Court Gives Saab More Time
September 19, 2011 by UPI - United Press International, Inc.
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.