Saab, the aircraft manufacturer turned automobile giant has been an innovator. The first of its kinds to come up with heated seating in automobiles, the company had to file for bankruptcy in Sweden, its home country. Since its entry into the automobile sector post-World War II, its sales peaked in 1988 and again in 2006. However, during the period of 2006-2009, a decline of almost 20.3% was observed in Saab sales.
As per the Swedish Company Reorganisation Act, any bankruptcy application is approved only if a reasonable cause is present which assumes that reorganization will serve the purpose of keeping the company afloat. Reorganization is generally used when a company faces losses but expects to continue in function say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group.
Corporate bankruptcies are tough, especially on the company’s employees. In the case of Saab filing for reorganization bankruptcy, their employees were left hanging without being paid for the previous month. Often corporate bankruptcies can lead to a spate of personal bankruptcies (of employees). In case you are suffering from financial problems as a result of the loss of a job or corporate bankruptcy, you can consult with experienced bankruptcy lawyers at 888-297-6023regarding your predicament.