Sweden

Swedish labor union IF Metall Tuesday submitted bankruptcy petitions against car maker Saab Automobile AB to the Vanersborg district court, Dow Jones Daily Bankruptcy Review reported. The blue-collar union, representing workers at the troubled Swedish car maker, said in a statement the decision was "very painful" but that it must secure its members' wages and can't wait any longer.

A Swedish court gave struggling carmaker Saab leave to appeal a lower court's decision denying it protection from creditors, offering a glimmer of hope for the bankruptcy-threatened company on Monday. Saab, owing August wages to workers and 150 million euros ($207 million) to suppliers, applied for protection from creditors this month, but was turned down. Owned by Netherlands-listed Swedish Automobile , the company asked for leave to have the case re-examined, pointing to, among other things, a promise of new funding it received early last week.

The Swedish district court in Vanersborg Friday said it received late Thursday four petitions for a bankruptcy ruling against Saab Automobile AB, bringing the total number of petitions against the troubled Swedish car maker to six, Dow Jones Daily Bankruptcy Review reported. There could be more to come: labor union IF Metall, representing about 1,500 unpaid employees, said Friday it would file for Saab Automobile's bankruptcy if Sweden's appeals court hasn't granted the company protection from its creditors by Sept. 20 at the latest.

Cash-strapped car maker Saab's first bankruptcy hearing will be on September 26, a district court said on Tuesday, Reuters reported. Saab, owned by Netherlands-listed Swan Automobile, has been called to the lower court in the southern Swedish town of Vanersborg, the court said in a brief statement. Two white-collar unions at Saab, whose members had their June and July salaries delayed and have not yet been paid for August, served bankruptcy applications on Monday to ensure the activation of a state wage-insurance scheme.

Two Swedish labor unions Monday submitted applications for Saab Automobile AB's bankruptcy on behalf of about 1,130 workers who haven't received their August paychecks, Dow Jones Daily Bankruptcy Review reported. Both unions, Unionen and Ledarna, pledged to withdraw their petitions if the Court of Appeal overturns a lower court ruling last week that denied Saab Automobile protection from its creditors while it restructures its operations.

Chinese carmaker Zhejiang Youngman Lotus Automobile said it was getting positive signs from authorities in Beijing about its plans to invest in cash-strapped Saab, a Swedish daily reported on Saturday, Reuters reported. Youngman and Chinese car company Pangda Automobile Trade Co Ltd are seeking approval from China's authorities to invest 245 million euros in Saab, now owned by Swedish Automobile.

A Swedish court on Thursday rejected beleaguered carmaker Saab's request for protection from its creditors, pushing the company one step closer to bankruptcy, Agence France-Presse reported. The company is now at the mercy of its creditors, including its employees who have not been paid their August wages. "The Vaenersborg district court has today decided to reject Saab's ... request for a voluntary reorganisation process," the court said in a statement.

The owner of cash-strapped car maker Saab filed for bankruptcy protection in a last-ditch attempt to salvage a brand crippled by production stoppages, withheld salary payments and mounting debt, The New Zealand Herald reported. Swedish Automobile, formerly known as Spyker Cars, said the move would buy it time to receive funding from Chinese investors, currently awaiting regulatory approval, and avoid bankruptcy.

Swedish auto maker Saab Automobile AB could be forced into bankruptcy over unpaid wages by the end of this week, labor union IF Metall said Monday, Dow Jones Daily Bankruptcy Review reported. Darko Davidovic, a lawyer at IF Metall, told Dow Jones that on Aug. 26 Saab received requests for payment of the union's 1,486 members' wages for August. Read more. (Subscription required.)

Saab Automobile’s two biggest unions said they’re likely to ask a court to put the cash-starved Swedish carmaker into bankruptcy in about two weeks unless salaries are paid by then, Bloomberg reported. Saab, which is scheduled to pay factory workers tomorrow and administrative employees Aug. 26, said yesterday that it may be forced to postpone wage payments as “committed” funds from investors may not arrive in time. Saab paid salaries about a week late in June and July.