Liquidator approved for Saab, workers protest wind down (Roundup)

Jan 12, 2010, 15:28 GMT

Stockholm - A Swedish government agency Tuesday formally approved a liquidator to wind down carmaker Saab as workers took part in a brief protest.

Briton Stephen Taylor was approved as liquidator by the Swedish Companies Registration Office, four days after his name was put forward by Saab's owner, US giant General Motors (GM).

Taylor - who will work in tandem with a Swedish liquidator - supersedes the Saab board and management, including chief executive Jan Ake Jonsson. The winding down process is expected to take several months.

Meanwhile, GM said it was continuing to assess last-minute bids for Saab.

More than 3,000 workers staged a noontime protest at Saab's main plant in Trollhattan and supported a statement, calling on the GM management to show it was a 'responsible' owner and urging the US corporation to show 'respect' for its workers.

Some employees held placards with the text 'Save Saab' and 'Sell Saab Now'.

Union representative earlier sent an open letter to the GM management, bearing the headline 'Why endanger US taxpayers' money.' It urged them to sell the Swedish brand rather than risk 'huge cancellation costs and big risks of claims.'

GM said it was also evaluating several bids it had received for Saab, adding that this process would not be affected by the appointment of the liquidator.

Known offers for Saab have been made by Dutch-based niche sports car group Spyker Cars, Luxembourg-based investment company Genii Capital, backed by Formula One boss Bernie Ecclestone, and a group of Swedes.

Production at the Trollhattan plant resumed Monday after a four- week shutdown over the holiday season.

GM chairman Ed Whitacre, however, told reporters Monday at a motor show in Detroit, where GM also has its headquarters, that the bids received were not strong enough.

Saab has some 3,400 employees in Sweden, most at the plant in Trollhattan, south-western Sweden. An additional 3,000 positions with subcontractors are at stake, according to the Automotive Supplier Industry group.

GM's involvement in Saab - one of Europe's smallest carmakers - dates back to the early 1990s. The company took full control in 2000.