Saab denied protection

STOCKHOLM-troubled automaker Saab, known for his quirky, rounded cars moved its request for bankruptcy protection closer to financial collapse Thursday after a Swedish court rejected.

The judgment of Rattvik District Court means that the Swedish brand, which has struggled financially, because General Motors co., Netherlands-based Spyker sold cars in 2010, now only days before the bankruptcy action of trade unions before. Spyker has since changed name to Swedish car.

The company has fought Sweden, most of the year was interrupted for the suppliers and employees, and production in its plant in Trollhattan, to pay.

Swedish automobile said that it the decision of the Court before the deadline to Sept. 29 would appeal.

It is unclear whether the Court of Appeal accepted represented 3,700 employees said the request and the unions Saab, that they within bankruptcy days for members still awaiting their August salaries would be.

Bankruptcy protection in Sweden is similar to Chapter 11 in the United States, allowing a society, reorganize time to improve their finances and wound up avoid buying. The Swedish Government employee salaries paid during this period. The Government salary guarantee occurs even if a company in bankruptcy.

Swedish car filed an application for bankruptcy protection on Wednesday, including plans for a reorganization, it claimed would help reinvigorate the brand.

But the Court said it remains unclear how Saab - in 2009, she was a reorganization under GM - the money needs to find water.

Swedish car Dutch CEO Victor Muller, hoping for a 245 million € ($ 344 million)Cash injection of Chinese investors Zhejiang Youngman Lotus Automobile Co. and Pang as automobile trade co., the currently regulatory approval is waiting.

"It seems unclear if - and if so, when - the Chinese authorities approve the agreement" the Court said, adding that other financing solutions, non-sustainable seem presented by the company.

"In sum, the Court notes that it seems unclear, how the company can the liquidity crisis to solve and operations," the ruling said.

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Saab said in a statement, it was "disappointed" and would appeal the decision and update of the market "further developments" Friday. It gave no details.

Hakan Skott, Heimatverein of Chairman of Trade Union IF metal in Trollhattan, the decision of the Court called "sad" and said Union members checks filing bankruptcy proceedings against Saab in "the next couple of days."

"We are approaching 14 days without salary payments and the financial situation is always hard for some of our members, said Skott."

Union, an organization of work for employees, said it would wait no more than three days before the filing of a bankruptcy petition for Saab - if the company does not do it until then.

"It is our opinion that an employer, which ends in a situation like this even in bankruptcy, after", said Martin Wastfelt, senior legal advisor to the Union.

Tom Muller, analyst at Theodoor Gilissen in Amsterdam, said that he believes that trade unions can maximum wait two to three days before the filing of a bankruptcy.

"The company can do only one thing and that is to you money," said Muller, not related to the Swedish car Chief Executive. "The members have to eat." ... "People can not promise life."

He said he does not believe that Swedish car the means be able to find at the time.

"It is a good car, there is nothing wrong with the product, but it is the financial situation, which is the problem," he said.

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