AM Online

Saab wins go-ahead to seek bankruptcy protection

Saab Automobile has won an appeal in a Swedish court to get the go-ahead for bankruptcy protection proceedings.

The court of appeal overturned a decision earlier this month preventing it from doing so.

The court said its decision "reverses the district court ruling and allows Saab to reorganise".

Saab hopes bankruptcy protection will give it time to secure new funding promised from Chinese investors.

Two Swedish unions had applied for the company to be declared bankrupt, because it has been unable to pay wages.


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