GM's Saab says to file for creditor protection

[muriel_volestrangler]

Source: Reuters

STOCKHOLM (Reuters) - General Motors' (GM.N) loss-making carmaker Saab Automobile said on Friday it would file for a reorganisation plan, a Swedish legal procedure which would give it protection from creditors.

"We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganisation would be the best way to create a truly independent entity that is ready for investment," Saab Managing Director Jan-Ake Jonsson said in a statement.

Saab said funding for the restructured company will need to be secured during the reorganisation process and will be sought from both public and private sources.

Read more: http://uk.reuters.com/article/businessNews/idUKTRE51J1HK20090220

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1. Not Saab!

I love my Saab... I've had them for years, it's all I'll drive (except for my MG).

[digidigido]

2. Getting it away from GM may be the best thing for Saab

[harmonicon]

3. exactly what I thought

I used to drive the old Swedish Saabs (that is, pre-GM when they were real Swedish cars) and loved them for what they were, though it just became too expensive to keep them running. It would be nice to see them become an independent company again and perhaps start making really great cars again too. Hell, maybe the tooling and machinery still exists to make a 1990-spec Saab 900. I'd buy one if I needed a new car.

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4. Don't confuse them with the Saabaru

I don't know if they're literally Made in Trollhatten by Trolls, like they once were, but the 9-3s and the 9-5s are the real thing. The Saaburus are these stupid things with the X after them, like the 9-2X, which is really made by Subaru and are crap. I had one as a loaner once, and it was a pale shadow of the real thing. I drive a 9-5 now. I used to have a 900 Convertible (and a 9000, and I grew up learning to drive on a Saab 99, of all things, possibly a 96 - my memory doesn't go back that far - but we had Saabs since the 1960s or so). The Saaburus are crap, but the real ones are great. Up here in the Northeast, people tend to drive one of three things (if they can afford them) - a Ford F150 truck, a Honda Oddysey minivan, or a Saab. I don't have a truck, but I confess to the minivan, and will continue to have Saabs as long as I can manage to get them.

[mod mom]

7. I agree. We were Saab purchasers until our last car 2000 Saab station wagon.

My husband still drives a '96 Saab 9-5 which has been a great car, but the 2000 model (when GM owned) was one problem after the other. We ended up donating it to NPR because we didn't want to sell it to anyone-it was such a lemon.

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10. There was a problem for the first few years of the model introduction

Hint: don't ever buy new models from any company until they've had a chance to work out the kinks.

I don't buy new cars for myself, but my 9-5 is a "Saab certified" pre-owned vehicle, and their standard warranty has been excellent.

Saab used to mean (according to my mechanic) "Something's Almost Always Broken" but in my experience, the current Saabs are great. Incredible power on just 4 cylinders, they are expensive to fix, but usually don't need fixing until they get really long in the tooth, and then everything starts going to hell, but that's the case with most any care. At that point, it's time to dump it. Regular oil changes and you can run the thing to easily about 200k miles. At 100k, they're just a baby.

The big problem with the 900 series was the serpentine belt rollers would break. They fixed it in the 9-3, but I ran into that problem on my 900 at least 3 times. Not an issue with the 9-5, and if you lift the hood, it's clean as a whistle.

[dipsydoodle]

5. BBC link

The board of the Swedish carmaker Saab, which is owned by General Motors, has filed for reorganisation, seeking to create a fully independent business.

The announcement follows Thursday's extraordinary board meeting in which bosses considered the company's future.

GM has said that it wants to sell Saab. There had been concerns about the loss-making carmaker after the Swedish government rejected GM's call for aid.

GM took a 50% stake in Saab in 1989 and gained full ownership ten years later.

http://news.bbc.co.uk/1/hi/business/7901027.stm

edit to add : I think that rather than contribite to the bailout of the parent company, as was mentioned elsewhere on DU yesterday , both Germany and the UK would both rather see the parent tube and just buy what they wanted from the receivers. Opel and Vauxhall are both stable brands : good product with much in common.

[muriel_volestrangler]

6. Vauxhall is just a rebadge of Opel; they have everything in common, not just 'much'

I'd find it unlikely that the German and UK governments would manage to buy GM Europe (ie Opel, basically) jointly; basically, either the German government buys them, or neither do.

[FarCenter]

8. Most of the Saabs are on Opel platforms

So they will need to get another platform, unless Opel also goes into receivership and becomes independent of GM as well.

On the other hand, maybe they use the Subaru platforms from Fuji Heavy. Since GM sold their interest in Subaru to Toyota, there wouldn't be any strings attached there.

[Zorro]

9. The current model 9-5 is not an Opel platform

It's also one of the safest and most enjoyable cars to drive even today, despite being an old design.

Saab's current situation is regrettable, but it has been neglected for much too long by GM. I hope they make it.

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11. The Saabarus are crap

Might as well just get a Subaru itself.

The real ones, though... one of the safest cars you can get, and a blast to drive.

And they're mainly a jet aircraft company, so the cockpits are really nice to drive in.

My main complaint is when they moved to the Clarion sound system. I miss my Blaupunkt.