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Saab seeks court protection from creditors

Saab is filing for protection from creditors from a Swedish district court, the automaker's owner, Swedish Automobile, said Wednesday. Saab is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da and Zhejiang Youngman, Swedish Automobile said in a statement. Victor Muller, CEO of both Saab and Swedish Automobile, said in a statement: "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." Muller remains optimistic about Saab's future.

GM repays Government loans – sort of

GM Loans repaid early - or are they? We can’t deny that GM are making a pretty good job of rising Phoenix-like from the ashes of their effective bankruptcy. A new focus on cars that are relevant for our times instead of a fixation with dated products and dated management has certainly helped.

Chrysler's high-stakes 'no' to NHTSA

DETROIT -- For 17 years, automakers have complied with every request for a recall, no matter how costly, from the National Highway Traffic Safety Administration. And then last week, in a startling decision, Chrysler Group said no. It refused a request from NHTSA to recall 2.7 million 1993-2004 Jeep Grand Cherokees and 2002-07 Libertys for an alleged fire risk caused by fuel tanks mounted behind the rear axle.