Follow the links and you might see the reason for the title.
I’m still away with work. When will it end??
Autoblog report that GM are running rabid, making extensive preparations for Chapter 11 bankruptcy.
The report states that GM could be split into two separate entities; one “new” unit consisting of the General’s successful brands (read: Chevrolet and Cadillac) and an “old” unit made up of its less-profitable endeavors (Hummer, Saab, Pontiac and Saturn).
If the plan is enacted, the all-new GM would assume some of the debt from the bankruptcy (primarily, unsecured debt) and that GM’s bondholders would lose a substantial amount of value if the Chapter 11 filings go through.
I really hope Saab can secure a sale soon and avoid all this mess. I’m not sure how it would effect Saab in its current state, but it doesn’t look like a great thing to be a part of.
Then again, it may be music to a potential Saab investor’s ears.
The Detroit News ponders recent news that people are actually interested in investing in Saab or Opel/Vauxhall. They just don’t seem able to believe it:
The Financial Times again, reports out of Sweden, that Saab has received interest from 20 what it calls “active parties”. No suggestion as to why a company which sold 93,000 vehicles last year, and needs annual sales of 130,000 to break even, would be attractive to investors. A Swedish court Monday gave Saab more time, until May 20, to restructure in bankruptcy.
The reason why is that Saab have new models coming soon, can make money once free from GM and are a freaking cool company. Dig?
I don’t have iPod or phone connectivity in my car, not even a hands-free kit. I don’t have an iPhone, either. in fact, I don’t eve own a phone of my own and probably won’t for years.
Yet somehow this picture seems significant.