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Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

Singapore Grand Prix (2013) RESULT

Singapore Grand Prix (2013) RESULT Red Bull’s Sebastian Vettel has won the last two races, in Belgium and Italy, to extend his lead in the drivers’ championship, and he started today’s Singapore Grand Prix in pole position. And, just for a few seconds at the start of the race, it looked like Nico Rosberg in the Mercedes had got his fellow German’s measure as he swept past the Red Bull in the opening few yards. But it was a short-lived lead as Rosberg went too deep going in to the first corner and Vettel swept by to re-take the lead, and kept it to the end in an imperious display of driving in what is now starting to look like an unbeatable Red Bull.

Spyker signs deal with China's Hawtai Motor to raise funds for Saab

Saab owner Spyker Cars on Tuesday said it has signed an agreement with China's Hawtai Motor Group to form joint ventures for manufacturing, technology and distribution. The agreement will also provide $222 million (150 million euros) funding for Saab, which has been forced to halt production because it cannot pay suppliers' bills. Victor Muller, Spyker CEO and Saab chairman, said the partnership will allow Saab to enter the Chinese car market with a strong Chinese manufacturer.