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May 28, 2012
Bankruptcy
The following articles have been tagged with "Bankruptcy":
Swedish airline Skyways files for bankruptcy
Business & Money: 22 May 12
Swedish budget airline Skyways Express has cancelled all flights after it and its City Airline subsidiary filed for bankruptcy on Tuesday morning.
READ »
Swedish union plea to Obama: 'help save Saab'
Business & Money: 14 May 12
Swedish union IF Metall has written a letter to US president Barack Obama about bankrupt Swedish automaker Saab, hoping for a similar result to the General Motors bailout of 2009.
READ »
'Chinese Saabs' soon to hit showrooms: report
Business & Money: 8 May 12
The Chinese version of the old Swedish Saab 9-5 has come far enough in development that manufacturers are saying it will make the cardealerships' floors at the end of the year.
READ »
Saab fans buy last car off the production line
Business & Money: 5 May 12
Saab enthusiasts have confirmed that they have collected the funds required to purchase the last Saab 9-3 manufactured in the now defunct Saab factory in Trollhättan in western Sweden.
READ »
China's Youngman bids anew for Saab: report
Business & Money: 17 Apr 12
Chinese automaker Youngman has offered to buy bankrupt Swedish carmaker Saab for 3.2 billion kronor ($470 million) and invest more money to restart production in Sweden, according a Swedish media report
READ »
Saab trustees declare multi-billion kronor debt
Business & Money: 10 Apr 12
Saab has a staggering 13 billion kronor ($1.92 billion) in outstanding debts, trustees declared on Monday, as the assets of the bankrupt Swedish automaker go under the hammer on Tuesday.
READ »
Allsvenskan football 2012: a season preview
Lifestyle: 28 Mar 12
This Saturday the Allsvenskan, Sweden’s premier football league, starts a new season. Contributor Nic Townsend takes a look at each team and their prospects for 2012.
READ »
Indian automaker places bid for Saab: report
Business & Money: 6 Mar 12
Indian carmaker Tata Motors have placed a bid for bankrupt Swedish Saab Automobile, according to a financial paper report citing unamed sources close to the deal.
READ »
Turkish firm pulls Saab bid over GM 'rebuff'
Business & Money: 28 Feb 12
A bid by Turkish private equity firm Brightwell Holdings to buy bankrupt Swedish carmaker Saab has been withdrawn over frustration with former Saab owner GM.
READ »
Volvo Cars makes bid for bankrupt Saab: report
Business & Money: 23 Feb 12
Swedish automaker Volvo Cars has placed a bid for large parts of its bankrupt counterpart Saab Automobile.
READ »
SAS earnings hit by Spanair bankruptcy
Business & Money: 9 Feb 12
The bankruptcy of Spanair pulled SAS into the red for 2011, despite improved operating profits, the Scandinavian airline reported on Wednesday.
READ »
Several bids for Saab: administrator
Business & Money: 7 Feb 12
Several companies are interested in buying Saab, confirmed the bankrupt Swedish carmaker's administrators on Tuesday, while currently unwilling to disclose the identities of the bidders.
READ »
'Multi-billion-kronor' bid for bankrupt Saab: report
National: 2 Feb 12
Chinese automaker Youngman has made an offer to buy bankrupt Swedish automaker Saab, according to Swedish media reports.
READ »
Five buyers 'seriously interested' in Saab
Business & Money: 30 Jan 12
As many as five companies have expressed a strong interest in purchasing bankrupt Swedish automaker Saab, a bankruptcy administrator said on Sunday.
READ »
SAS to lose profits over Spanair bankruptcy
Business & Money: 28 Jan 12
Scandinavian airline SAS has been hard hit by former subsidiary Spanair's bankruptcy, and has warned that results would drop by 1.7 billion kronor ($252 million).
READ »
Saab museum saved by Wallenberg millions
Business & Money: 25 Jan 12
The Saab museum of automobile rarities, which has struggled to find a buyer following the company’s recent bankruptcy, has been saved by a Wallenberg-family trust that wanted the museum to remain intact.
READ »
Saab administrator: 'the patient is dead'
Business & Money: 22 Jan 12
Saab's bankruptcy administrator said at a press conference on Saturday that the company "is a patient who has long bled to death and the brutal truth is that the patient is dead", but retained hope that a buyer could be found.
