STOCKHOLM — Bankruptcy proceedings remain on the cards for troubled Swedish car maker Saab after former owner General Motors Corp. said Saturday that proposals presented so far to salvage the troubled brand are unacceptable and won't be supported.
Trollhattan-based Saab, bought by Dutch group Swedish Automobile NV in 2010, faces a court-hearing Monday to determine whether it will exit bankruptcy protection.
That means that if Saab doesn't present a viable survival plan, bankruptcy proceedings are likely to start.
Earlier this year, Chinese companies Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. said they would buy the brand for (euro) 100 million ($135 million), but the deal was blocked by GM amid concerns over the technology licenses and production contracts it has with Saab. Since then, the brand has worked on other, alternative solutions.
In an email to The Associated Press Saturday, GM spokesman Jim Cain said proposals presented so far are "not meaningfully different from what was originally proposed to General Motors and rejected."
In contrast to what Swedish Automobile's CEO Victor Muller has claimed, Cain added that GM's consent is required for Saab to move forward. A consent he said would be unlikely.