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Swedish court approves Saab reorganization filing
STOCKHOLM |
STOCKHOLM (Reuters) - A Swedish court approved on Friday the application by General Motors' Saab for protection from creditors under a reorganization procedure, court documents obtained by Reuters showed.
The documents from the local court in Vanersborg, in Southwest Sweden, also showed that the court had appointed an administrator to handle the process.
The appointment of a administrator by the court is the first step in a legal process under which an insolvent company can restructure its business and renegotiate terms with creditors.
(Reporting by Johan Ahlander; writing by Niklas Pollard)
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