.
Saab also said that the company "would continue to operate as usual."
But in the hours after the filing, it was unclear whether the Swedish government would support the company, with government officials seeming to rule out financial assistance as part of what Saab said would be a three-month process of retrenchment."