Planet Gore

GM’s Saab Gets Bankruptcy Protection

CNBC:

Loss-making Nordic carmaker Saab’s fight for survival moved up a gear on Friday as the General Motors unit won protection from creditors while it tries to find a new partner and raise fresh funds.

GM

[GM  1.87    -0.13  (-6.5%)   ]

, which itself faces mountainous debts and a future that hangs in the balance, refuses to continue funding Saab’s losses.

In a plan submitted to the U.S. Treasury this week, GM said the Swedish firm would become an independent business as of Jan. 1, 2010.

Saab said it made a loss of about 3 billion crowns ($340 million) in 2008, according to documents filed with the Swedish court that granted the company a stay of execution.

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