NEVS, the company that bought the bankruptcy estate from Saab Automobile in 2012, before applying for bankruptcy protection itself in Aug. 2014, is requesting a three-month extension to complete talks with a potential new owner.
During a creditors meeting on October 8, 2014, a District Court in Vänersborg, Sweden, had decided the company’s reorganization would continue “at the longest until November 29, 2014”.
However, Chinese-backed consortium National Electric Vehicle Sweden (NEVS) said on Sunday that after talking with two “major OEM manufactures” from Asia for the past few weeks, it inked a preliminary agreement with one of the two firms, which intends to become the majority owner in the company and help it develop new models.
NEVS declined to name the Asian carmaker stating that it “cannot be disclosed due to the present non-disclosure agreement between the parties,” adding that the creditors’ committee “has been given some information regarding the negotiations with OEM player”.
NEVS board has yet to make a final decision. Production at NEVS’ Saab plant was halted in May.
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