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Saab is seeking protection from creditors in court
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Saab is seeking protection from creditors in court
Wallowing in debt, the Swedish avtofirma, which owns a majority stake in the Dutch company Swedish Automobile, seeking protection from creditors filed in District Court in Venersborga (Sweden) statement on voluntary reorganization. According to the companies, this step in the current financial situation, Saab will create the best conditions for the most efficient use of resources. The statement says the Swedish Automobile, RIA Novosti quoted, the purpose of the voluntary restructuring is to ensure the short-term stability in attracting additional funding and investment from Chinese firms of Zhejiang Youngman and Pang Da. voluntary reorganization will take three months, but if necessary, this period can be extended up to a year. The process will be carried out with the participation of an independent trustee, which will trial. Saab Automobile is to prepare a reorganization plan, which would include measures to reduce costs and create a competitive independent structures, and to submit it to the creditors within three weeks after the submission of the application to the Court. In August, we wrote that Saab could survive another bankruptcy. Such procedures require the members of the two largest unions of Saab Automobile-the IF Metall and Unionen, unhappy with the salary debts. The owner of the Swedish Automobile brand (formerly Spyker Cars NV) to raise money to pay workers, had planned to even to issue new shares.
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