Saab owner Swedish Automobile NV said Saab is not insolvent and it will officially dispute a new filing for the carmaker to be declared bankrupt.
On Tuesday, the IF Metall union applied to a Swedish district court for Saab to be declared bankrupt. The union wants to secure wages for workers who went unpaid in August. IF Metall joined two white-collar unions at Saab that have already made the same move.
Swedish Automobile said that Saab has temporary liquidity problems that it expects to solve following planned equity contributions by Chinese companies Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co.
"Saab is not insolvent," it said in an e-mailed statement on Tuesday, adding that regulatory approval from the Chinese authorities for the Pang Da and Youngman investment is expected in November.
Saab applied for protection from creditors earlier this month, but its application was rejected. On Monday, Saab was given leave to appeal. An appeal court could decide as early as Wednesday whether to overturn the lower court's decision. Saab hopes creditor protection will allow it to survive until China's authorities approve a 245 million euro ($333.5 million) investment by Youngman and Pang Da.