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GM's Saab Unit Files For Protection From Creditors

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GM's Saab Unit Files For Protection From Creditors

Business

GM's Saab Unit Files For Protection From Creditors

GM's Saab Unit Files For Protection From Creditors

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General Motor's Swedish-based subsidiary, Saab, filed for protection from creditors in Stockholm Friday. The move allows the auto manufacturer to be sold or spun off from GM. Saab says it wants to take its resources back to Sweden and become an independent company. But the Swedish government earlier turned down GM's request for assistance.

STEVE INSKEEP, host:

NPR's business news starts with turmoil at the automaker Saab.

The Swedish-based company filed for protection from its creditors today; that's described as something like bankruptcy protection in the United States, and it asked to be spun off from its parent company, General Motors. Saab says it wants to take the resources back to Sweden and become a fully independent company, but the company could face an uphill battle. On Wednesday the Swedish government rejected GM's request to bail out Saab with state funds.

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