Saab near bankruptcy. Unions take bankruptcy action image

Saab, owned by Netherlands-listed Swan Automobile , has been called to the lower court in the southern Swedish town of Vanersborg, the court said in a brief statement.

Two Swedish unions on Monday asked a district court to formally declare beleaguered carmaker Saab bankrupt so the company’s union members can receive their still-unpaid August wages.

A representative from one of the unions said he thought the bankruptcy process would take three to five weeks.

“The request has been submitted because Unionen’s members have still not received their August wages and the deadline Unionen has given Saab has expired,” Unionen said in a statement.

Production at Saab’s manufacturing plant in Trollhattan, southwestern Sweden, has been suspended for most of the year while the company has struggled to pay suppliers and staff.

However, Saab on Monday announced the latest in a long line of money-raising exercises led by Chief Executive Victor Muller, saying it had arranged 70 million euros ($95-million) in bridge financing with the help of a Chinese guarantee.

In the same deal, Youngman also signed a technology transfer license agreement with SPV for purchasing the license and guaranteeing its payment. The transaction is not yet sealed and the funds will be received when the appropriate documentation is finalized.

In other news, stock exchange operator NYSE Euronext said Monday that trading in the shares of Swedish Automobile NV (SWAN.AE), the owner Saab Automobile, will be suspended and that the stock will be put in the penalty box, after unions filed applications for Saab’s bankruptcy.