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Major turnaround for Saab

Major turnaround for Saab

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Even though the Saab saga has now reached a saturation point, you have to admit that the automaker is like a stubborn pit bull that keeps fighting and never lets go.

Swedish Automobile, which owns Saab, has just won a court appeal to be given protection from creditors, opening a potential lifeline for the bankruptcy-threatened company.

In Sweden, laws regulating corporate reorganizations stipulate that a court appeal can only be denied if there is reasonable doubt about its chance of success. It looks like the recent promises of financial aid were good enough to convince the court after all.

Following this small victory, Saab will ask the IF Metall, Unionen and Ledarna unions to withdraw their request to have the automaker declared bankrupt.