Saturday, September 10, 2011

Saab on Brink of Collapse

David Jolly

TAKING a bleak view of Saab Automobile's prospects for recovery, a Swedish court has rejected the troubled car maker's application for protection from creditors. The decision sharply narrows its room for maneuvering and pushes it a step closer to financial collapse. Saab employees have not been paid for August, and the company's unions had been considering legal action that could have forced the company into liquidation when the bid for protection from creditors was announced on Wednesday.

One of Saab's unions will decide within a few days whether to ask that Saab be declared bankrupt, said Leif Hakansson, a spokesman for the IF Metall North Alvsborg union. ''We regret that Saab Automobile is not going to get the time it needs until the funding from Pang Da and Youngman arrives,'' he said in a statement.

1 comment:

  1. Pan_g Da and Young_man. LOL, Chinese investors.


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