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SAAB BANKRUPTCY BATTLE

SAAB

Court approves Saab’s bankruptcy protection bid

A Swedish appeals court on Wednesday gave the green light for beleaguered carmaker Saab to reorganise under bankruptcy protection, delaying what had appeared to be the company's imminent demise.

Court approves Saab's bankruptcy protection bid

“The appeals court reverses the district court ruling and allows Saab … to reorganise,” the Appeals Court for Western Sweden said in its decision.

The ruling places on hold thousands of individual requests that Saab be declared bankrupt by company employees and union members who have yet to receive their August wages.

It also makes it possible for Saab’s around 3,700 employees to receive their salaries.

Saab also has towers of unpaid bills from suppliers, some of which have also requested it be placed in bankruptcy.

The appeals court said the district court’s finding that Saab was lacking in the goodwill and brand strength needed for the reorganisation to succeed was unfounded and gave the company three months to turn itself around.

“In this case, the appeals court deems that a more in-depth probe could show that there is a basis for a successful reorganisation,” it said.

After 12 weeks, the bankruptcy protection would be lifted if no extension request had been filed and granted, it said.

Saab’s Dutch parent company Swedish Automobile has argued it only needs to keep its creditors at bay until regulatory approval goes through for its anticipated cash injection of €245 million ($335 million) from its

Chinese partners Pang Da and Youngman.

The company, which says it has about €150 million in outstanding debt, has said it expects that cash influx in November.

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TROLLHÄTTAN

Trollhättan remembers school attack victims

Hundreds of people on Saturday turned out for a torchlight procession in the small town of Trollhättan in southwestern Sweden to honour the victims of last year’s deadly school attack there.

Trollhättan remembers school attack victims
'It was an attack on all of Sweden,' Education Minister Gustav Fridolin said. Photo: Thomas Johansson/ TT

Three people were killed in an attack that shocked Sweden as a masked, sword-wielding assailant entered the school, stabbing students and teachers who appeared to be of foreign origin. Several people were also injured. The attacker, 21-year-old Anton Lundin Pettersson, was then shot dead by police.

“It was an attack on all of Sweden,” Education Minister Gustav Fridolin said as the procession ended outside the school.

In the week running up to the one-year anniversary, students of the school had made thousands of postcards in memory of the teacher, pupil and teacher aide who were killed in the assault.

A police investigation has showed that Lundin had planned the attack, which lasted around 10 minutes, after being inspired by racist websites.

A teenage student told The Local at the time that many people at the school at first thought it was some kind of a prank.

“I was in a classroom with my class when one of my classmates’ sisters called her to warn her that there was a murderer at the school. So we locked the door to the classroom, but our teacher was still outside in the corridor.”

“We wanted to warn him, so a few of us went outside and then I saw the murderer, he was wearing a mask and had a sword. Our teacher got stabbed.”

“The murderer started chasing me, I ran into another classroom. If I had not run, I would have been murdered. I’m feeling really scared. Everyone’s scared here.”

Trollhättan is an industrial town with around 50,000 residents.