READ »
Volvo wagon Sweden's 'biggest film star'
Society: 20 Jan 12
When naming the Swedish model most often seen on the silver screen, many might guess Greta Garbo. But the correct answer is actually the rather unassuming Volvo 240 station wagon, according to a new ranking.
READ »
Saab unions unhappy with bankruptcy receivers
Business & Money: 9 Jan 12
Cash-strapped carmaker Saab’s four unions are unhappy with the appointed bankruptcy receivers but said on Monday that having them changed "would not help the situation".
READ »
‘Turkish Saab’ would stay in Trollhättan: report
Business & Money: 5 Jan 12
If Saab gets Turkish owners, the company will continue to build cars in Trollhättan, according to Turkish company Brightwell Holdings, which recently entered in the competition over the cash-strapped carmaker.
READ »
Sweden's five biggest news stories of 2011
Analysis & Opinion: 29 Dec 11
As 2011 draws to a close, The Local looks back at some of the stories that dominated headlines in Sweden in the past year.
READ »
Used Saabs hot property
Business & Money: 25 Dec 11
Although 2011 may have ended on a sour note for Saab employees, as the year draws to a close, the cars have suddenly become hot property again for bargain hunters and collectors.
READ »
Saab's US unit hopes to avoid bankruptcy
Business & Money: 22 Dec 11
Saab's North American division is trying to stay solvent in a bid to maintain warranties, while a Swedish insurance company has said it will cover warranty costs for Saab owners in Sweden following the Swedish automaker's bankruptcy.
READ »
Expert: Saab's independent streak 'the beginning of the end'
Business & Money: 21 Dec 11
Decisions by former Saab owner General Motors weren't the cause of the Swedish automaker's bankruptcy, according to a new study, which also found that former Saab management is partly to blame.
READ »
Turkish ambassador: Saab CEO called us
Business & Money: 20 Dec 11
Turkey's ambassador in Stockholm on Tuesday denied reports that her country was interested in purchasing Saab Automobile, claiming Saab CEO Victor Muller had sought a meeting in a last ditch effort to save the company from bankruptcy.
READ »
Muller: Saab bankruptcy 'the darkest day'
National: 19 Dec 11
A Swedish court approved Saab Automobile's bankruptcy petition on Monday afternoon after a dejected Victor Muller, CEO of the embattled Swedish automaker, told reporters it was “the darkest day in Saab's history”.
READ »
Saab hits bankruptcy 60 years after a flying start
Lifestyle: 19 Dec 11
Saab Automobile's decision to file for bankruptcy on Monday ends two years of efforts to save the unprofitable Swedish automaker 60 years after the aircraft manufacturer started making cars.
READ »
'We can bounce back': Trollhättan politician
Business & Money: 19 Dec 11
Hours after the announcement that Swedish automaker Saab has filed for bankruptcy, local politicians in Saab's base in Trollhättan in western Sweden as well as Saab dealers are keeping a brave face.
READ »
Saab files for bankruptcy
Business & Money: 19 Dec 11
After months of teetering on the brink, Swedish carmaker Saab Automobile on Monday filed for bankruptcy protection, ending two years of efforts to save the iconic Swedish brand.
READ »
GM 'won't support' new plans to save Saab
Business & Money: 17 Dec 11
General Motors (GM) said on Saturday it cannot accept any of the proposed solutions presented so far to help save Swedish automaker Saab Automobile, which continues to teeter on the brink of bankruptcy.
READ »
Saab limps along after new Chinese payout
Business & Money: 13 Dec 11
The first share of the money promised to Saab by Chinese Youngman has arrived into the cash-strapped carmaker's accounts, according to company representatives.
READ »
Why Sweden should stay out of the EU budget pact
Analysis & Opinion: 13 Dec 11
European leaders have failed to help solve the current debt crisis, and Sweden shouldn't think of signing on to a plan that amounts to an attempt to remake Europe into a super-bureaucratized dream, argues Swedish liberal commentator Johan Norberg.
READ »
Saab to file for bankruptcy: report
National: 12 Dec 11
Beleaguered Swedish automaker Saab is expected to file for bankruptcy on Monday, according to reports in the Swedish media.
