Saab seeks new road to stability
Thursday 08 September 2011
The Swedish car maker Saab has filed for bankruptcy protection in a self-managed reconstruction process.
Its owner, Swedish Automobile, said Saab and its subsidiaries, filed for a "voluntary reorganisation to secure short-term stability while simultaneously attracting additional funding".
The marque has been plagued by production stoppages and difficulties paying its suppliers and 3,700 staff for months. Creditors have threatened to put it into bankruptcy unless it pays up. The Netherlands-based Swedish Automobile brought Saab out of a liquidation process by buying it from General Motors in 2010.
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