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General motors decided to bury Swedish legendary Saab automobile! Why? “We had to guard our interests"
Monday, 19 December 2011
American General Motors shows no remorse when Saab went the bankrupt route. "We had to guard our interests," said GM spokesman James Cain.

Early on Monday morning, Victor Muller took the decision to ask for Saab Automobile in bankruptcy. This came after GM made it clear that they would not support the latest plan to rescue the automaker which involved the Chinese company, Youngman, GM had said it would not allow the Chinese to have access to the sensitive technology which Saab automobile embodies.

Victor Muller called GM's most recent statement "the last nail in the coffin" for Saab at Monday afternoon's press conference in Trollhattan, the seat if Saab. What ever emotions he entertains for GM, he has not wanted to comment on Monday, more than that "lack of cooperation from GM's side has been a major problem."

Otherwise, Victor Muller saves his emotional punches - he says he is both angry and heartbroken by the decision to ask Saab in to bankruptcy.
At GM's headquarters in Detroit, the spokesperson James Cain was reached by the bankruptcy announcement.
"It is unfortunate that it has resulted in the issue after so many months. Now we have to just let events take their course, "and continues:
"This was only the last act in a very long drama and we have been clear from the start that we can not support a sale or a change in ownership control of Saab.”

GM has previously made it clear that they do not support a change in ownership of Saab, which could affect GM's existing relationships in China negatively. The transaction is sensitive to GM as vehicle giant owned technology for Saab cars and do not want that the technology comes to China, as it could compete with GM's own Chinese partner SAIC.

This weekend went out with GM that the new proposals were presented by Saab's side; either directly or indirectly alters the controls in the company in a way that "would be detrimental to GM and its shareholders."

"It is unfortunate from the point that the company is bankrupt and that many people will be adversely affected. We had to protect our interests. As I said, there has been a long road for Saab and this is just one act in a very long drama, "said James Cain, referring to the sequence of events during most of this year.

"It is unfortunate for Saab and we had to act in our shareholders' best interests. I would simply leave it at that. "

According to Muller, he took the decision on bankruptcy following or GM's last respond. 3600 persons are at risk of losing their jobs. Could anything have been done differently?

"We have been very clear and consistent throughout the state of the proposals from Youngman, and before the proposals made by Youngman and Pang Da came up. We have found that this is the most honest that we have been able to do - be very clear so that Saab and the other parties could take their decisions on the basis of full understanding of the facts that apply. "

Asked if GM could have been able to do something differently in order to facilitate Saab's survival: “Ultimately, I would just say that it is unfortunate that it has come to this situation and leave it at that."

What are the consequences for GM at a bankrupt Saab?
"We have already made a provision for outstanding claims so we do not anticipate that there will be no financial impact on GM."

The question is what happens to the technology licenses that GM owns the rights to in Saab as the company goes bankrupt. According to attorney Rolf Åbjörnsson, stakeholders would be able to get over the licenses in a bankruptcy, although it is uncertain as the legal field is fuzzy.

But this GM rejected saying that the technology licenses can not be sold at a bankruptcy because they are GM's property.

It is also not clear what will happen to Saab's new Phoenix platform in a time of bankruptcy. It was supposed to be the basis for the next generation of 9-3 and is said to consist of 10 to 15 percent of GM material.

"I don’t have enough details about the platform to comment on it. I would also not comment on individual contracts, "said James Cain.
By Scancomark.se Team

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