READ »
Lift Saab's bankruptcy protection: administrator
Business & Money: 7 Dec 11
The court-appointed administrator charged with overseeing Saab's restructuring has petitioned a court to lift the beleaguered Swedish carmaker's bankruptcy protection, Saab Automobile confirmed on Wednesday.
READ »
Saab juggles Chinese suitors 'to please GM'
Business & Money: 5 Dec 11
Swedish Automobile, the owners of beleaguered Swedish carmaker Saab have revealed that they are in talks with a new configuration of Chinese partners in what has been described as a bid to appease previous owner US General Motors.
READ »
Volvo to add 10,000 staff: CEO
Business & Money: 28 Nov 11
Swedish automaker Volvo, owned by China's Zhejiang Geely, plans to hire a further 10,000 new staff in the coming years, its chief executive said in an interview to be published Monday.
READ »
Saab backer Antonov released on bail
Politics: 26 Nov 11
Russian financier and former Saab-speculator Vladimir Antonov was released on bail by a British court on Friday, following his arrest in London on suspicion of fraud.
READ »
Saab – what is a Swedish car anyway?
Business & Money: 21 Nov 11
The news that Chinese firms Pang Da and Youngman intend to acquire Saab Automobile, has been greeted by relief, resignation and objection, The Local's Geoff Mortimore explores the twisted fate of an iconic Swedish brand.
READ »
Saab takeover talks go on as deadline passes
Business & Money: 16 Nov 11
Two Chinese companies are continuing discussions on purchasing Saab even though the deadline for the deal expired Tuesday, the beleaguered Swedish carmaker said.
READ »
GM threat to Saab sale 'regrettable': minister
Business & Money: 8 Nov 11
The Swedish government has described as unfortunate a statement by General Motors this week threatening to block the transfer of technology licences if two Chinese companies buy Saab.
READ »
Greece default 'a threat' to Sweden: minister
Politics: 5 Nov 11
Although the Greek PM Giorgos Papandreou won a narrow vote-of-confidence late Friday, Sweden's European Union Affairs Minister Birgitta Ohlsson warned that a default by Greece would directly threaten Sweden's economy.
READ »
Mild autumn weather leaves Swedish retailers sweating
Business & Money: 2 Nov 11
While several parts of Sweden are enjoying the warmest autumn in 130 years, the country's retailers are sweating buckets over the dwindling sales of outerwear.
READ »
Swedish zoo bankruptcy leaves crocs 'homeless'
Science & Technology: 2 Nov 11
The bankruptcy of a Swedish zoo has left three endangered crocodiles homeless and lawyers struggling to find someplace new for them to live.
READ »
Reinfeldt: Greek vote 'signals major problems'
Politics: 1 Nov 11
The Greek government's decision to call a referendum on the eurozone settlement to write down the country's debt, raises uncertainty over the Greek economy, according to Swedish PM Fredrik Reinfeldt.
READ »
Chinese firms reveal Saab profit ambitions
Business & Money: 31 Oct 11
Chinese automakers Pang Da and Youngman, the new owners of Sweden's Saab, have stated that the firm will turn a profit no later than 2014, according to an ambitious plan laid out on Monday.
READ »
'Cautious optimism' over Saab's second escape from bankruptcy
Analysis & Opinion: 28 Oct 11
While the sale of Saab Automobile may have once again helped the troubled Swedish automaker avoid bankruptcy, uncertainties about possible layoffs and obtaining necessary approvals remain, the AFP's Nina Larsson explains.
READ »
'The deal was crucial for Saab': expert
National: 28 Oct 11
In the wake of the news that Saab will be bought by Chinese firms Pang Da and Youngman, The Local spoke to business expert Mikael Wickelgren
of the University of Gothenburg to get some perspective on what this means for the cash-strapped carmaker.
READ »
Chinese firms in deal to buy Saab Automobile
Business & Money: 28 Oct 11
Chinese automakers Pang Da and Youngman have agreed to purchase Saab Automobile, according to a statement issued Friday by Saab owner Swedish Automobile.
READ »
Saab pulls plug on China funding deal
Business & Money: 24 Oct 11
Saab owner Swedish Automobile said on Sunday it had terminated a financing deal with the two Chinese firms, seen by many as the only hope of keeping the cash-strapped Swedish carmaker out of bankruptcy.
