GM has done to Saab what Daimler did to Chrysler, only more so. If this helps the Swedish company escape, even in greatly diminished form, I’m all for it:
Saab Automobile, the chronically ill Swedish subsidiary of General Motors, filed in Sweden for reorganization and protection from creditors — a move similar to Chapter 11 bankruptcy in the United States.
In one of the great spin jobs in recent memory, reluctant parent GM, in a press release announcing the bankruptcy filing, declared that its stepchild is now “on the road to independence.”
GM has been trying unsuccessfully to sell Saab for months. In a statement, Saab managing director Jan Ake Jonsson said, “We explored and will continue to explore all available options for funding and/or selling Saab, and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment.”
GM said it will continue to provide some funds and technical support but intends to spin off Saab by January 1, 2010.
GM acquired a 50 percent interest in Saab in 1989 and took full control in 2000. Since then, it has created a series of watered-down products for the brand that relied heavily on the GM global parts bin, including platforms and sheetmetal shared with Opel, Chevrolet and even Subaru.
Everyone involved with the “Saab” 9-7X, the best Chevy TrailBlazer ever built, should never be allowed to work in the automotive industry ever again.