Saab Automobile granted bankruptcy protection

Saab has announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain to improve efficiency as part of business plan review.

The purpose of the voluntary reorganization process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions by Pang Da and Youngman.

This initiative also reflects the effects of the prolonged production stoppage since April of this year and is an important element of the voluntary reorganization plan that will be presented at a forthcoming creditors meeting. the Court of Appeal has found that such conditions exist, thereby overturning an earlier ruling by the District Court in Vänersborg, Sweden.

All improvements should be implemented before year-end in order for Saab Automobile to have a new, competitive cost structure for the 2012 financial year.

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