POSTED: Monday, November 7, 2011
UPDATED: 4:28 pm EST November 7, 2011
STOCKHOLM -- General Motors Co. says it won't allow two Chinese companies to use its technology if they go ahead with a planned purchase of Saab Automobile, a former GM unit. Monday's announcement raises doubts about a rescue plan for the ailing Swedish brand, which is being reorganized under bankruptcy protection after running out of cash to pay suppliers and staff. Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. agreed last month to buy Saab from current owner Swedish Automobile for euro100 million ($140 million). GM, which sold the loss-making brand in 2010, said in a statement it would block existing technology licenses and stop supplying the GM-built Saab 9-4X crossover SUV "following the proposed change in ownership as it would not be in the best interests of GM."Copyright 2011 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source: http://www.clickondetroit.com/automotive/29706157/detail.html
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