READ »
Saab CEO rebuffed Chinese purchase bid
Business & Money: 21 Oct 11
Saab CEO Victor Muller rejected an offer by Chinese investors to buy the troubled Swedish automaker outright, throwing a spanner in previous funding agreements and threatening the company's reorganisation bid.
READ »
Saab restructuring process in danger
Business & Money: 20 Oct 11
The restructuring of Saab could be called off after the company's administrator Guy Lofalk on Thursday applied for the process to be halted, according to a statement from Swedish Automobile (SWAN).
READ »
Volvo's Chinese owner interested in Saab: report
Business & Money: 6 Oct 11
China's Geely, owner of Volvo Cars, has indicated an interest in acquiring a stake in troubled Swedish automaker Saab Automobile, according to media reports.
READ »
Stockholm stock market up on Greek tax vote
Business & Money: 28 Sep 11
At the close of trading on Tuesday, the Stockholm stock exchange OMXS index had risen by 5.7 percent on the back of positive news from Greece.
READ »
Court approves Saab's bankruptcy protection bid
Business & Money: 21 Sep 11
The Court of Appeal for Western Sweden has approved Saab's request for protection from creditors while it carries out a business reconstruction. A lower court had previously rejected the request.
READ »
Third union demands Saab bankruptcy
National: 21 Sep 11
IF Metall on Tuesday became the third trade union to ask a court to place cash-strapped carmaker Saab in bankruptcy in order to secure wages for its members.
READ »
Appeals court to review Saab reconstruction
Business & Money: 19 Sep 11
The Swedish court of appeals has agreed to review the application from beleaugered Saab Automobile to undergo reconstruction, an application which was previously rejected by a lower court.
READ »
Unions file bankruptcy petition against Saab
Business & Money: 12 Sep 11
Two Swedish labour unions have filed a request to force troubled automaker Saab into bankruptcy, the Unionen labour group said in a statement on Monday.
READ »
Saab to appeal creditor protection rejection
Business & Money: 9 Sep 11
Saab will appeal a Swedish court decision to reject the automaker's request for bankruptcy protection, parent company Swedish Automobile announced on Friday.
READ »
Swedish court rejects Saab restructuring
Business & Money: 8 Sep 11
Vänersborg district court in western Sweden has rejected beleaguered carmaker Saab Automobile's applications for business restructuring. Chairperson and CEO Victor Muller responded by declaring the firm's intention to appeal.
READ »
Crisis-hit Saab files for bankruptcy protection
Business & Money: 7 Sep 11
Swedish automaker Saab Automobile has applied for bankruptcy protection as it continues to battle mounting debts, according to a press release from owners Swedish Automobile.
READ »
Saab owner's losses increase ten-fold
Business & Money: 1 Sep 11
Swedish Automobile, the owner of beleaguered automaker Saab, on Wednesday announced a massive loss for the first half of the year and was still hunting for funds to restart production.
READ »
Saab bonuses upheld despite crisis
Business & Money: 27 Aug 11
Despite the ongoing crisis surrounding Saab no action will be taken over payouts and bonuses paid to shareholders, following a government audit.
READ »
Wallenbergs' Italian porn push goes limp
Business & Money: 25 Aug 11
Sweden's powerful Wallenberg family has been left out of pocket following the premature collapse of Italian sport and pornography television channel Dahlia TV.
READ »
Board raised pay while Saab stood still: report
Business & Money: 18 Aug 11
While the cash strapped carmaker Saab’s production lines stood still the board of directors from mother company Swedish Automobile had a pay increase, according to Swedish media reports.
READ »
Saab staff to be paid after new share issue
Business & Money: 3 Aug 11
Employees at troubled Swedish automaker Saab are finally set to get paid salaries for July after Swedish Automobile, the troubled carmaker's Dutch owner, announed Wednesday it was issuing new shares.
READ »
No news from Saab as worker discontent mounts
Business & Money: 1 Aug 11
Five days after Saab employees learned they wouldn't receive their salaries for July, the troubled Swedish automaker has yet to update workers about the situation as union members take steps to force the company into bankruptcy.
READ »
Replace Muller as Saab CEO: local politician
Business & Money: 27 Jul 11
Victor Muller should be replaced as CEO of Saab, a local Swedish politician has argued followed the latest twist in the ongoing cashflow crisis at the beleaguered Swedish car firm.
