Sunday, December 18, 2011

GM turns down newest Saab proposals as hope dims

GM turns down newest Saab proposals as hope dims

A court hearing on Monday, December 19 will decide whether Saab remains shielded from creditor claims. If the judge decides to end the reorganization and make Saab face its investors, then Victor Muller and Co. will have a week or so to find an astronomical sum of cash if they want to keep the company operating. In the past week, Saab's administrator asked to step down but was forbidden to do so, Saab received a loan of $80 million from Chinese partner Youngman, and Muller continued discussions with Chinese banks for an $800 million loan.

Autoblog, GM turns down newest Saab proposals as hope dims

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