It is to become an independent business after starting court proceedings in Sweden.
Saab plans to bring all its business back to Sweden and has announced it will launch three new models over the next 18 months.
It will seek funds for its break from General Motors after it has successfully created a new legal entity.
The surprise move comes after GM's strategic review of its global empire.
Saab said from its headquarters in Trollhattan, Sweden, that its reorganisation would be “a self-managed, Swedish legal process headed by an independent administrator appointed by the court who will work closely with the Saab management team”.
“As part of the process, Saab will formulate its proposal for reorganisation, which will include the concentration of design, engineering and manufacturing in Sweden.”
“This proposal will be presented to creditors within three weeks of the filing. Pending court approval, the reorganisation will be executed over a three-month period and will require independent funding to succeed.”
Saab said it had explored — and would continue to explore — all available options for funding and/or selling Saab.
“It was determined a formal reorganisation would be the best way to create a truly independent entity that is ready for investment,” said Jan Ake Jonsson, managing director for Saab Automobile.
“With an all new 9-5, 9-3X and 9-4X all ready for launch over the next year and a half, Saab has an excellent foundation for strong growth, assuming we can get the funding to complete engineering, tooling and manage launch costs.
“Reorganisation will give us the time and means that help get these products to market while minimising the liquidity impact of Saab on GM.”
He said that funding for the restructured company would come from public and private sources.
“Saab will continue to operate as usual and in accordance with the formal reorganisation process,” he said.
“The (Swedish) Government will provide some support during this period.
“The reorganisation should have no impact on other GM operations.”