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GM's Saab estimates '08 loss at about 3 billion SEK: filing
STOCKHOLM |
STOCKHOLM (Reuters) - General Motors' Saab estimates that it made a loss of around 3 billion crowns ($340 million) last year and would run a similar loss this year, the carmaker said in documents submitted to a court on Friday.
Saab Automobile said earlier on Friday it would file for reorganization with a local Swedish court, a legal procedure to give it protection from creditors while it seeks funding from both public and private sources and restructures.
"The estimated, still unaudited loss for 2008 amounts to 3 billion crowns. The current outlook for 2009 suggests a similar level of losses and associated funding requirements," Saab said in the document filed with the court.
The company said GM had notified the company that it would not fund further projected losses at Saab, but that it would provide liquidity for the company to pursue a reorganization.
(Reporting by Victoria Klesty)
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