Saab seeks bankruptcy protection

UPDATE: Saab has had its application for “reorganisation” to protect itself against bankruptcy approved by the Swedish courts.

The board of the carmaker, owned by General Motors, filed earlier today (February 20) to protect assets from its creditors.

Saab Managing Director Jan-Ake Jonsson, says the reorganisation “would be the best way to create a truly independent entity that is ready for investment.”

In its restructuring plan submitted to the US Treasury earlier this week, GM stated it wanted to cut Saab loose by 2010.

Jonsson says the reorganisation will give the car brand the opportunity to launch three new models this year.

Under the three-month reorganisation process, funding will have to be secured and can be sought from both public and private sources.

Earlier this month Jonsson added marketing to his remit as GM restructured its European operations..

Saab recently announced sales fell 25% last year .

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