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Saab Steers Clear of Bankruptcy – for Now

Workers agree not to press for bankruptcy – but factory remains closed til Aug 29 at earliest.

by on Aug.08, 2011

It could be Aug. 29 before Saab's Trollhattan plant begins running again.

It’s becoming almost the norm for Saab, the maker fighting off yet another threat that could drive it into bankruptcy.  This time, however, it’s the maker’s workers who were threatening to deliver the coup de grace.

The union representing 1,600 salaried employees in Sweden had been ready to go to court to push the company into bankruptcy in their pursuit of paychecks that had been due last month.  The company quickly came up with the necessary cash – but still hasn’t found the money it needs to get suppliers to start shipping parts to the factory in Trollhatten.

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Saab had been hoping to re-open the plant by last week.  But parts manufacturers have been boycotting the headquarters factory since late March, leading to a growing shortage of Saab 9-3 and 9-5 models – and further complicating the struggling Swedish maker’s efforts to stave off collapse.

“We still need to reach an agreement on a delivery plan with suppliers,” said spokeswoman Gunilla Gustavs, who says the maker likely won’t re-launch production until at least August 29th.

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