READ »
Saab subsidiary avoids bankruptcy
Business & Money: 22 Jul 11
Saab subsidiary Saab Automobile Tools has avoided collapse after reaching an agreement with a supplier which had earlier on Friday applied for the firm to be declared bankrupt.
READ »
Supplier applies for Saab subsidiary bankruptcy
Business & Money: 22 Jul 11
A supplier to Saab subsidiary Saab Automobile Tools has applied for the firm to be declared banktupt.
READ »
Rival chain plans ONOFF store takeover
Business & Money: 20 Jul 11
Norweigian electronics concern Expert is planning to buy 30 of the 67 stores in Swedish electronics chain ONOFF, which filed for bankruptcy last week, as well as their central stock.
READ »
ONOFF staff left reeling after bankruptcy: union
Business & Money: 12 Jul 11
Swedish home electronics chain ONOFF's bankruptcy came as a surprise to employees who were ‘shocked’ to hear the news of the chain’s demise on Monday.
READ »
Swedish electronics chain ONOFF bankrupt
Business & Money: 11 Jul 11
Swedish home electronics chain ONOFF filed for bankruptcy on Monday, citing stiff competition, price pressure, and low profits.
READ »
Veolia takes over Öresund train services
Business & Money: 28 Jun 11
Veolia Transport is to take over rail operations on the Swedish side of the Öresund after an agreement reached in light of financial difficulties at Danish-British operator DSB First.
READ »
Muller only member left on Saab board
Business & Money: 27 Jun 11
Saab CEO Victor Muller is the only member left on the board of directors of the troubled Swedish automaker after the departure of several board members in recent days.
READ »
Swedish tourists head to Greece despite crisis
Business & Money: 16 Jun 11
Greece's spiraling economic and political crisis has done little to dissuade Swedes' from choosing the Mediterranean country as a holiday destination, Swedish travel companies report.
READ »
Sweden’s Saab - back to the future?
Analysis & Opinion: 28 Apr 11
With Swedish carmaker Saab once again teetering on the brink of financial disaster a little over a year after it was saved from bankruptcy, The Local’s Peter Vinthagen Simpson reviews the recent trials and tribulations of this once iconic brand.
READ »
Saab faces tough battle to survive: experts
Business & Money: 17 Apr 11
Although the Swedish government helped Saab last week by easing its liquidity issues, many industry observers are skeptical that the company can survive.
READ »
Saab Automobile hires Aussie blogger who 'saved' the company
Business & Money: 16 Mar 11
An Australian blogger with a passion for Saab cars who "played a key role in saving Saab" has been rewarded with a job at the Swedish automaker.
READ »
Four charged in construction scandal
National: 5 Mar 11
Around nine million kronor disappeared in a tangle of false invoicing between four different construction companies in western Sweden. Four suspects have been charged.
READ »
Abba star loses Buddhist temple loan dispute
Society: 26 Nov 10
Former Abba star Anni-Frid Reuss has lost her bid to recoup 46 million kronor ($7 million) she gave to a Qigong temple in southern Sweden.
READ »
Abba star sues Buddhist temple owner
Society: 13 Oct 10
Former Abba star Anni-Frid Reuss (nee Lyngstad) has filed a bankruptcy order against a Qigong healing temple in southern Sweden in a bid to reclaim her money, which the temple claims was meant as a donation.
READ »
Surprise rise in Swedish bankruptcies
Business & Money: 6 Oct 10
Bankruptcies rose 15 percent in September, snapping the streak of declining bankruptcies observed so far this year.
READ »
5,000 Swedish women bear banned fake boobs
Science & Technology: 1 Oct 10
An estimated 5,000 Swedish women have French-made breast implants containing substandard silicone gel, according the Swedish Medical Products Agency.
READ »
Fraud trial captivates local Swedish community
Business & Money: 30 Sep 10
Disgruntled savers from a small Swedish community flooded into a Jönköping court on Thursday to follow the case of Habo Finans, an investment firm which folded taking the savings of almost 780 people with it.
READ »
Saab deal puts BMW engines under the hood
Business & Money: 29 Sep 10
Germany’s BMW will supply engines to Swedish automaker Saab starting in 2012, the company announced on Wednesday.
