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Sweden appeals court approves Saab's reorganization

(Xinhua)

09:58, September 22, 2011

STOCKHOLM, Sept. 21 (Xinhua) -- Court of Appeals for western Sweden Wednesday approved Saab Automobile's reorganization and the workers can get state salary guarantee, according to a report from Swedish News Agency TT.

"In this case, the Court of Appeals judged that a thorough investigation shows that conditions for a successful reorganization exist," the court said in a statement.

The labor unions reacted positively to the court's decision.

"We shouted here in the corridor, that was fantastic, and now all the members of the Unionen's Club can get their salaries," said Anette Hellgren, chairman of Unionen's Club in Saab factory in Trollhattan.

"That is naturally very important that it is very positive for our part," said Hakan Skott, Saab's IF Metall Club Chairman in Trollhattan to TT.

"Now it is a bit calm for the company and the employees since people can get their salaries through the salary guarantee," Skott said.

Saab Information chief Eric Geers also expressed that it is a good news.

"This news means a lot for all our partners including our Chinese partners," Geers said.

Saab Automobile said it has an agreement with Chinese Youngman and Pang Da about a 70-million-euro (about 96 million U.S. dollars) loan out of the 245 million euros (334 million U.S. dolalrs) investment to buy Saab to become part owners of Saab Automobile.

This money is very necessary for Saab restructuring, said Geers.

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