Saab Reorganization In Jeopardy
STOCKHOLM (AP) — The owner of Saab Automobile says the administrator of the cash-strapped car maker's reorganization under bankruptcy protection wants to terminate the process.
Swedish Automobile N.V., the Netherlands-based company that owns Saab, said Thursday that lawyer Guy Lofalk will file an application to end the reorganization process to a Swedish court.
The company said it will contest the application and apply for a replacement of Lofalk as administrator.
Saab entered bankruptcy protection in September after a court granted it a three-month period to reorganize its operations and try to solve a severe liquidity crisis.
Production at Saab's manufacturing plant has been suspended for most of the year while the company has struggled to pay suppliers and staff.