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.
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