GM to Offload Saab as Part of Bankruptcy
The latest in General Motors' still unfolding bankruptcy, according to Fox News, is they have now struck a deal to sell their shaky Saab divistion to Amsterdam's Spyker Cars. The Dutch car maker reportedly suspended trading on Tuesday in anticipation of closing the deal while GM's Chapter 11 bankrutpcy, the second largest industrial bankruptcy in history, runs its course. Although the deal with Spyker has been in negotitaions for sometime, it is an key component in GM's bankruptcy restructure, as the Swedish unit is a loss-maker for GM and thus has been winding down the Saab brand while retaining its employee base.
GM Chairman and CEO, Ed Whitcare, who of late was only a stand-in while recruitng efforts for his successor were underway, will now remain at the helm per the request of the Board of Directors. Whitcare will ovesee GM's Chapter 11 bankruptcy restructure, whick took exodus in July of 2009. The Treasury's auto task force had placed Whitcare in charge of revamping the Board slated to takeover moving forward after the bankrutpcy. It is reported that he plans to remain at least 2-3 years as CEO.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
