Swedish carmaker Saab is looking to unwind itself from General Motors after the parent company submitted drastic restructuring plans to the US government.
GM has been the full-owner of Saab since 1999, but a dramatic fall in car sales has seen it ask the US treasury for $30 billion (£21.1 billion) and announce plans to cut 47,000 jobs.
The Detroit-based firm had appealed to the Swedish government for funds to help prop up Saab but once rejected, the Stockholm-based carmaker had to reconsider its future.
An extraordinary board meeting saw the company file for bankruptcy protection and reorganisation.
Jan Ake Jonsson, Saab managing director, described the proposal as “the best way to create a truly independent entity that is ready for investment”.
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