SAAB is on the brink of bankruptcy after the car maker admitted it cannot pay the wages and salaries of its 3700 employees.
Losses, sustainable under the previous owner, General Motors, are on the verge of overwhelming Saab's Dutch parent, Swedish Automobile, which was forced to stop salary payments for 1500 factory workers on Thursday. The IF Metall union set the clock ticking on the company, warning it would enforce bankruptcy proceedings to reclaim the unpaid wages within a fortnight.
http://www.smh.com.au/business/saab-faces-bankruptcy-20110624-1gjje.html
