Bankrupcy protection

First look at Saab case in court of appeals today

Another important ruling for the trouble-stricken Swedish carmaker Saab nears, as the court of appeals in western Sweden is meeting today to decide whether or not it will review a district court ruling, rejecting the company protection from bankruptcy.

If the court says yes, and decides there is enough new evidence, four judges will look into the matter and decide whether a reconstruction of the company can be tenable.

If the court says no to review the case, Saab automobile's CEO Victor Muller still has a plan D, the business paper Dagens Industri reports.

The Chinese car company Youngman has promised to transfer some 95 million US dollars by the end of the week - money that would pay the Saab workers salaries up until October, as well as some of its debts to suppliers. The 3500 workers at Saab still have not received their August salary. The next salary payment would then take place next Monday, which is the same day the bankruptcy hearings is scheduled to start, following the white collar union's application to declare the company bankrupt.