Report: Saab given a chance to have financial case reexamined

Saab is undoubtedly in all sorts of trouble. Recently, the Swedish brand filed for creditor protection this month but was rejected. Supposedly, Saab owes its August wages to its workers and about $207 million to its suppliers. Ouch.

However, earlier this week Saab was given a chance to leave so that their case can be reexamined and possibly appealed.

“We are naturally pleased,” said Saab spokeswoman Gunilla Gustavs. “It is an important step in the right direction. We are hopeful.”

With assembly lines that haven’t been touched since this past April, Saab hopes their creditor protection will get things rolling again and bring the lines back to life. Thus far, Chinese car firms Zhejiang Youngman Lotus Automobile and Pangda have offered to scoop up Saab for roughly 245 million euros.

“We continue to work on getting further funding and we are also proceeding with the work to prepare the company for reconstruction,” Gustavs said. “Now we have to wait for the appeal court’s decision.”

– By: Chris Chin

Source: Automotive News

Chris Chin

Chris Chin is the Editor-In-Chief of egmCarTech and is a regular contributor to Automobile Magazine.

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