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.

Bill Ford steps down

By Angus Fitton Motor Industry 06 September 2006 08:50 Bill Ford is set to step aside as chief executive of Ford Motor Company. Replacing him is 61-year-old Alan Mulally, previously the boss of Boeing's commercial aircraft division. Ford stepped down as part of a major management reshuffle designed to reverse the ailing fortunes of the world’s third largest car manufacturer.

Amelia Island concours teases headliner

Usually teaser shots hint at the future, but this one is a glimpse of the past--and of one of headliners of the 2010 Amelia Island Concours d'Elegance. A shot was released this week of an aluminum body before restoration. It's the skin of a 1940s roadster that will be one of the spotlight cars at the March 12-14 concours in Florida.