Re: GM unit Saab files for bankruptcy protection - Saab General Bulletin Board - Saabnet.com
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Re: GM unit Saab files for bankruptcy protection
Posted by davidgmills [Email] (more from davidgmills) on Fri, 20 Feb 2009 05:48:46
In Reply to: GM unit Saab files for bankruptcy protection, Viggenator [Profile/Gallery]
, Fri, 20 Feb 2009 01:55:09
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I can't tell what this really means as a practical matter. I am a lawyer -- but bankruptcy is not my field. But what I think is going on is that the Swedish government could not politically support bailing out GM and might only be willing to support a Swedish company. Therefore Saab filed for bankruptcy in Sweden seeking to refinance there where Swedish judges and the Swedish government can work something out.
Obviously, it is going to decimate the Swedish economy if both Saab and Volvo are shut down. If this is any indication about the Swedish government's intent, then I expect Volvo will get no help either from the Swedish government unless it files for bankruptcy.
Who knows, maybe the two will merge and form a single Swedish company. I just can't see two Swedish companies surviving. Sweden is not big enough.
But the Swedish government will have lots of pressure to bail out its auto companies and in Sweden, nationalization or socialism does not bother the people nearly as much as it does here.
posted by 75.66.23...
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