Unions ask Swedish court to declare Saab bankrupt

STOCKHOLM: Two Swedish unions on Monday (12 September 2011) submitted documents to a district court asking for beleaguered carmaker Saab to be declared bankrupt, a court official said on Monday.

13 Sep 2011

"We have just received the bankruptcy requests from Unionen and Ledarna," court clerk Ingrid Lund said.

Saab has struggled for weeks to raise cash and Saab's employees have not been paid their August wages. The unions' move paves the way for workers to get paid through a state wage guarantee.

"The request has been submitted because Unionen's members have still not received their August wages and the deadline Unionen has given Saab has expired," Unionen said.

"So much time has passed that we had to act on behalf of our members," the head of Ledarna, Thomas Haglund, told news agency TT.

"If the salaries get paid, we will withdraw our request," he added.

A Swedish court last week rejected Saab's request for bankruptcy protection, a ruling Saab said it plans to appeal on Monday.

Saab's debts amount to about €150 million ($210 million), according to Saab chief executive Victor Muller, and the company has stopped paying its suppliers who have in turn halted deliveries since April.

Saab employs 3 700 people.

The district court of Vaenersborg in southwestern Sweden on Thursday rejected Saab's request for bankruptcy protection, concluding that "there is not enough reason to believe that a company reorganisation would be successful."

Source: AFP

Source: I-Net Bridge

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