A Swedish appeals court tossed a lifeline Wednesday to the coffers of automaker Saab, to approve its request for bankruptcy protection because it is waiting for financing of Chinese investors.
The decision of the Court of appeal for County, overturn a lower court ruling gives Saab 3 months to reorganize and protected from creditors, by which some already petitions against the company have filed bankruptcy.
Saab has financially struggling, because General Motors co. in 2010 based company on the Netherlands, the now Swedish car is called. Production in Saab production site was suspended for most of the year, while the company is struggling to pay suppliers and employees.
But CEO Victor Muller insists that he to the company contact can, as soon as it amounted to € 245 million ($335) automobile trade co. receives in cash injections from Chinese investors Zhejiang Youngman Lotus Automobile Co. and Pang da
Chinese authorities have not yet approved the offers.
Rattvik District Court had before from Saab application for the reconstruction of two weeks rejected, citing uncertainties for Saab ability, money to collect. The Court of Appeal overturned, saying the decision: "The conditions for a successful reconstruction exists."
While the reconstruction process that three months, but can be extended, the Swedish Saab paying workers salaries.
Swedish automobile said there will be questions: unions to remember their bankruptcy filings against the company. He said it should be "short-term stability to back up and at the same time draws additional funds to the inflow of deposits of Pang da and Youngman."
Union, a white collar Union welcomed the decision and said it would withdraw its filing bankruptcy.
"It means that Saab and employees get a breathing space and now try all possibilities for a positive solution," the Union said.
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