Saab to file for creditor protection

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The Independent Online

The loss-making General Motors carmaker Saab said today it would file for a reorganisation plan, a Swedish legal procedure that would give it protection from creditors.

"We explored and will continue to explore all available options for funding and/or selling Saab and it was determined a formal reorganisation would be the best way to create a truly independent entity that is ready for investment," Saab Managing Director Jan-Ake Jonsson said in a statement.

Saab said funding for the restructured company will need to be secured during the reorganisation process and will be sought from both public and private sources.

Hundreds of staff working at car dealerships face job uncertainty in the UK, where Saab has more than 80 dealerships.