You could say that the move by the parent company of Saab Automobile Sweden to apply for the Swedish version of Chapter 11 is long overdue, but no real surprise. Just look back two years ago, almost to the day.
As the former parent company that is the General Motors was on the block it was in the throes of reorganization itself. Saab was the struggle to avoid certain death, facing bankruptcy and unable to pay creditors (including almost 10 billion crowns to GM and its tax bill for the Swedish government), while trying to survive in an industry in a recession.Enter Christian von Koenigsegg, maker of the eponymous Swedish supercars. He threw a lifeline to Saab with a proposal to take the automaker out of the hands of GM free, provided funding for the European Investment Bank.Vcommindia News
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