STOCKHOLM (AP) Saab has filed for bankruptcy protection and intends to split from its troubled parent company, General Motors.
GM had asked Sweden for government help for Saab but had to take 'no' for an answer.
With no help forthcoming from Sweden's government, Saab has filed for bankruptcy protection. The goal is to split from its parent company, General Motors. GM says its exploring all options.
General Motors' subsidiary has filed for reorganization, a step taken to stave off bankruptcy protection.
General Motors' Swedish subsidiary, Saab, confirmed on Friday that it has filed for reorganization, a step to avoid bankruptcy protection, as the company seeks to pay down pending debt and return to profitability.
"I can confirm that Saab has filed for reorganization. It is not a bankruptcy situation. The aim is to have Saab as a freestanding entity," a spokesman for the firm told Forbes.
SAAB is seeking funds from both public and private sources but will operate as usual with government funding during the reorganization process.
Under Swedish law, when a company files for reorganization, it means that it is looking for ways to raise capital to pay off debt. One of the solutions a company might consider is seeking a buyer to could acquire an equity stake.
The legal process will be headed by an independent administrator appointed by court as the company seeks funds from both private and public sources, TradeTheNews.com reported. Saab will operate as usual, with the central government providing assistance during the process, which will be executed over a 90-day period.
The Swedish government has categorically denied the possibility of buying equity in its struggling carmakers. "The Swedish state and taxpayers in Sweden will not own car factories," Industry Minister Maud Olofsson said on Wednesday. "Sometimes you get the feeling that [GM] is a small, small company, but it is the world's biggest automaker, so we have a right to make demands."
Saab builds fewer than 1 million vehicles per year, in contrast to Renault or Volkswagen, whose capacity ranges between 2 million and 3 million cars per year.
Inside, a forward-leaning center stack clearly makes the 2010 Ford Taurus a five-seater. There will be no front bench seats or column shifters available for this car (we hope fleet car purchasing agents aren't crying too hard). New production techniques have yielded better looking and richer feeling dash and door coverings. As evidenced in recently introduced models, Ford knows how to craft high-quality and visually pleasing interiors. Panel gaps and materials appear on par with luxury cars.
Even though the Taurus is a full-size car, the amount of passenger room is still surprising. The adjective "huge" comes to mind. The trunk, thanks to the high profile of the rear fenders and the tall deck, is likewise enormous. Back in the days of drive-in movies, it would have been easy to fit three stow-aways back there with room for beer and chips.
The 2010 Ford Taurus is a sleek, stylish update of a car that has been one of the mainstays of the Ford fleet, and it's turning heads at the show with its expressive lines and improved interior, including a new instrument panel with chrome ringed gauges. The Taurus also delivers more fuel efficiency. No fuel economy numbers are available as yet, though Ford promises that it will be 10% better than the 2009 Taurus.
The 2010 Ford Taurus should have the moves to match its trimmer more athletic looks. The mechanicals are based on the Lincoln MKS, a car we've driven and liked. The standard engine is the proven Duratec 3.5-liter V-6, generating an estimated 263 horsepower and 249 foot-pounds of torque. Along with earning ULEV-II emissions certification front-wheel-drive Taurus (all-wheel drive is optional) is expected to deliver unsurpassed highway fuel economy in the class, but Ford hasn't yet released mpg estimates. Plan also calls for the availability of Ford’s turbocharged and direct-injected 3.5-liter V-6 to become available after the car goes on sale. In the MKS, the boosted engine produces 340 horsepower. Perhaps this foreshadows the return of the SHO (Super High Output)?
The base Taurus SE offers a six-speed automatic transmission with a Grade-Assist hill-holding rollback prevention feature, paired with an economical 2.77 final drive ratio. Taurus SEL and Limited models get the SelectShift gearbox used in the Lincoln MKS. It features paddle shifters on the steering wheel, manual shift mode, and rev-matching downshifts. Enhancing acceleration, the Limited series uses a 3.16 gear in front-wheel-drive models, and a 3.39 ratio in all-wheel-drive models to provide compensate for the added weight of the extra drive mechanicals.
Compared to the outgoing model, the chassis components under the 2010 Taurus should deliver sportier ride dynamics. Ford engineers promise more roll stiffness and more responsive steering. Like the MKS, the new Ford uses struts up front and multi-link, fully-independent arrangement in the rear.
Ford added a healthy helping of technology to the 2010 Taurus. Many of these features were once found exclusively in high-end luxury cars, but now Ford is making them mainstream. The list of optional features includes: Adaptive cruise control that uses radar to adjust the car's cruising speed in traffic; keyless entry with push-button start; and Ford's keyless entry keypad with a new pad flush-mounted on the driver’s side B-pillar. These are added to the latest version of Ford's SYNC infotainment interface that includes turn-by-turn route guidance (SYNC and GM's OnStar are in a heated battle to out-feature the other).
Offering even more travel-type information is optional voice-activated NAV with SIRIUS Travel Link. It uses a large eight-inch screen to present a birds-eye-view map with 3D landmarks. The Travel Link subscription provides current weather conditions (real-time radar), a five-day forecast, local fuel pricing by cost per gallon as well as brand, sports scores and movie listings.
One especially interesting option is what Ford is calling multi-contour front seats. These seats include six-way lumbar support and subtle rolling pattern massage. The minute but continuous movement stirs a change of muscular activation helping a driver avoid back pain and help reduce long-distance driving fatigue.
On the safety front, the 2010 Taurus is well equipped with standards including six air bags (including a two-row side canopy), electronic stability control, ABS, traction control, automatic high beams, rain-sensing wipers, plus a post-crash feature that unlocks all doors, flashes the emergency flashers, and sounds the horn in an event of an airbag deployment.
Safety enhancing options include a collision warning system that's part of the adaptive cruise control. When the potential for a collision is detected, the brakes are pre-charged for faster response, and a visual "heads-up" warning signal is flashed on the base of the windshield. Drivers are also warned of traffic they might not see on the highway or in parking lots by Ford's Blind Spot Information and Cross Traffic Alert systems; these use rear- and side-aiming radar. Additionally, Ford's SYNC now includes a 911 Assist enhancement that will place a call to a local emergency operator in the event of an air bag deployment incident.
The 2010 Ford Taurus also boasts a stronger body structure that makes use of high-strength boron steel. If the crash results of the 2009 Lincoln MKS are any indication, this sedan should earn full five-star ratings and a "good" rating from the IIHS.
Regardless of your take on the old Taurus, this new offering looks to be a lot of bull for the money.
Ford issued the largest single recall in Ford history on Tuesday. Owners of an additional 4.5 million Ford vehicles were warned about recall due to a fire hazard from a faulty switch.
