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Saab to appeal
Source: Agencies |
September 10, 2011, Saturday
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Print Edition
Print Edition
Ailing Swedish carmaker Saab will appeal by Monday against a court rejection of its filing for creditor protection, Victor Muller, chief executive of Saab's owner Swedish Automobile, said yesterday.
Saab had hoped creditor protection would give it time to secure vital Chinese investments but the first court said it was not clear if and when the Chinese money would come and that Saab had only provided very general information about negotiations for other financing options.
"We anticipate filing by Monday," Muller said on Swedish radio. "We are now talking with our Chinese partners and our Chinese advisers to put together a more convincing and compelling information package to submit to the court."
In a statement, Saab also said it was still talking to several parties about additional short-term funding.
Saab had hoped creditor protection would give it time to secure vital Chinese investments but the first court said it was not clear if and when the Chinese money would come and that Saab had only provided very general information about negotiations for other financing options.
"We anticipate filing by Monday," Muller said on Swedish radio. "We are now talking with our Chinese partners and our Chinese advisers to put together a more convincing and compelling information package to submit to the court."
In a statement, Saab also said it was still talking to several parties about additional short-term funding.
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