Saab To Decide On Reorganization Today

Illustration for article titled Saab To Decide On Reorganization Today

According to a poorly translated copy of an article from Swedish news outlet, SVT, Saab plans to take matters into their own hands and decide on a reorganization to protect itself from creditors.

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Basically, the message out of Sweden is Saab is on its own — with neither GM or the government willing to save itself, they've got to decide on their own to create a reorganization proposal to protect itself from creditors. Here's what SVT claims:

Jöran Hägglund (C), State Secretary in the Ministry of Industry, commented in SVT's Gomorron:

- It is clear that Saab must act on the situation is. But is it the end of something, or it may be the beginning of something else?

- There is a bit different interest for Saab as a whole or parts of Saab. So I do not think we have heard the last word in this.

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According to svt, some kind of decision will be made at Saab's board meeting today at 11. (Hat tip to Herschel!) [svt via Google Translate]

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DISCUSSION

I really sucks that GM Bought this once quirky independent car company, and literally bled it to death with absolutely no remorse. I remember an interview, given by John Rock, then head of Oldsmobile, in which he stated (and I'm paraphrasing here), that the only reason why people were buying Saabs instead of Oldsmobiles is because the public perceives that Saabs are all built by good looking, blond, swedes, that live in utopia.

That may not be exactly what he said, but you get my point. GM really had nothing but disdain for their new Swedish Subsidiary.