Saab Close to Declaring Bankruptcy

Saab has moved closer to declaring bankruptcy after they have stated that they do not have enough money to pay their workers. Saab has been having many problems for the past several months in which they have not been able to pay suppliers and they have been stopping many productions before they are finished because they cannot afford to finish them. The Dutch owner of the automaker, formerly known as Spyker Cars, is now putting the brand up for sale since they are trying to get out before they have to declare bankruptcy. But, the question is, can anyone turn Saab around? 


Most people see no future for Saab as it has been allowed to go on too long without having any help to get ahead. The company that does take over Saab is going to have to invest quite a bit just to get Saab back on the right track. However, the spokesperson for Saab has said that they are not heading for bankruptcy. Though, it would seem that it would be hard for the company to not declare bankruptcy. Through right now, the automaker is in discussions with various partners and investors to see if they can come up with the money that is needed in order to keep the automaker afloat. However, they are warning that this may not work for the company at all. 


If the company is not able to pay the employees after all, then the employees could push for a court ordered bankruptcy in order for them to get paid. Which may be the only way in the end that they are going to get paid. The union has told Saab that they expect payment to employees with so many days of the notice that they sent. However, it is unclear just how long Saab will take to respond, or if they will be able to respond at all.

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