American Muscle Cars Australia
Club News => CMC & Industry News => Topic started by: ozpont on December 08, 2011, 09:52:54 PM
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STOCKHOLM, Sweden -- The administrator in charge of Saab Automobile's reconstruction has given up his efforts to save the struggling car company, because of a lack of funds and the refusal of previous owner General Motors to agree to proposed financing deals.
In an application to end Saab's salvage process, court-appointed administrator Guy Lofalk said Wednesday that Saab's owner, Swedish Automobile, has failed to deliver sufficient bridge financing to cover costs during the reorganization.
He also said there wasn't enough time to find a financing solution that GM will accept.
Lofalk said this is partly because of "General Motors' categorical no to contributing to any proposal that has been presented to them so far, despite the fact the parties have stayed within the framework of demands in existing contracts."
Swedish Automobile has a week to respond to the administrator's application or Saab could be declared bankrupt. The Vanersborg District Court is to deliver a verdict on Dec. 16.
Saab said it will continue to fight for survival, like it did earlier this year when a court gave it a few days to present an answer to a similar application by the administrator.
"We still have five to six days to do it," Saab spokeswoman Gunilla Gustavs told the Associated Press
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Yeah, GM won't help them out...after all, no one came to GM's aid when it was in trouble..... :boxing:
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Except the U.S. Government. That's why they're known as Government Motors in America. Eddie
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.. and so goes another one.. the only likely buyer.. the Chinese.. but with out GM's technology Licensing being transfered.. its a now go.. the Chinese only want the Tech etc.. Good on GM for not bowing...!
and you know where thats heading.....