Law and Rights
Saab's effort appears to have failed to get it non-bankruptcy court protection from the millions of dollars it owes to creditors and almost two weeks of employee salaries, according to Automotive News and The Detroit Bureau industry insiders.
While saying it planned to appeal the court decision, the time may be running out along with the cash left in the coffers. An appeal may be meaningless if the Saab worker's union acts, as threatened, within the next few days to force the Swedish company into bankruptcy.
In the court's rejection of Saab's protection attempt, the court noted that it was not clear if or when the white knight investors would come to Saab's rescue. Apparently the court itself feels that if they can't survive on their own and there is no firm date for the check to arrive, then the company's choices aren't pretty but they may be forced on them anyway.
As we've said before, if you are thinking about buying a new or used Saab vehicle, you may want to think again.
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- Is Saab About To Disappear? Bankruptcy "just Hours Away" Swedish Press Says
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- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
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- Saab Troubles Continue As Asset Seizure Nears
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Law and Rights
Saab kicked out of court; preparing for the worst as bankruptcy nears
Saab's effort appears to have failed to get it non-bankruptcy court protection from the millions of dollars it owes to creditors and almost two weeks of employee salaries, according to Automotive News and The Detroit Bureau industry insiders.
While saying it planned to appeal the court decision, the time may be running out along with the cash left in the coffers. An appeal may be meaningless if the Saab worker's union acts, as threatened, within the next few days to force the Swedish company into bankruptcy.
In the court's rejection of Saab's protection attempt, the court noted that it was not clear if or when the white knight investors would come to Saab's rescue. Apparently the court itself feels that if they can't survive on their own and there is no firm date for the check to arrive, then the company's choices aren't pretty but they may be forced on them anyway.
As we've said before, if you are thinking about buying a new or used Saab vehicle, you may want to think again.
Burdge Law Office
http://www.uslemonlawyers.com/
Because life's too short to drive a lemon.
Subscribe in a reader- Is Saab About To Disappear? Bankruptcy "just Hours Away" Swedish Press Says
Once upon a time, Saab was a shining star in the sea of vehicles GM built or had a hand in building. Now, with Swedish creditors pounding on the doors and Swedish employees unpaid, the factory shuttered in Sweden (although the one in Mexico has its doors...
- Saab Files For Court Protection - Is That Water Going Down The Drain I Hear?
Saab finally got to the point where the roof was going to cave in (economically) so they filed for court protection from creditors in Sweden - something akin to a bankruptcy reorganization filing sort of. It protects them from creditor collection efforts...
- Is Saab Going, Going, Gone? Rumors Of Near-bankruptcy Circulate
Is Saab going, going, gone? Rumors of near-bankruptcy circulate as Saab delayed its release of the first half 2011 financial report which, obviously, will likely be printed with red ink. News reports say Saab missed another payroll and its suppliers still...
- Saab Troubles Continue As Asset Seizure Nears
It's a sad story for Saab owners around the world. The only vehicle actually being built right now is reportedly just the 9-4X Suv model with the rest of the Saab model line on hold while every day is undoubtedly causing heartburn in the board room....
- For Saab, What's Behind Door #2? Or Is It #3? Survival?
Cash-shy Swedish carmaker Saab is still out panhandling it seems, but maybe things are looking more hopeful. After the Russian banker (Vladimit Antonov) fell through, after the Chinese company (Hawtai) didn't happen, now they're on to "door #3"...