AppId is over the quota
AppId is over the quota
By AutoObserver Staff September 21, 2011
Swedish Automobile NV, the owner of Saab Automobile AB, announced today that a Court of Appeal in Sweden approved a proposal from Saab and two of its subsidiaries for a voluntary reorganization, eliminating the possibility that the company will be placed in bankruptcy and allowing it time to secure short-term funding to help keep the company solvent. In a statement, Saab said, “The purpose of the voluntary reorganization process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions by (China-based companies) Pang Da and Youngman.”
Two of Saab’s labor unions and a supplier this week filed to force Saab into bankruptcy in order to secure the most favorable Swedish pay guarantees for displaced workers or to recover debts owed by Saab. The company said the court’s approval of voluntary reorganization demonstrates faith that Saab’s potential to reorganize is probable. Last week, Chinese automaker Zhejiang Youngman Lotus, which already is awaiting Chinese government approval of investment in Saab, promised to supply Saab with a bridge loan of approximately $96 million to assist in paying immediate debts, which include workers' August salaries.
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