Swedish Supreme Court Grants Permission Saab to Appeal Against Denial on Reorganization Plan

The drama involving Saab continues today on a more positive note for the company as a Swedish appeals court has granted the automaker the right to appeal a previous ruling from a lower court that had rejected the company's request for a voluntary reorganization to protect itself from creditors.

Saab issued a short statement saying that it is pleased with the court's decision and will now wait for further developments.

"The Court of Appeal is expected to rule shortly on Saab Automobile’s appeal against the decision by the District Court in Vänersborg to reject Saab Automobile’s proposal for voluntary reorganization," the company added in the statement.

The cash-strapped automaker, which is now controlled by a Netherlands-based company called Swedish Automobile headed by Victor Muller, has more or less halted production since April.