General Motors has made it plain to Saab ahead of the automaker’s bankruptcy hearing in Sweden tomorrow (19 December) that it cannot accept any new proposals put forward so far.
The US manufacturer, as former parent of Saab, has expressed reservations concerning several new ownership structure propositions, mainly involving Chinese companies, although the immediate concern of the Swedish company will be to stay in voluntary reorganisation at the Vanersborg District Court hearing tomorrow.
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GM has made it plainly clear it refutes what it says are statements that “inaccurately suggest” new proposals do not need its consent.
“Saab’s various new alternative proposals are not meaningfully different from what was originally proposed to General Motors and rejected,” said GM financial news spokesman James Cain.
“Each proposal results either directly or indirectly in the transfer of control and/or ownership of the company in a manner that would be detrimental to GM and its shareholders. As such, GM cannot support any of these proposed alternatives.”
Despite GM’s reservations, Saab is also looking to secure funds to pay overdue November salaries and upcoming December wages.
