Saab gets $96 million in bridge financing, unions seek bankruptcy ruling over unpaid wages
Our inbox was flooded with press released from Saab this morning so we’re just going to touch on the subject of the Swedish brand’s survival here.
Swedish Automobiles announced today that Saab has arranged 70 million euros ($95.6 million) in bridge financing with the help of a Chinese guarantee, buying some time while it renewed legal efforts to seek court protection from creditors.
“As part of the transaction, Youngman has also signed a technology license transfer agreement with the SPV on purchasing the license and providing a guarantee for its payment of the license,” Saab said.
The other two press releases said:
- Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) confirm that Swedish unions Unionen and Ledarna filed for bankruptcy of Saab Automobile. The court has received the filing, but has not yet rendered a judgment which could take a few weeks.
- Swedish Automobile N.V. (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) today lodged their appeal against the District Court’s decision last week to reject Saab Automobile’s proposal for voluntary reorganization. The appeal will be heard by the Court of Appeal in Gothenburg, Sweden.
– By: Omar Rana
