Arab Today, arab today swedish court to decide on saab reorganization application
Last Updated : GMT 06:51:55
Arab Today, arab today
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Swedish court to decide on Saab reorganization application

Arab Today, arab today

Arab Today, arab today Swedish court to decide on Saab reorganization application

Stockholm - Spa

A court was set Thursday to rule on struggling Swedish carmaker Saab\'s application to reorganize its business as it seeks additional funding, according to dpa. The application for voluntary reorganization was filed Wednesday with the district court in Vanersborg. If approved, the court will appoint an administrator to review Saab and its business plans. The carmaker would in the meantime be protected from creditors and debt collection would be halted. Saab and its Dutch-based owner Swedish Automobile said Wednesday that the voluntary reorganization process was aimed at securing short-term stability. Production at the company\'s main plant in Trollhattan, western Sweden, has been at a virtual standstill since April and wage payments have been late for three months in a row. If a reorganization is approved, the state will pay salaries for Saab employees under a wage-guarantee programme. In recent days, the Swedish Metal Workers\' Union and other unions at Saab have collected powers of attorney from members as part of efforts to pressure the company to pay wages.

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