The list of setbacks plaguing Saab continues to grow. According to a Swedish radio station, the automaker is about to file for court protection against creditors and undergo a corporate transformation similar to that of General Motors in 2009.
Shortly after the word came out, parent company Swedish Automobile issued a statement saying it was ''aware'' of the reports and continuing talks with ''several parties'' to guarantee short- and medium-term financing.
Problem is, we have been hearing this for several months and the situation has only gotten worse.
A collection process started last week after Saab failed to pay some $620,000 in debt. The move all but sealed the company's fate, meaning the bell would toll no later than in December.
Delays in the August payments obviously angered officials from the IF Metall and Unionen labour groups, who publicly stated that if salaries remain unpaid in seven days, they will ask a district court to declare Saab bankrupt.
The Trollhattan plant has basically been on hold since April despite substantial investments by new Chinese partners.
Saab finds itself in a vicious circle, like a jobless person having to pay a mortgage, three loaded credit cards and grocery bills. Nothing short of a miracle could save the company at this point.
Shortly after the word came out, parent company Swedish Automobile issued a statement saying it was ''aware'' of the reports and continuing talks with ''several parties'' to guarantee short- and medium-term financing.
Problem is, we have been hearing this for several months and the situation has only gotten worse.
A collection process started last week after Saab failed to pay some $620,000 in debt. The move all but sealed the company's fate, meaning the bell would toll no later than in December.
Delays in the August payments obviously angered officials from the IF Metall and Unionen labour groups, who publicly stated that if salaries remain unpaid in seven days, they will ask a district court to declare Saab bankrupt.
The Trollhattan plant has basically been on hold since April despite substantial investments by new Chinese partners.
Saab finds itself in a vicious circle, like a jobless person having to pay a mortgage, three loaded credit cards and grocery bills. Nothing short of a miracle could save the company at this point.