Saab is currently buried in debt. National Electric Vehicle Sweden (NEVS), the (not at all Swedish) consortium that runs it has been waging a constant battle with creditors wanting their money back, while at the same time trying to restart production and get the promised electric makeover of the brand underway.
Yesterday, Reuters posted a report stating that a Swedish court denied Saab execs’ request to enter a creditor protection program which would have shielded them from forced asset sales. The court’s arguments were that the company’s business case was flimsy and it lacked a clear long-term plan.
NEVS was reportedly in talks with two major automakers to inject cash into the company and they were reportedly going to appeal the decision.
That’s exactly what they did less than one day after the original story broke, with NEVS filing a new application for protection from creditors while it completes funding talks, which was accepted by a Swedish court on Friday.
The company made the following official announcement:
“The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB.
The District court has appointed Mr. Lars Eric Gustafsson, Attorney at Hamilton law firm in Stockholm, as administrator during the reorganization period.”
Note: First 9-3 EV prototype pictured
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