Saab lurched further into crisis on Monday as two of the carmaker’s own unions served bankruptcy applications despite the company having conjured up a promise of 70 million euros ($96 million) in vital financing. Hit the jump to read the rest of the story.
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Two white collar unions at Saab, whose members had their June and July salaries delayed and have not yet got their August pay, said their patience had run out and that they were using their right to apply to put Saab into bankruptcy.

“This is not a situation that any member of Unionen wishes to be in,” said Cecilia Fahlberg, chairwoman of the union, after the application.

The move came after Saab announced the latest in a long line of money-raising exercises led by Chief Executive Victor Muller, saying it had arranged the 70 million euros in bridge finance with the help of a Chinese guarantee.

The move was aimed at buying some time as the company, based in Trollhattan in western Sweden, seeks court protection from its creditors.

The 60-year-old carmaker, owned by Dutch-listed Swedish Automobil, has staggered from one crisis to another in the last few months after running out of money. Its production line is halted and it owes money to suppliers and staff.
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