Saab to file for reorganization

In a move that was widely expected, General Motors’ wholly owned Swedish subsidiary, Saab, has announced it will file for reorganization in the Swedish courts.

Saab said it will be working to create an independent business entity with production, design and engineering in Sweden.

GM has been trying without success to unload the Saab brand or persuade the Swedish government to take an ownership position in the company. The government did offer financial assistance, but declined to take a stake in the firm.