DETROIT -- General Motors' tab for keeping a pledge to pay Saab's part suppliers through until Feb. 20 will be $127 million, people familiar with GM's purchasing strategy said.
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General Motors' tab for keeping a pledge to pay Saab's part suppliers through today will be $127 million, people familiar with the U.S. automaker's purchasing strategy said.
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FRANKFURT/STOCKHOLM (Reuters) -- General Motors' European brands are near collapse, with Germany's Opel in need of more state funding and Sweden rejecting Saab's plea for state aid until its business plan is sound.
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General Motors Europe on Friday said it would promptly establish "a viable mechanism for the timely payment of suppliers' claims towards Saab", which today filed for reorganisation in a Swedish court.
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Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process.
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General Motors' Saab estimated that it made a loss of around SKR3bn crowns (US$340m) last year and would post a similar loss this year, the carmaker said in documents submitted to a court on Friday.
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Saab is to reorganise under a Swedish court process to become independent, sustainable and "suitable for investment" but stressed it would require independent funding to succeed. It also said there should be no impact on other GM operations.
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Saab said today it will file for reorganization under a self-managed Swedish court process.
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Saab is seeking $1 billion (793 million euros) to be self-financing, the company said today after it filed for reorganization under a self-managed Swedish court process.
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Saab's fight for survival intensified today as the General Motors unit won protection from creditors while trying to find a new partner and raise fresh funds.
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Saab's management board will meet again Friday to discuss the troubled carmaker's future amid reports that the company will soon file for protection from creditors.
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GM's Swedish Saab division today received approval for reorganization in Sweden, saying that they'd need $1 billion to become self-financing. The Swedish process for reorganization requires companies to apply and subsequently be approved, though approval is given only to companies likely and expected to succeed in their plans.
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Rugged new 9-3X gets 4WD, raised suspension.
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Swedish car maker Saab Automobile - abandoned by General Motors is today taking steps to stave off bankruptcy.
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Opel and Saab may be mulling an independent future, but there are huge problems with either staying part of GM or becoming independent business units, an analyst has said.
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Saab's management board will meet again Friday to discuss the troubled carmaker's future amid reports that the company will soon file for protection from creditors.
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General Motors' loss-making Swedish carmaker Saab could decide to file for reorganization today, Swedish radio reported. A reorganization filing would be made with a Swedish court after which the viability of continuing operations is assessed.
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The Swedish government has said it is not prepared to take over Saab, General Motors' loss-making Swedish subsidiary.
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Opel and the other European operations of U.S. carmaker General Motors have signaled they will unveil a plan for their future next week, German Economy Minister Karl-Theodor zu Guttenberg said on Wednesday.
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The Swedish government has said it is not prepared to take over Saab, General Motors' loss-making Swedish subsidiary.
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