Yesterday, December 18th, it was exactly two years since GM announced that it would liquidate Saab Automobile. Today GM might finally get its wish.
Today at 13:00 CET, a hearing concerning the Saab reconstruction is to be held at the Vänersborg District Court. At this hearing Saab, its creditors and its court appointed administrator of the reconstruction will get the chance to express their opinion about whether Saab should stay in reconstruction or not. Thereafter the court will make a decision.
But it could end even earlier. If Saab has not gotten the funds needed to pay employee salaries for November and the coming salaries for December and other running costs during the reconstruction, Saab might file for bankruptcy even before the court hearing starts this afternoon.
GM did its best to stop that funding when it this weekend made it clear that it will not approve any deal where Saab gets funds from China. Even if the technology deals between GM and Saab only require an approval from GM when the ownership of Saab change, GM can more or less kill Saab by breaking the technology deals and refusing to supply Saab and instead fight it out in numerous court battles. The question is if Youngman is willing to risk that scenario and thus still willing to fund Saab.
Many days have earlier been proclaimed the most important day in the history of Saab, and today might just be the day on top of that list.
A blog fueled by enthusiasm about Saab, the greatest car company between the North and the South Pole. And their cars, which probably is the only cars that would start on a cold and crispy South Pole morning.
