Last week General Motors asked the Swedish government where SAAB is based, for financial help in order to keep its SAAB brand afloat. The Swedes gracefully declined, saying Sweden and its people cannot be expected to bail out a company that has never made a profit in its 62-year life using taxpayers’ money. Things are so bad at SAAB that GM reckons it’s only weeks away from total bankruptcy if help is not found.
Now SAAB has asked the Swedish government for protection from its creditors while it attempts to reorganise itself. This would effectively put SAAB on sale hastening its break-away from the GM mothership. GM bought SAAB completely in 1990.
Not to alarm SAAB owners and fans but it's quite possible that if a buyer cannot be found the company could disappear like DeLorean, Du Pont, Duesenberg and Puch.
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