STOCKHOLM -- Saab gained fresh breathing room in its fight for survival today when it won a court appeal to be granted protection from creditors while it awaits Chinese investment.
A court of appeal in west Sweden overturned a lower court decision which had rejected allowing Saab the protection it sought, known as a reconstruction.
The appeal court said there was "no reasonable reason to consider that the goal with a reconstruction cannot be met."
Saab hopes creditor protection will allow it to survive until China's authorities approve a 245 million euro ($334 million) investment by car firms Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co.
Saab owes August wages to its around 3,600 workers and 150 million euros ($207 million) to suppliers.