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Court Gives Saab More Time

September 19, 2011 by  

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.

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