Saab, the Swedish carmaker, has been plunged into chaos because a local court has denied its request to seek protection from creditors, on the grounds that its rescue plan looks flawed.
As part of its application for protection, Saab’s parent company, Swedish Automobile, had promised to speed up plans by two Chinese car firms to take a combined majority stake in the business, but the court in Vänersborg district was sceptical. “The court has concluded that there is not enough reason to believe that a company reorganisation would be successful,” said Judge Gunnar Krantz. “The company’s request is therefore rejected.”
“Full story: Saab denied bankruptcy protection“
