Off the road for Saab. Despite the best efforts of its owner, Swedish Automotive (formerly Spyker) to find cash, the Swedish automaker filed for bankruptcy on Wednesday. In a statement, Swedish Automobile said it had requested the placement of Saab in the protection of bankruptcy law. As part of a "voluntary reorganization," the contractor seeks to save time. Time to "attract additional funding" and especially, time to "ensure the payment of wages" and "prepare an orderly restart of production," selonVictor Muller, CEO of Swedish Automobile and CEO of Saab Automobile.
"Considering the financial resources currently limited to Saab Automobile, a voluntary reorganization will help to use the most efficient way the existing resources," the company said.It must be said that its financial situation is critical for several months. The manufacturer, which employs 3,700 people, announced in June that it would stop paying the salaries of its employees. Part of these wages was settled late, since, while, as of August have not been paid. In late July, the Saab postpone indefinitely the resumption of production at its only factory in Trollhattan, Sweden, interrupted once again from June 8 Suppliers, remained unpaid, stopped shipments from April instant payday loan lenders. Some had to degrease their workforce.
In this grim context, Swedish Auto has continued to widen its losses. In late August, the owner of Saab announced a significant loss of 201.5 million euros in the first half of 2011, against 21.9 million euros during the same period in 2010. The losses have been increased tenfold.The group, however, made efforts in all directions to ensure its survival. Saab had been saved from bankruptcy in early 2010, when, breathless, it was bought by the Dutch Spyker (now Swedish Automobile) to U.S. giant General Motors. Over the last six months, Saab has signed contracts with Chinese distributors and Pang Da Youngman and negotiated a contract to sell its real estate leased for cash.
These efforts have been inadequate and the rest of the employees of the manufacturer of short duration. Now, IF Metall, the main trade union of Saab, said that the decision of Swedish Automobile "might be a good solution."She hopes a quick decision of the Court of Vänersborg on the demand for Swedish Auto, so that its "members can quickly receive a reply regarding the payment of their salaries."
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