General Motors’ Saab estimated that it made a loss of around SKR3bn crowns (US$340m) last year and would post a similar loss this year, the carmaker said in documents submitted to a court on Friday.
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Saab Automobile had said earlier on Friday it would file for reorganisation with a local Swedish court, a legal procedure to give it protection from creditors while it seeks funding from both public and private sources and restructures, Reuters reported.
“The estimated, still unaudited loss for 2008 amounts to SKR3bn. The current outlook for 2009 suggests a similar level of losses and associated funding requirements,” Saab was reported to have said in the document filed with the court.
The company said GM had notified it that it would not fund further projected losses at Saab, but that it would provide liquidity for the company to pursue a reorganisation.
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