Friday, Saab filed for bankruptcy protection from it's creditors. Saab is a Swedish-based subsidiary of GM. This move came after the Swedish government refused GM's begging for a bailout. This is very strange situation. Socialist Sweden is refusing to bailout their automotive industry. Allegedly, capitalist America is throwing billions of taxpayer dollars down the automotive bailout sinkhole. I never thought I would say this, but I hope our government finds the wisdom of Sweden. That really left a bad taste in my mouth.
GM unit Saab files for protection from creditors
Feb 20 04:56 AM US/Eastern
By KARL RITTER
Associated Press Writer
STOCKHOLM (AP) - General Motors Corp.'s Swedish-based subsidiary Saab filed for bankruptcy protection Friday so it can be spun off or sold by its struggling U.S. parent, officials said.
The move comes after Sweden turned down GM's request for government help for Saab.
An application to reorganize the Swedish-based unit was filed at a district court in Vanersborg, in southwestern Sweden, Saab spokeswoman Margareta Hogstrom said.
The move comes after the Swedish government rejected a request from loss-making GM to inject money into the carmaker. GM, which is seeking help from the U.S. government to avoid bankruptcy at home, has been looking for buyers for Saab but said it needs more funding to spin off or sell the division.
"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," Saab's managing director, Jan Ake Jonsson, said in a statement.(excerpted) read more at breitbart.com