The Court of Appeal in Gothenburg, Sweden has approved Saab's filing for a voluntary reorganization.

The Court of Appeal in Gothenburg, Sweden has overturned a lower court's ruling and approved Saab's filing for a voluntary reorganization.

As such, the company has launched an "efficiency improvement initiative" which aims to make Saab more flexible and cost competitive. The end goal is to secure the company's short-term stability while awaiting approval of the Pang Da and Youngman deal.

Saab will also request the court to cancel bankruptcy petitions by the IF Metall, Unionen and Ledarna unions. However, the company said "headcount reductions cannot be ruled out" so the unions might put up a fight.

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