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International Automotive Industry: Not Good…

S.R. Nunnally
Friday, February 20, 2009
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You know, it's not just U.S. automanufacturers that are feeling the heat from this global financial crisis. Swedish automaker Saab (SAAB-B:Stockholm) just announced that it would be filing for bankruptcy. Turns out, there's a connection between U.S. problems and this latest news. You see, General Motors (GM:NYSE) used to "own" the Saab brand... And that meant owning the company's debt, too. Like the $340 million loss in 2008. Well, now that GM is in hot water here, and is restructuring its own business, it's trying to cut out the diseased parts. That's Saab... So, the Swedish company is looking for protection from creditors in the bankruptcy filing, and may even sell itself, if there are any potential buyers. Know anyone that wants to buy an indebted Swedish car company? Anyone? Anyone?

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