Saab seeks creditor cover to restart production
The carmaker is seeking a court administered voluntary restructuring for the second time
Stockholm: Saab, the 64-year-old Swedish carmaker that halted production in June, applied for court protection from creditors in a bid to raise money to restart operations and avoid a bankruptcy petition by unions.
"The reorganisation is a move to stabilise the company in this tremendously rocky period," CEO Victor Muller said yesterday at the firm's headquarters in Trollhaettan.
The carmaker is seeking a court administered voluntary restructuring for the second time in as many years after previous owner General Motors began liquidating Saab Auto at the beginning of 2009. GM eventually sold Saab to Spyker Cars NV in February last year for about $400 million (Dh1.46 billion) in cash and shares.
