Automaker Saab Near Bankrupt

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Automaker Saab found itself in a crisis when a Swedish court did not approve its bankruptcy protection application Thursday. This spells trouble as Saab is likely to face bankruptcy action against it by trade union workers within the next few days.

Saab has been in financial trouble since General Motors sold its holding company, Spyker Cars in the Netherlands in 2010. Spyker Cars acquired Saab, and then changed its name to Swedish Automobile. Swedish Automobile says it will appeal the ruling brought by the Vanersborg District Court. It has been given until September 29 to do so.

As their financial woes deepened, Saab struggled to meet its financial obligations. It was unable to pay salaries to its 3,700 workers and its debts to its suppliers. Production in its Trolhattan plant ground to a halt earlier this year.

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