• May 19th 2009 at 5:31PM
  • 5
Saab remains confident that the motion to extend its bankruptcy protection for an additional three months will be approved in court and that it will be purchased in whole by one of three remaining interested parties early this summer. Those three parties will not be identified in court documents, according to Saab spokeswoman Gunilla Gustavs, but widespread speculation suggests they include both Fiat and Chinese automaker Geely.

Swedish laws are structured in such a way that a corporation that's filed for bankruptcy can extend its protection a total of three times over the course of twelve months if its business plan is solid. Saab's exit strategy includes a Swedish government-guaranteed loan of 500 million euros from the European Investment Bank and hinges on creditors acceptance of a 25% payback of Saab's current debt load and a slew of desirable new products. What could possibly go wrong?

[Source: CNN Money]

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    • 1 Second Ago
      • 6 Years Ago
      Fiat are outside the group they're talking to as they didn't go through the process. They're trying to shoehorn Saab into their Opel deal. Geely aren't in, either.

      You guys should be reading Saabs United more often for the latest on who's involved.

      The latest on potential suitors: http://www.saabsunited.com/2009/05/gutcheck-time---predictions-about-who-will-own-saab.html
        • 6 Years Ago
        That's right Swade, and don't forget to mention Koenigsegg as also being a potential buyer! KOENIGSEGG!!
      • 6 Years Ago
      Forget everything, folks. All bets are off.

      The Obama administration's new CAFE proposal means that the Honda Fit is just barely compliant. The Honda Fit.

      Just walk down the street and look at the cars. Pretty much each and every one of them is doomed.
        • 6 Years Ago
        Ever heard of turbo diesel? Look at the new VW Jetta TDI wich is a 40/55mpg car.
        • 6 Years Ago
        That's a crock.

        The same thing was said when CAFE standards first went into effect in the 1970s. Everyone boo-hooed about how the mileage standards weren't possible, cars would be nothing but lawn mowers, they'd all cost a billion dollars each, yadda, yadda, yadda...

        Let the engineers handle the problem... not the accountants. They'll find the way and we'll end up with better stuff then we're driving today.
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