GM's Saab Applies For Reorganization With Swedish Court
20 Februar 2009 - 10:17AM
Dow Jones News
Saab Automobile AB, General Motors Corp.'s (GM) loss-making
Swedish unit, said Friday it is applying for reorganization with a
Swedish court.
Saab said it hopes the court process will permit it to
reorganize itself "into a fully independent business."
"Pending court approval, the reorganization will be executed
over a three-month period and will require independent funding to
succeed," it said.
It said it will seek funding from both private and public
sources, and that it will present its reorganization proposal to
creditors within three weeks.
Company Web site: http://www.saab.com, www.gm.com
-By Ola Kinnander, Dow Jones Newswires; +46-8-5451-3097;
ola.kinnander@dowjones.com