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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (82873)	12/19/2011 6:27:02 AM
From: elmatador	Respond to of 217865

End of the road for Saab as owners files for bankruptcy, an attempted Chinese rescue deal was thwarted by its former owners, General Motors. Saab Automobile, the troubled Swedish carmaker, has filed for bankruptcy after an attempted Chinese rescue deal was thwarted by its former owners, General Motors. Saab's owners Swedish Automobile had been in talks with potential buyers Youngman and Pang Da, but GM, which sold Saab in February 2010, refused to agree to necessary technology licence transfers to the Chinese car companies. Further talks had been underway with a different combination of would-be investors, including a Chinese bank, but Detroit-based GM said it could not support the proposals as they were "not meaningfully different" from the previous options. In a statement this weekend GM spokesman James Cain said: "Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders. As such, GM cannot support any of these proposed alternatives." Guy Lofalk, Saab’s court-appointed administrator, had already applied to end the reorganisation earlier this month on the grounds that the carmaker was out of money and had no realistic hope of gaining financing soon. Negotiations had been taking place under a three-month bankruptcy protection order and Swedish Automobile's chief executive Victor Muller had been due in court today as judges debated whether to extend or lift the order.