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Saab files for reorganization, seeks $1 billion to survive

Saab is seeking $1 billion (793 million euros) to be self-financing, the company said on Friday after it filed for reorganization under a self-managed Swedish court process. The General Motors-owned Swedish brand said it will work "to create an independent business entity" and will concentrate production, design and engineering in Sweden. Saab said it would continue to operate as normal during the reorganization process, with GM and the Swedish government providing some support.

Saab on the road to independence

You’ve got to feel for Scandinavian car makers Saab and Volvo. Both swallowed up by big US car makers, and both now being abandoned in a vulnerable position after years of integrating their once independent products in to their parents infrastructure, they must wake up every day wondering if this is the day it all goes bang. Ford is simply trying (increasingly desperately) to off-load Volvo, but GM, which is in a much more precarious position than Ford, has now abandoned its Swedish child in a desperate attempt to appease Congress and survive.

California car dealer buys cache of Ferraris

A collection of 21 Ferraris has changed hands, and it's headed for the United States. Car collector Tom Price, owner of Price Family Dealerships in Marin County, Calif., bought 21 classic Ferraris. The collection hit the market last year as Dutch vehicle-distributor Kroymans entered into bankruptcy.