Court Gives Saab More Time
VANERSBORG, Sweden, Sept. 19 (UPI) — A court of appeals in Sweden gave the struggling automaker Saab some breathing room Monday, saying it would review a reorganization application.
The first application was rejected by a lower court on the judgment that “there is not enough reason to believe that a company reorganization would be successful,” the lower court said, Swedish news agency Tidningarnas Telegrambyra said Monday.
The company owes creditors about $210 million and August salaries for staff members, who have filed to have the company declared bankrupt.
The company, which has a workforce of 3,700, is waiting for funding from Chinese firms that have agreed to invest in the automaker that has kept its Trollhattan factory closed since April.
UPI - United Press International, Inc. Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.
Join the Discussion:
View Comments to “Court Gives Saab More Time”
Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.
Is there news related to personal liberty happening in your area? Contact us at email@example.com