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Saab Files For Bankruptcy Protection
STOCKHOLM—Saab Automobile AB Wednesday filed for protection from its
creditors, in a move that buys time for the Swedish car maker to secure
additional short-term funding to restart production.
The filing, similar to a Chapter 11 filing in the U.S., wasn't
unexpected. Labor unions representing employees at Saab Automobile who
weren't paid last month were due Wednesday to consider forcing the
company into bankruptcy proceedings so that workers could seek state
unemployment benefits.
Saab would have to consider filing for bankruptcy if it isn't granted
protection from its creditors, it said in its application to the
district court in Vanersborg.
But Victor Muller, chairman of Saab Automobile and chief executive of
parent Swedish Automobile NV, said it was too soon to speak about that.
"It's not appropriate to discuss bankruptcy," he told reporters in
Trollhattan.
Saab Automobile has struggled with its finances for months. Production
at its plant in the Swedish town of Trollhattan has been halted since
April. continued....
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