READ »
Saab reported to debt collectors
Business & Money: 21 Sep 10
Swedish carmaker Saab Automobile has been been referred to the Swedish Enforcement Service for the collection of outstanding debts by the administrative board of Västra Götaland county.
READ »
Swede sought for selling phony iPhones
Science & Technology: 11 Sep 10
An Uppsala businessman suspected of having sold 1,400 counterfeit iPhones to telecom operators in Sweden is under investigation for fraud.
READ »
Stockholm football club coach quits after threats
Sport: 6 Sep 10
Michael Borgqvist has resigned his post as head coach of Stockholm football club Hammarby IF after receiving a number of anonymous threats.
READ »
Carnegie takes over HQ Bank
Business & Money: 3 Sep 10
Investment bank Carnegie has signed a deal to take over crisis-hit sector colleague HQ Bank, with payment amounting to 268 million kronor ($36.8 million) to settle employee stock options and client obligations.
READ »
Ticket holders miss out after Hultsfred closure
National: 24 Aug 10
Hultsfredsfestivalen AB, the firm behind the iconic Swedish music festival which has filed for bankruptcy, is unlikely to offer refunds to any of the 5,000 ticket holders, administrators said on Tuesday.
READ »
Saab and Volvo speed up production
Business & Money: 13 Aug 10
Swedish carmakers Saab and Volvo have both increased production to satisfy rising demand for their cars. Several hundred workers who had previously been laid off have been rehired.
READ »
Over 650 travellers from Sweden stranded in Iraq
National: 29 Jul 10
More than 600 travellers from Sweden are stranded in Iraq after tour operator Flyhome declared bankruptcy on Wednesday. According to the company's trustee, no help is available from the bankruptcy estate.
READ »
Patient at detox gets drunk on Christmas gift
Society: 20 Jul 10
A patient at a detox treatment centre who received aftershave for Christmas was later taken to hospital after becoming intoxicated from drinking the present, which contained alcohol.
READ »
Bankruptcies fall in first half of 2010
Business & Money: 6 Jul 10
Bankruptcies in Sweden declined by 14 percent in the first half of this year compared to the corresponding period of last year, according to a new report on Tuesday.
READ »
Spyker completes Saab payment
Business & Money: 5 Jul 10
Spyker Cars has completed the second and final $24 million payment to complete the purchase of Swedish carmarker Saab from US firm General Motors, the Dutch firm has confirmed.
READ »
Hultsfred festival to file for bankruptcy
Society: 30 Jun 10
The iconic Swedish music festival Hultsfred has cancelled this year's 25th anniversary event and plans to file for bankruptcy after only 5,000 tickets were sold two weeks prior to opening.
READ »
Parties hold firm on euro despite Greek crisis
Analysis & Opinion: 12 May 10
The Local's Peter Vinthagen Simpson and Vivian Tse review party policy as Sweden's backing of a eurozone bailout brings the issue of Sweden's membership of the euro back into focus.
READ »
Bankruptcies fall 25 percent in April
Business & Money: 6 May 10
Corporate bankruptcies have continued to decline in Sweden. In April, bankruptcies fell by 25 percent from the same period last year, according to business and credit information company UC.
READ »
Chinese BAIC expresses interest in Saab investment
National: 2 Apr 10
China's Beijing Automotive Industry Holding Co. has said it wants to invest in Saab after it failed to buy the Swedish car company, according to a newspaper interview published on Thursday.
READ »
Spyker announces Saab jobs boost
Business & Money: 25 Mar 10
Swedish carmaker Saab aims to expand production sixfold over the next two years, and outlined plans to increase its workforce by 500, the firm's new owners, Spyker Cars, said on Wednesday.
READ »
Meet Sanna, 9 years old
Sanna is one of 2 million people in Sweden under the age of 18. Sweden is seen as a good place to grow up. The law makes sure children are well-protected and defends their rights and any organizations work with children's well-being. Read more »
Strindberg, king of drama
August Strindberg's plays shocked society, dazzled audiences and revolutionized drama. A century after his death, Strindberg, with his powerful, timeless themes, is celebrated around the world. Read more »
Prime Minister Reinfeldt chats with The Local »
"If you missed it yesterday, here’s The Local’s editor David Landes snagging Prime Minister Reinfeldt for a chat before Princess Estelle’s baptism. Always nice to know the PM has time for TL!" READ »
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