General Motors' Swedish unit Saab will speed up talks this week with a number of potential suitors, according to a Wall Street Journal story citing a top executive of the company.
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General Motors' Swedish unit Saab will speed up talks this week with a number of potential suitors, according to a Wall Street Journal story citing a top executive of the company.
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General Motors has put aside 1.3 billion crowns ($144 million) to pay suppliers to its Saab unit, the Swedish daily Dagens Industri said on Sunday.
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The odds are against the survival of Saab as an independent automaker, as it begins the process of spinning off from its troubled US owner General Motors.
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The chairman of GM-owned Saab has been quoted as saying the troubled automaker, whcih filed for creditor protection in Swedish court this week, is still talking to the country's government about a loan guarantee of EUR500m (US$637m).
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Saab Automobile halted production in Sweden yesterday (25 February) over problems with a supplier and customs, it has been reported.
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Saab is negotiating with the Swedish government over a loan guarantee of 500 million euros ($637 million), Saab chairman Jan-Ake Jonsson said.
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Saab is negotiating with the Swedish government over a loan guarantee of 500 million euros ($637 million), Saab chairman Jan-Ake Jonsson said.
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General Motors' Saab Automobile was forced to shut down production in Sweden today to iron out issues with a supplier and customs. Output is expected to resume Thursday, Saab Automobile spokesman Eric Geers said.
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Daimler reaffirmed its position that the maker of luxury Mercedes-Benz cars has no interest in acquiring other brands such as General motors' Opel, which could immediately give it a sizable share of the small car market.
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The Swedish government can guarantee a European Investment Bank loan to General Motors unit Saab if a new owner that can cover half the necessary financing emerges, prime minister Fredrik Reinfeldt has said.
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Wide interest has been shown in investing in loss-making General Motors unit Saab, a top executive has said.
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Sweden is not prepared to consider loan guarantees to Saab unless the carmaker finds a private investor to underwrite its business plan, Industry Minister Maud Olofsson said.
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Other carmakers are among the investors who have shown interest in Saab, the brand's top executive said. Saab was granted protection from creditors by a Swedish court on Feb. 20.
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General Motors executives were surprised by the speed at which Saab filed for bankruptcy last week, leaving them with few answers for anxious U.S. Saab dealers.
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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' 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 executives were surprised by the speed at which Saab filed for bankruptcy last week, leaving them with few answers for anxious U.S. Saab dealers.
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This week, Auto123.com features the following road tests: The Kia Soul, the new all-purpose vehicle designed for the young and the young at heart. The Saab 9-3 Aero Sport Cross Wheel-Drive, the Swedish all-wheel-drive sedan that we've been breathlessly waiting for. And lastly, the Porsche Cayenne Turbo S, the supreme SUV. Also, check out our video on the Suzuki SX4 DDiS, a foretaste of a diesel version - thus more fuel efficient - that will soon be available in Canada.
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