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Saab Auto may file for bankruptcy

by Administrator 27. July 2011 03:38

Saab Auto, a Swedish car maker, could be forced to file for bankruptcy in as soon as 2 weeks if it does not pay its employees. Saab's Labor Union represents nearly 3,000 workers and, if they are not paid by the end of the week, the union plans on submitting pay stubs that remain unhonored for payment requests. If this should happen, Saab would have one week to pay the claims.

This marks the car maker's second month in a row of failing to pay employees on time. The company was only able to pay its workers last month after selling nearly 600 cars to a Chinese company. Saab's financial issues began last year and even had to stop production when suppliers refused to deliver compenents after they had not been paid.

Swedish law enforcement has received demands for debt collection from 3 different companies claiming $749,000 from Saab.

If you or a loved one has been struggling with debt, you need experienced representation on your side. Contact the Arizona business bankruptcy lawyers of Harmon Law Office by calling 480-829-0494. 

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