Saab Files for Bankruptcy Protection

Saab Files for Bankruptcy Protection : Sick of the Swedish Saab seek for more freedom with creditors on Wednesday, the statement of the local Court of protection of the bankruptcy through voluntary remediation measures, still waiting for promised new investment of two companies Chinese.

The exact structure as bankruptcy, but the suspension of payments of bankruptcy is still almost always warn us. investors are extremely risky, said Jann Maarten Slagter Director of the Association, VEB Dutch shareholders.

Saab, save the closure from the General Motors co. in early 2010 Spyker cars registered in the Amsterdam–again at a later time, the Swedish car (Swan)–was struggling for several months in the course of image editing tools for Chinese and foreign investors for funding.

Production at the plant of Sweden has been a break almost continuously since April as suppliers refused to provide pieces until they received payment. The company does not pay salaries in August.

In June, Saab said that two Chinese automobile companies, Pangda automotive trade…Co Ltd and Zhejiang Youngman Lotus Automobil agreed to adopt combined majority in the company to save struggling Swedish automobile manufacturer. The agreement is still pending approval from Chinese authorities.

The proposed voluntary restructuring process, the objective of stability in the short term can at the same time, the influx of new capital for the financing, until contrbutions Pang Of and Youngman, Swan sumultaneously statement said Wednesday.

But Chinese authorities have planned investments in the past, such as Saab's business failed with Hawtai group auto and Sichuan Tengzhong heavy industrial machines offer for GM Hummer stopped in 2010.

Sweden, Dagens industry said late Tuesday that it will be necessary not official Chinese Youngman approval to take part in this operation, citing different sources.

On the other hand, the State of Beijing automotive industry holding co. (BAIC) or manufacturer Great Wall motor vehicles, sport utility vehicle, the Chinese authorities were to be seen as the most appropriate partners, the newspaper said.

Sources in May said that rotwo was talking with the owner of Saab on possible tie-up.

Currently, there is no money, and money (SAP) is waiting for more than five months. The problem is still the same, they need the money, said analyst Tom Muller-golsen Theodore.