Swedish Automobile announced yesterday that Saab has filed for protection from creditors in Swedish district court since its current financial resources are limited. Basically, Saab wanted to file a Swedish version of bankruptcy protection as it waits for additional funding from Pang Da and Youngman.
The company confirmed this morning that Sweden courts have “rejected the proposal for voluntary reorganization by Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile).”
“Saab Automobile is disappointed with the ruling and will appeal the District Court’s decision,” the company said in a statement.
Saab CEO says that the company owes its suppliers $210 million.
Start counting down the days people.
– By: Omar Rana