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Car Company Gets Bankruptcy Approval

A Swedish car company has finally been approved for bankruptcy protection, a necessary move to save it from financial ruin.

News sources say that a court approved the business bankruptcy this month, giving the company extra time until it receives much-needed funding from Chinese investors. By overturning a lower court's decision, the car company was given three months protection from creditors, many of which have already filed petitions against the company.

Since 2010, when the American parent company sold it to a company in the Netherlands, the auto maker has seen many financial troubles. Last year the company was forced to shut down production in an attempt to pay staff and suppliers. However, all of this will change when the company receives a massive cash infusion in the amount of $335 million. That is, if Chinese authorities actually approve the deal.

In addition to the loan, the company plans on reviewing its existing finances and manufacturing process to see where costs can be reduced across the board.

Planning to file for business bankruptcy to address your company's debt? If so, contact Bizar & Doyle, LLC today to set up a time to speak with our knowledgeable Chicago bankruptcy attorneys. We can help you confront the financial challenges your business is facing.

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