IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Tuesday, September 20, 2011

Saab disputes bankruptcy filings

Saab has annouced a press release where the company disputes the bankruptcy filings handed in to the Vänersborg District Court by two labour unions at Saab last week. The company claims that the payment problems are only temporary and that a solution is nearby. Therefore the company is not insolvent.

The bankruptcy hearings concerning these two filings is supposed to be held on Monday 26 September. Earlier today also a third labor union at Saab went to the court with a bankruptcy filing.

For me it is diffucult to interpret Saab's dispute as anything else than an attempt to buy some time. The August wages to the employees of Saab is almost one month over due and the money which Saab is counting on is still not received and most of the money, if not all, even requires an approval from Chinese authorities. An approval that is highly uncertain. In other words, it is unclear if Saab with certainty will receive funds to cover wages.