There appear to be financial troubles galore for General Motors' in Europe - on one hand, the automaker's Sweden-based Saab brand has filed for bankruptcy protection, and on the other, GM's Germany-based Opel unit is seeking additional emergency state assistance.

GM's Friday decision to go in for reorganization of Saab - which it bought partly in 1990 and remaining in 2000 - came after the Swedish government pulled back from bailing-out the struggling unit.

As a result, court protection was the way out left before the US Detroit-based GM to prepare Saab brand for sale, or to spin it off into a separate company - either way the Swedish unit will cease to be a financial liability of the cash-strapped GM.

GM spokesman Chris Preuss said that in order to avoid bankruptcy itself, the company would require nearly $30 billion in US government loans. Preuss also expressed the hope that the three-month restructuring process will make Saab a marketable entity.

In order to reorganize its debt and to seek funding for continuing its operations, Saab said it needs protection from creditors. As per a GM statement Saab would be operating as usual, during the course of restructuring.

According to Saab's managing director Jan-Ake Jonsson, efforts are on to "recreate Saab Automobile as an independent unit." However, Jonsson also added: "The road ahead will not be easy!"