Further to yesterday's article, Vansdirect can confirm that Saab has filed for bankruptcy protection and is now looking for new investors. The move, the outcome of an overnight board meeting, may mark the beginning of the break-up of General Motors (GM), Saab's US parent company.
GM is on the brink of collapse and its future is in the hands of the Obama administration. The US car giant has already cut 47,000 jobs around the world in a bid to attract bail out assistance and further cuts are expected.
Saab is not the only subsidiary affected with Opel also seeking government aid and a new owner in an attempt to ward off collapse. With GM predicting that its European subsidiaries will not make a profit until 2011, it's unsurprising that the car and van maker would cut off the Saab brand which has failed to make any profit during a decade of GM ownership.
Saab currently employs 4,000 staff and sells approximately 100,000 cars a year.
