Saab Receives Banckruptcy Protection, to Reorganise

Saab has three months 1 photo
Photo: Saab
Let the Saab soap opera go on: we all knew that Saab was in big financial trouble and it all went official recently, when the carmaker filed for banckruptcy protection. The District Court in Vänersborg, Sweden denied the request, but the automotive producer turned to the Court of Appeal in Gottenburg and now the company got what it wanted: a chance to reorganize under government protection.
The Court of Appeal was convinced that Saab has a business plan that can bring things back to normal. In other words, the troubled automaker claims that it needs short term funding in order to pay its debts, as the long-term financial area is already covered, with a strict plan being created.

Thus, Victor Muller and Swedish Automobile have three months to reorganize the company, a time in which the Swedish Government will pay the salaried of the carmaker’s employees, with the deadline having the potential to be extended.

In addition to that, Saab also wants to the bankruptcy filling submitted by three of its unions to be canceled. Let’s hope that Saab knows English: it's supposed to file not fail...
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About the author: Andrei Tutu
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In his quest to bring you the most impressive automotive creations, Andrei relies on learning as a superpower. There's quite a bit of room in the garage that is this aficionado's heart, so factory-condition classics and widebody contraptions with turbos poking through the hood can peacefully coexist.
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