Arab Today, arab today saab creditor protection rejected
Last Updated : GMT 12:27:49
Arab Today, arab today
Arab Today, arab today

Saab creditor protection rejected

Arab Today, arab today

Arab Today, arab today Saab creditor protection rejected

London - Arabstoday

The carmaker Saab\'s application for protection from its creditors to help it avoid being pushed into bankruptcy has been rejected by a Swedish court. The rejection increases the likelihood that its owner Swedish Automobile will be pushed into bankruptcy. Saab had applied for protection while trying to secure additional funding. Saab had to suspend production in April when its suppliers stopped deliveries after not being paid. Its workers have also had their pay delayed. Vanersborg district court rejected Saab\'s application because it did not believe it would work. On Wednesday, Swedish Automobile\'s chief executive, Victor Muller said Saab\'s suppliers are owed some 150 million euros ($210; £131m). Delayed deals Swedish Automobile, formerly called Spyker, bought Saab from US giant General Motors in January 2010. Before the summer, Swedish Automobile announced that two Chinese firms would buy minority stakes in the company. However, these deals have not yet had regulatory approval in either Sweden or China. They also need to be approved by the European Investment Bank (EIB). Under the agreements, Zhejian Youngman Lotus Automobile plans to pay 136m euros for a 29.9% stake, while Pang Da Automobile will pay 109m euros for 24%. But the Chinese government is unlikely to give the two companies the go ahead, according to car analyst Jay Nagley of Red Spy Automotive. \"The Chinese government is concerned that its car industry is too fragmented,\" he said. \"It wants to see fewer, larger firms that can compete on the international stage. It doesn\'t want to see ambitious companies like these two buying a very small Swedish manufacturer.\" \"People in Sweden love Saab, and they hope it will continue. But many are pessimistic, and have become more so over the summer,\" said Jonas Froberg, car correspondent at Swedish newspaper Svenska Dagbladet.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saab creditor protection rejected Arab Today, arab today saab creditor protection rejected

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saab creditor protection rejected Arab Today, arab today saab creditor protection rejected

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday