By Marcus Leach
Swedish carmaker Saab are set to go bankrupt in a matter of days after their application for protection from its creditors was rejected by a Swedish court.
This news has prompted Swedish trade unions to announce that it could be just a matter of days before Saab declare themselves bankrupt.
Saab had applied for protection while trying to secure additional funding, having had to suspend production back in April.
Vanersborg district court rejected Saab's application because it did not believe it would work, however, Saab have the right to appeal and may yet do so.
"They are more or less broke and now the company is in the hands of the unions," said Tom Muller, analyst from Theodoor Gilissen in Amsterdam.
"We will now thoroughly analyse the new situation. If the company doesn't find another solution or file a bankruptcy request themselves, we may be forced to [demand Saab's bankruptcy] in the next few days," Blue-collar union IF Metall's leader, Stefan Lofven, said.
Join us on