Saab’s first bankruptcy hearing will be held on September 26, a district court in Sweden said. Hit the jump to read the rest of the story.
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Saab, owned by Netherlands-listed Swedish Automobile NV, has been called to the lower court in the southern Swedish town of Vanersborg, the court said in a brief statement on Tuesday.
Two white-collar unions at Saab, whose members had their June and July salaries delayed and have not yet been paid for August, served bankruptcy applications on Monday to ensure the activation of a state wage-insurance scheme.
A representative from one of the unions said he thought the bankruptcy process would take three to five weeks.
Saab on Monday announced the latest in a long line of money-raising exercises led by CEO Victor Muller, saying it had arranged 70 million euros ($96 million) in bridge financing with the help of a Chinese guarantee.
Saab hopes the money will help persuade the court to give it protection from creditors for the second time in two-and-a-half years while it restructures. A lower court rejected Saab’s case, but the automaker lodged an appeal on Monday.
