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Saab bankruptcy likely

Date: 09 September 2011

The demise of Saab is looking more and more likely after an application for protection from creditors was rejected by a Swedish court yesterday. It had applied for protection while trying to secure additional funding.

Meanwhile, trade unions are saying they might demand Saab to be declared bankrupt within days, according to the BBC, because workers have not been paid since August.

The carmaker said it was "disappointed" with the decision and will launch an appeal.

Swedish Automobile bought Saab from General Motors in January 2010. This year it announced that two Chinese firms would buy minority stakes in the company but these deals have not yet had regulatory approval in either Sweden or China.

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