GM Blocks A Deal That Could Have Saved Saab From Bankruptcy

When an individual or business is about to go into bankruptcy or foreclosure they often spend their final months trying everything in their power to avoid those things. A homeowner will try desperately to stop foreclosure or sell the home before it is taken. A business owner may also try to sell a business in hopes of garnering a profit that can be used to pay of creditors.

According to an article in Yahoo! Auto Swedish car manufacturer Saab tried one last thing to save the business from bankruptcy. They worked out a deal with Chinese automaker Zhejiang Lotus Youngman. For a moment is seemed as if Saab would survive however GM blocked the agreement for security reasons. Saab is currently being manufactured with a GM engine because GM was the owner until 2010 when it was purchased by Dutch entrepreneur Victor Muller. GM also does a lot of business selling cars in Asia so having that information in the hands of a car manufacturer there was risky for their business.

GM narrowly escaped bankruptcy itself in 2009 and cannot afford any further set backs.

Probably a wise decision for GM has resulted in bankruptcy and liquidation for quirky car brand Saab.

Chicago bankruptcy lawyers will tell you that Saab probably did everything they could to avoid bankruptcy. Working deals at the last minute means they were trying to avoid bankruptcy just as any individual would.

If you are feeling the threat of bankruptcy hanging over your head talk to Chicago bankruptcy lawyers today and find out what steps you can take to secure your financial future. A bankruptcy filing attorney in Illinois is likely to offer a free legal consultation. This is an opportunity to get your questions answered before you commit to working with them. If you are struggling financially take advantage of the free advice and find out if there is a reasonable solution for your financial problems.

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