GM's Saab Wins Creditor Protection, Seeks Savior

[jsharp]

Hmm... This sounds suspiciously like... Bankruptcy.

Loss-making Nordic carmaker Saab's fight for survival moved up a gear on Friday as the General Motors unit won protection from creditors while it tries to find a new partner and raise fresh funds.

GM, which itself faces mountainous debts and a future that hangs in the balance, refuses to continue funding Saab's losses.

In a plan submitted to the U.S. Treasury this week, GM said the Swedish firm would become an independent business as of Jan. 1, 2010.

Saab said it made a loss of about 3 billion crowns ($340 million) in 2008, according to documents filed with the Swedish court that granted the company a stay of execution.

http://www.cnbc.com/id/29296029

 

[Cutehumor]

looks like GM is dumping Saab on the Swedish Govt. Plus I have heard that they plan on dumping Saturn in a few years too. Saturn dealerships are trying to sell Chinese or Indian cars under the saturn name.

 

[Dave Hess]

They need to entirely pull the plug on Saab.

 

[jsharp]

I never understood Detroit's rush to buy European car makers back when it was happening. It certainly didn't work out for them.

 

[peterdaniel]

Originally Posted By: LT4 Vette
They need to entirely pull the plug on Saab.


NO!! They need to pull the plug on GM. What a waste of money! That company turns everything they touch in to garbage... And when they finally do get it right, they kill it.

I hate GM's management. They are without a doubt some of the stupidest people I have ever seen run a company.

They killed Oldsmobile just when it had some really really nice products and they sold over 800K cars that year.

They kept Buick. WHT??? ***?????? in a word? Tiger Woods. They will be forever known as an old mans car and they have nothing unique and nothing special at all. Says a lot about China when they consider it a prestigious car *snicker*

Saturn is heading the same way as Oldsmobile... they have some really great cars now.. Oops say GM, can't have that!

The only reason the Corvette is as good as it is, is because Chevrolet told GM to back the *bleep* off and stay away.

This company is a joke. They do knee jerk reactions and keep living in their glory yesteryears.

I say Kill GM. let them die. what an utter waste of $$.

either that or get rid of the entire staff. And replace it with car guys who can understand what people want.

Keep GMC?? WHY??? why in the world would you keep them? they are nothing but a Chevrolet in disguise.

And kill Pontiac? John Delorean is spinning right about now. ANother car that was led to the great slow death by the really smart morons at GM.

 

[peterdaniel]

Originally Posted By: LT4 Vette
They need to entirely pull the plug on Saab.


Why? Because GM killed them already? GM sucks. their mentality has never changed,
and the unions in all their stupidity are a perfect match for this brain dead company of idiots.

I hope they give GM the high hard one so they both end up out of business.

Life time health care for putting on lug nuts.. Yeah.. thats the spirit!!

 

[frank83]

GM will be killing Saturn by 2012 and pontiac not long after that.
http://chattahbox.com/business/2009/02/19/gm-to-stop-sales-of-saturn-and-pontiac-brands/

 

[Max_Wander]

Poor SAAB. Their vehicle lineup is nothing like any other GM subsidiary, they don't deserve to get flushed. GM should sell it back to the Swedes and not let all that engineering go to waste.

frank, IMO theyre waiting 3 years too long to do that! GM should stick to a manageable amount of brands, like 2 and that's it.

 

[bretfraz]

GM WOULD sell it to the Swedes, or whoever will buy it, but no one has stepped up to the plate. What engineering capability does Saab offer now that another automaker doesn't? Maybe in the 80's Saab had some interested tech, but no more. And this from a former 9-5 owner and admirer of the brand.

If Saab didn't sell to GM, they would have disappeared long ago. Only GM had deep enough pockets to keep Saab alive. Turns out, not forever.

 

[Dave Hess]

GM needs to close all their plants and tell their employees that it was great 100 years of building cars. All the people will just have to find another job, thats what I did when I was laidoff.

 

[Dave Hess]

peterdaniel,

Take a deep breath and calm down. I agree with you 100%.

Millions of Americans will be very happy once GM finally goes out of business knowing that billions of dollars per month is no longer being wasted on such a pathetic company.

 

[saaber1]

Probably the best thing that can happen to SAAB. Used to be a small production, very innovative company at one time.

I had a 76 99EMS that had 4 wheel disc brakes, fuel injection, etc. on a pretty cheap car and a 78' turbo, which was the first "production" turbo car.

They had front wheel drive and a very aerodynamic shape all the way back in 1952.

photos taken from this article which explains some history: http://www.motortrend.com/auto_news/112_0702_60_years_of_saab/index.html


Seatbelts very early on, etc. Saab had always been an innovator and I've owned over 100 of them, mostly 900's and 9000's, but also had sonnet IIIs, 99's, and 96s. Sonnet III had a ford V-4 implement engine. Hey, at least it was a 4 stroke unlike some other saabs which were 2 stroke. The sonnet was extremely light with fiberglass body and was really pretty fast.

I never bought a >93' 900 or 9-5 because it was just another gm car to me. It's true that the rest of the world caught up to them, possibly due to gm's 50% ownership in 1990 (I think it was) and a lot of their technologies like direct ignition etc. were transferred. I would gladly buy saab again if they could regain their uniqueness and innovation.

I feel like someone who is still loyal to their football team even though they have been doing terrible for a couple decades, just waiting for them to return to their glory days. I hope Saab becomes saab again. I really do, because I used to love those cars.

 

[Shannow]

Originally Posted By: jsharp
I never understood Detroit's rush to buy European car makers back when it was happening. It certainly didn't work out for them.


Certainly didn't work out for Saab.

As a brand down here, they had a lot of respect and a decent following...and became junque.