Saab Denied Bankruptcy Protection
The Associated Press reported today that a Swedish court rejected Saab’s application for credit protection, the latest setback for the cash-strapped carmaker.
The Associated Press reported today that a Swedish court rejected last Thursday Saab’s application for credit protection, the latest setback for the cash-strapped carmaker.
Owned by Netherlands-based Swedish Automobile, the company is struggling to pay suppliers and staff, and production at its manufacturing plant in Trollhattan, Sweden, has been suspended for most of the year.
Swedish Automobile, formerly known as Spyker cars, had submitted an application for bankruptcy protection on Wednesday, including a reorganization plan it said would help revitalize the brand. The court, however, said it remains unclear how Saab — which underwent a reorganization under previous owner General Motors in 2009 — will find the money it needs to stay afloat.
Additionally, the two biggest unions representing Saab’s 3,700 employees said they would take bankruptcy action within days on behalf of its members still waiting for their August salaries.
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