Swedish Media Say Saab Is Part Of The New GM

Posted on 07. Jul, 2009 by in 2000-2009

The Goteborg Post, a newspaper in Goteborg, Sweden the same city where Saab Automobile’s 125 person marketing, sales & design office is located, was quoted stating that Saab Automobile is actually part of the “new GM” citing their need for funding, regardless of their interest of becoming independent.

Saab is part of the “New GM”

The federal Judge Robert E Gerber has approved U.S. Government, and GM’s plan to split the GM of a healthy and a sick part. Contrary to all the tips ended Saab in the healthy part.

Saab needs more money

– We have just received notice that Saab is located in the “New GM”, until the sale is completed. That we did not before, “says Saab’s Gunilla Gustavs for GP.
Otherwise, Saab’s attitude to what happens in the bankruptcy court does not affect Saab.

– We speak with the same people, “says Gunilla Gustavs.

The plan approved in American law on Sunday night means that the government takes about 61 percent of GM’s assets after having borrowed the car maker to 50 billion dollars.

In the 95-page ruling, sales to proceed. There are a few days the right to appeal, but Judge Gerber was very clear in his writing.

Several players tried to stop segregation. According to Gerber would be the only option A discontinued the liquidation of the Group which would mean that the complainant did not receive any money at all ..

In writing to the conviction, he called this “a disaster for GM’s creditors, its employees, suppliers who depend on GM for their own survival and the communities in which GM operates.”

The reorganization plan includes GM’s “good assets” good assets, in particular – Chevrolet and Cadillac. It does not appear in the documents was Saab belong, but, according to clearances directly to Saab on Monday as Saab are among the best assets, up to a sale.

– There is no doubt that sales will be implemented, “says Gunilla Gustavs.

In addition to the U.S. also has the Canadian government helped with the GM, for which they receive about 12 percent of the company.

17.5 percent go to union United Auto Workers health insurance fund and the other 10 percent to various creditors. It was Friday at the closing sale again Court negotiations have been going on for four days during which 850 objections have been submitted, according to the Wall Street Journal. In particular, it is the creditor who protested against the sale, whose completion date is set by the Government to July 10.

Judge Robert E Gerber defended the haste and the decision to write in the verdict that “bankruptcy courts have the power to approve sales of assets when there is still value to protect – to prevent the patient dying on the operating table.”

The U.S. government has been clear that we do not intend to GM, called the Government Motors remain state any longer. On the contrary, the ‘New GM “as soon as possible, when it arrived on the feet, is introduced on the stock market.

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