Thursday

Saab kicked out of court; preparing for the worst as bankruptcy nears

Saab's effort appears to have failed to get it non-bankruptcy court protection from the millions of dollars it owes to creditors and almost two weeks of employee salaries, according to Automotive News and The Detroit Bureau industry insiders.

While saying it planned to appeal the court decision, the time may be running out along with the cash left in the coffers. An appeal may be meaningless if the Saab worker's union acts, as threatened, within the next few days to force the Swedish company into bankruptcy.

In the court's rejection of Saab's protection attempt, the court noted that it was not clear if or when the white knight investors would come to Saab's rescue. Apparently the court itself feels that if they can't survive on their own and there is no firm date for the check to arrive, then the company's choices aren't pretty but they may be forced on them anyway.

As we've said before, if you are thinking about buying a new or used Saab vehicle, you may want to think again.

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