STOCKHOLM, Sept 16 A court in southern Sweden
said on Friday it had received more applications for struggling
carmaker Saab to be declared bankrupt.
The district court in Vanersborg said it had received four
applications from subsidiaries of Japan-based auto safety firm
Takata-Petri, relating to debts Saab owes the firm totalling 1.9
million euros ($2.6 million).
The court also said that another company, which claims Saab
owes it 1.2 million Swedish crowns ($181,000), had withdrawn its
Saab sought creditor protection last week, owing workers
their salaries and suppliers hundreds of millions of crowns. Its
factory in southwest Sweden has been largely still since early
The court rejected Saab's plea and Saab is seeking the right
to appeal, saying the lower court had overstepped its remit.
The Appeal court said on Friday that a decision whether to
allow Saab another hearing would be taken at the earliest on
Monday next week.
If it cannot appeal, bankruptcy looks unavoidable for Saab.
Saab wants creditor protection to give it time until a
promised investment of 245 million euros from car firms Pangda
Automobile Trade Co Ltd and Zhejiang Youngman Lotus
Automobile gets the nod from Chinese authorities.
Saab said it expects approval to come in November.
The question is whether the 60 year-old carmaker can survive
Although Saab secured a promise of 70 million euros ($96
million) in vital financing at the start of the week, the money
is not enough to cover unpaid wages and its debts so suppliers
-- estimated at 150 million euros.
Bankruptcy hearings will start on September 26 and are
expected to last three to five weeks.
White-collar union group Unionen and a smaller union,
Ledarna, have applied for Saab to be declared bankrupt in order
to trigger payments of a state wage-guarantee scheme.
The IF Metall union said on Friday they would hold off until
Tuesday next week before handing in its bankruptcy application
if Saab does not get the court's protection from creditors
($1 = 6.616 Swedish Kronas)
($1 = 0.722 Euros)
(Reporting by Simon Johnson; Editing by Jon Loades-Carter)