Reprieve for Saab: 90-Day Protection to Reorganize

The Detroit Bureau - September 20, 2011

Saab has been giv­en a reprieve by the Court of Appeals for West­ern Swe­den, which over­turned an ear­li­er court’s deci­sion reject­ing 90 days of pro­tec­tion from cred­i­tors for Saab. So Saab now has 90 days to imple­ment a reor­ga­ni­za­tion process that is fair­ly sim­i­lar to a short­ened ver­sion of Amer­i­can Chap­ter 11 bank­rupt­cy. Saab owes mon­ey to over 3,000 Swedish work­ers as well as sup­pli­ers, and says it will even­tu­al­ly pay all out­stand­ing debts in full.