Saab On Brink Of Bankruptcy: GM

Law360, New York (February 18, 2009, 12:00 AM EST) -- General Motors Corp. subsidiary Saab Automobile AB could file for bankruptcy as early as this month if the Swedish government fails to offer the automaker a deal soon, GM said on Tuesday.

In a restructuring plan presented to the U.S. Department of Treasury, the troubled automaker confirmed that it had conducted a “strategic review” of the Saab business and is seeking potential buyers.

GM has asked the Swedish government for additional support to keep the Saab brand afloat until a buyer is found, but if the...
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