SAAB files for bankruptcy

**jwight** · 02-20-2009, 10:57 AM

Apparently the Swedish government is not into the auto company bailout thing:

Quote:

AP; updated 1 hour, 33 minutes ago

STOCKHOLM - General Motors Corp.’s Swedish-based subsidiary Saab filed for bankruptcy protection Friday so the unit 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 brand was filed at a district court in Vanersborg, in southwestern Sweden, Saab spokeswoman Margareta Hogstrom said.

The Swedish government on Wednesday 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.

GM?s Saab unit files for bankruptcy - Autos- msnbc.com

**rfernatt** · 02-20-2009, 11:11 AM

...and the US likes to call the Europeans socialists?

**jwight** · 02-20-2009, 11:14 AM

Yes, name calling is always much better than addressing the issues.

vwW12 · 02-20-2009, 11:58 AM

If the marketplace has rejected the product
If consumers have voted with their wallets by buying other cars
Why should the swedish government tax people who drive Nissans to save Saab?

winyan · 02-20-2009, 12:46 PM

Another example of the complete lunacy of the GM Mgmt team.

When it was purchased Saab was a wonderful car, (I've had 3). Now it's a psuedo sedan ugly thing; all thanks to the mismanagement of GM.

win

nonuro · 02-20-2009, 12:48 PM

Exactly

**jwight** · 02-20-2009, 12:50 PM

Quote:

Originally Posted by winyan

Another example of the complete lunacy of the GM Mgmt team.

When it was purchased Saab was a wonderful car, (I've had 3). Now it's a psuedo sedan ugly thing; all thanks to the mismanagement of GM.

win

Pretty much what Ford managed to do with Jaguar and Chrysler with about everything it touched. Never could understand Daimler wanting to get into a merger with Chrysler but at least they bailed out sooner rather than later.