Auto crisis spreads to Sweden

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The crisis in the global automotive industry deepened today as Swedish automaker Saab, owned by General Motors, filed for reorganizationÔÇöthe Swedish equivalent of Chapter 11 bankruptcy in the USÔÇöto seek protection from its creditors.   Saab has not made a profit since 2001, and todayÔÇÖs announcement follows an extraordinary board meeting Thursday in which management considered the company's future in the wake of the Swedish governmentÔÇÖs rejection of GM's request for aid.   In a restructuring plan submitted to the US Treasury this week, GM had said it planned to make Saab an independent business by the start of 2010.   Saab managing director Jan Ake Jonsson said in a statement that the reorganization was "the best way to create a truly independent entity that is ready for investment."   However, a senior government official has said the government has not ruled out providing loan guarantees to Saab. "It is not the case that we have closed the door to that. That will depend on what the plans look like," Joran Hagglund, state secretary at the Swedish Industry Ministry, told the Reuters news agency.   Saab plans to launch three new models over the next year and a half. "Reorganization will give us the time and means that help get these products to market while minimizing the liquidity impact of Saab on GM," said Jonsson.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *