Saab Seeks Reorganization Amid Wait For Chinese Funds

Law360, New York (September 07, 2011, 12:52 PM ET) -- Stalled automaker Saab Automobile AB filed for reorganization in Sweden on Wednesday in an effort to fend off creditors and free up cash for unpaid workers as it awaits needed financing from Chinese investors.

Saab and two Swedish subsidiaries sought court protection to husband company resources and secure critical bridge funding until equity investments from a Chinese joint venture kick in, Saab’s parent company Swedish Automobile NV said. All overseas entities, including units in the U.K. and the U.S., are excluded from the reorganization, it said....
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