Saab's UK Distributor Veers Into Bankruptcy Protection

Law360, New York (November 29, 2011, 4:16 PM EST) -- Struggling automobile distributor Saab Great Britain Ltd. has sought court protection following months of negotiation with stakeholders in the aftermath of the Swedish automaker's suspension of production, Saab's parent company announced Tuesday.

Swedish Automobile NV said the move came as the distributor faces a shortage of cash needed to pay employee wages and keep the business going, even though would-be buyer Zheijang Youngman Lotus Automobile Co., a Chinese auto manufacturer, has committed funding.

“The board of Saab GB is of the opinion that administration gives the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.