Sayonara, SAAB

Saab Automobile AB on Friday filed for court protection from creditors, becoming the first GM unit to fail:

The move came after the Swedish government rejected GM's request for financial aid to Saab. Saab hopes to complete its rehabilitation into a company independent from GM through a court process in three months. Saab became a GM subsidiary in 2000 and has remained plagued with losses. Amid the global economic downturn, its auto sales in 2008 plunged 25 percent from the year before.


Breitbart

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