GM's Saab Can Reorganize For Sale: Swedish Court

Law360, New York (February 20, 2009, 12:00 AM EST) -- Three days after General Motors Corp. said it would stop funding its beleaguered subsidiary Saab Automobile AB by early next year, the Swedish automaker announced Friday that it had filed for bankruptcy protection with a Swedish court and would reorganize to create a fully independent business suitable for sale.

With Friday's approval by the Vanersborg District Court in Sweden, Saab can now begin its self-managed reorganization, which the company's board said would be the best way to create an independent unit ready for investment.

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