STOCKHOLM, Sept 21 |
STOCKHOLM, Sept 21 (Reuters) - A decision on whether struggling carmaker Saab will be granted protection from its creditors will come on Thursday or Friday, a Swedish court official said on Wednesday. Saab, owing August wages to workers and 150 million euros ($207 million) to suppliers, sought protection from creditors this month, but was turned down by a lower court. It got the go ahead to appeal and is now waiting a ruling on that.
"The court will announce a decision later this week," an official at the appeals court in the south-western town of Gothenburg told Reuters.
Owned by Netherlands-listed Swedish Automobile , the company had backed up its appeal by pointing to, among other things, a promise of new funding received early last week.
The lower court rejected the application for protection from creditors on the grounds that Saab had already been through one, in 2009-2010, and that promises of financial aid were too vague.
But last week, Saab agreed 70 million euros bridge financing with the help of a guarantee from Zhejiang Youngman Lotus Automobile, the Chinese car firm.
Production at Saab has been more or less at a standstill since April when unpaid suppliers pulled the plug on deliveries.
Three of Saab's own unions and a supplier have asked the courts to declare it bankrupt. Blue collar union IF Metall was the latest to file against the firm.
Sweden's debt collection agency had already begun seizing assets at the behest of unpaid suppliers.
Creditor protection would give Saab breathing space while it waits for Chinese authorities to approve a 245 million-euro investment by Youngman and Chinese car distributor Pangda
STOCKHOLM, 21 septembre (Reuters) - Selon un fonctionnaire du tribunal suédois une décision sur l'opportunité d' accorder à Sab une protection contre ses créanciers viendra jeudi ou vendredi
Source : reuters via Saabsunited
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