Saab Automobile Exits 6-Month Reconstruction Process

Posted on 20. Aug, 2009 by Ryan in 2000-2009

Photo Credit: Saab Automobile AB

After a process of reconstruction for Saab Automobile that began on February 20th that was renewed on May 20th has now ended on August 20th, spanning an entire 6-months.

This reconstruction process ultimately allowed the company to reduced debt from their creditors by 75%, reorganize the company and effectively focus most of their efforts in creating a business plan and loan application to become an independent company from General Motors.

Throughout this process Saab Automobile also and most importantly, spent their time shopping up to 20 prospective companies as possible buyers for Saab Automobile, ultimately arriving at the Swedish based Koenigsegg to satisfy the Swedish Governments loan application and the global customer base and their own future requirements as a scandinavian based company.

This is another huge milestone today for Saab Automobile two days since formalizing the stock purchase agreement with their new buyer.

Tags: General Motors, possible buyers, Saab Automobile AB