Saab files for bankruptcy.

the clutch cable was one of those stupid GM ideas... "Self adjusting clutch cable"

I replaced mine with a non-self adjusting. best thing I ever did

I was going to replace mine, but then I got into the accident. After that, I didn't spend one penny more than I had to in order to keep my Saab going til I got the Subaru. Shifting in that car was a PITA.

ArtOfRuin wrote: I was going to replace mine, but then I got into the accident. After that, I didn't spend one penny more than I had to in order to keep my Saab going til I got the Subaru. Shifting in that car was a PITA.

Well at least you stayed the course. I always considered Subies to march to a different drummer too. A little off center. That's no insult I have had five of them and love them. In fact I love Subies, Saabs, rotaries, wagons, air cooled Porsches and so on. I just can't seem to take a shine to Accords or Camrys. It's gotta be a little weird for me or I am not interested.

GM's latest news release on the subject:

Saab On The Road to Independence

Three new models ready to be launched over the next year and a half Saab aims to bring resources back to Sweden Funding sought for ‘new independent Saab’ Trollhättan - As a result of GM’s strategic review of the global Saab business the Saab Board announced today that it will file for reorganization under a self-managed Swedish court process to create a fully independent business entity that would be sustainable and suitable for investment.

The reorganization is a self-managed, Swedish legal process headed by an independent administrator appointed by the court who will work closely with the Saab management team. As part of the process, Saab will formulate its proposal for reorganization, which will include the concentration of design, engineering and manufacturing in Sweden. This proposal will be presented to creditors within three weeks of the filing. Pending court approval, the reorganization will be executed over a three-month period and will require independent funding to succeed.

“We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganization would be the best way to create a truly independent entity that is ready for investment,” said Jan Ake Jonsson, Managing Director for Saab Automobile. “With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs. Reorganization will give us the time and means that help get these products to market while minimizing the liquidity impact of Saab on GM.”

Funding for the restructured company will need to be secured during the reorganization process and will be sought from both public and private sources.

Saab will continue to operate as usual and in accordance with the formal reorganization process, with the Government providing some support during this period. The reorganization should have no impact on other GM operations. Details of the progress will be provided as milestones are achieved.

David S. Wallens wrote: GM PR BS

Jeebus, the business-ese in that post left me cross-eyed .

In reply to Feedyurhed:

The only reason I stuck with the Saab is because I had no other choice- I was dead broke at the time. I only had enough money ($800) to have a new radiator installed and yank a headlight bucket from the local Pick-a-Part. Otherwise, I would have lost my job for lack of transportation, and therefore couldn't earn enough for a new car. I'll hand it to that Saab, it drove nearly the same as it did before the accident!

So, let me see if I've got this straight. GM says that it's ok, even great, for SAAB, a unit of GM, to go through bankruptcy (i.e., the Swedish equivalent of bankruptcy) to create a stronger, sustainable car manufacturing entity. However, the world will end if GM itself goes through bankruptcy.

I can't decide whether this is idiocy, hypocrisy, or both, but either way it doesn't improve my opinion of GM, which was pretty darn low to start with.

Good chance Saab will be around longer than GM! GM management could kill anything.