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Saab Seeking Court Protection From Creditors

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Saab Seeking Court Protection From Creditors

William Maley - Editor/Reporter - CheersandGears.com

August 26, 2011


Related: SAAB Can't Pay Wages for August

Swedish automaker Saab N.V. is in a world of hurt. The company is desperate for money to restart production so they can make money. Suppliers and workers are angered and threatening to take this matter to the court to declare the company bankrupt.

Saab knows this well and according to a report by public radio, several different sources say the company would apply for court protection from creditors. Sources don't say when Saab would make the move. The protection would put Saab into a process of corporate restructuring.

Saab declined to comment on the public radio report. Saab spokeswoman Gunilla Gustavs said the company continued to work on raising the necessary funds.

Source: Reuters

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