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| Version 1 | Version 2 |
|---|---|
| Saab board in emergency meeting | Saab board in emergency meeting |
| (40 minutes later) | |
| 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 is considering taking measures to seek protection from creditors. | Local media reports have suggested Saab is 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. | There have been doubts about the future of Saab since the Swedish government rebuffed GM's call for financial aid for the car maker. |
| It has been reported that the meeting was later adjourned indefinitely. | |
| Annette Hellgren, head of the Unionen union at Saab's factory in Trollhaettan, was quoted by the Swedish news agency TT as saying that the meeting had been adjourned, although there were no details about whether any agreements had been reached. | |
| Saab itself has refused to confirm that the meeting is even taking place. | |
| 'Cash demands' | |
| GM plans to make Saab an independent business by the start of 2010. | GM plans to make Saab an independent business by the start of 2010. |
| The reorganisation process is the Swedish equivalent of going into Chapter 11 bankruptcy in the US. | The reorganisation process is the Swedish equivalent of going into Chapter 11 bankruptcy in the US. |
| The company applies to the district court for a reorganisation ruling. | The company applies to the district court for a reorganisation ruling. |
| If it is granted, an administrator is appointed, but the current management continues to run the company. | If it is granted, an administrator is appointed, but the current management continues to run the company. |
| The administrator helps negotiations with the company's creditors to decide how much of their money they will receive. | The administrator helps negotiations with the company's creditors to decide how much of their money they will receive. |
| The reorganisation lasts three months and may be renewed by the court, up to a maximum of one year. | The reorganisation lasts three months and may be renewed by the court, up to a maximum of one year. |
| During that period, the company is not allowed to pay off any debts that were accumulated before the reorganisation was declared. | During that period, the company is not allowed to pay off any debts that were accumulated before the reorganisation was declared. |
| 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. | 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. |
| But the country's Enterprise and Energy Minister Maud Olofsson told Swedish public radio that "voters picked me because they wanted nursery schools, police and nurses, and not to buy loss-making car factories". | But the country's Enterprise and Energy Minister Maud Olofsson told Swedish public radio that "voters picked me because they wanted nursery schools, police and nurses, and not to buy loss-making car factories". |