Sweden Tells GM’s Saab No Bailout with Public Money!
“Voters picked me because they wanted nursery schools, police and nurses, and not to buy loss-making car factories”. – Enterprise and Energy Minister Maud Olofsson
BBC: The board of the Swedish carmaker Saab, which is owned by General Motors, has held an extraordinary board meeting to consider its future.
Local media reports have suggested Saab was considering taking measures to seek protection from creditors.
There have been doubts about the future of Saab since the Swedish government rebuffed GM’s call for financial aid for the car maker.
GM has been looking for a buyer for Saab, and said on Wednesday “given the urgency of stemming sizeable cash demands associated with Saab operations” it would need support from the Swedish government prior to any sale.
Too bad Canadian and American politicians don’t have the stones to say the same thing to the automakers in North America. What’s really sad is the U.S. and Canadian automakers are going to get BILLION$ of public cash and they WILL NOT be forced to reorganize which is what they would be compelled to do under Chapter 11.