Don't miss




French education: Reinventing the idea of school

Read more


Frogs legs and brains? The French food hard to stomach

Read more

#TECH 24

Station F: Putting Paris on the global tech map

Read more


Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more


Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more


Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more


Video: Threat of economic crisis still looms in Zimbabwe

Read more


DAVOS 2017: Has the bubble burst?

Read more


Sweden and GM paving the way to Saab's impending bankruptcy

Latest update : 2009-02-18

Abandoned by US carmaker General Motors, Saab is still looking for a rescue plan, the Swedish government having also refused to help the company, despite impending bankruptcy. Saab will now try to obtain a loan from the European Investment Bank.

AFP - Swedish automaker Saab wants to tap the European Investment Bank (EIB) for emergency funding as its US owner General Motors prepares to sell the company, Sweden's minister for enterprise and energy said Tuesday.
Maud Olofsson told Swedish television that "it is clear that GM wants to sell Saab," adding that the government may act as a guarantor for any EIB loan to Saab.
US auto giant GM, itself seeking another bailout from Washington, had announced in December it planned to sell Saab, but the loss-making Swedish brand needs extra funding to secure its survival.
Discussions on securing a loan initially took place between Saab, GM and the Swedish government at the start of December. Swedish press reports say Saab is seeking to borrow as much as 475 million euros (600 million dollars).
Meanwhile, General Motors, after securing just over nine billon dollars in emergency funding in January, presented a restructuring plan to the US Treasury late Tuesday.
Volvo Cars, owned by US automaker Ford, requested a loan of 475 million euros from the EIB at the end of January.
Around three-quarters of a rescue plan for the Swedish car industry amounting to 28 billion kronor (2.7 billion euros) consists of Swedish government guarantees for loans from the EIB.

Date created : 2009-02-18