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Friday, 9 September 2011

Bankruptcy protection denied by Saab

Sweden_saab
STOCKHOLM — Troubled automaker Saab, known for its eccentric, rounded cars, is close to the financial meltdown Thursday after a Swedish court rejected its request for protection against bankruptcy.

The decision of the District Court Vanersborg means the Swedish brand, which has struggled financially since General Motors Co. was sold to Spyker Cars Dutch in 2010, is now only days away from facing bankruptcy action by unions. Spyker has since changed its name to the Swedish car.

There has been a struggle by the company to pay suppliers and staff, and production at its manufacturing plant in Trollhattan, Sweden, has been suspended for most of the year.Vcommindia News

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