Court ruling in Sweden gives Saab time to secure approval for investment from China

Saab has successfully won an appeal in a Gothenburg courtroom against a ruling preventing it from protection against creditors.

The troubled Swedish firm had looked on the brink of collapse after a previous court ruling prevented it from entering a “voluntary reorganisation process to secure short-term stability”.

Securing this ruling was crucial to Saab, as it awaits clearance from Chinese authorities on fresh investment from firms Pang Da and Youngman. A decision on this investment is expected in November.

Saab’s appeal against the original ruling was upheld after the appeal court found "no reasonable reason to consider that the goal of reconstruction cannot be met”.

This means bankruptcy filings by unions IF Metall, Unionen and Ledarna will be cancelled.

"Now the company and its employees will get a much needed breathing space systematically to develop a long-term business plan," said IF Metall in a statement.

See all the latest Saab reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • 2016 Audi A3 Sportback e-tron UK review
    First Drive
    29 September 2016
    First UK drive finds the facelifted A3 Sportback e-tron remains a first-rate plug-in hybrid that is packed with tech if a little short on driver appeal
  • Citroen C11.2 Puretech 82 Furio
    First Drive
    29 September 2016
    Citroën's city car gets a new sporty-looking trim level, adding visual adornments, but no premium for the 1.2-litre Puretech triple we're driving
  • Mercedes C350e Sport
    First Drive
    28 September 2016
    Petrol-electric C-Class is a surprisingly well-priced alternative to a diesel but not the greatest example of the new ‘PHEV’ breed
  • Car review
    23 September 2016
    Aston kicks off its ‘second century plan’ with an all-new turbo V12 grand tourer
  • Ford Ka+ 1.2 Ti-VCT 85
    First Drive
    22 September 2016
    A rounded, refined and well-sorted bargain supermini – once you’re used to the confusing role redefinition imposed on the once-cheeky Ka