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Saab carmaker NEVS wins creditor protection

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Saab carmaker NEVS wins creditor protection

China’s National Electric Vehicle Sweden (NEVS), the owner of the Saab automaker since 2012, has won protection from creditors thanks to a Swedish ruling last Friday. The company asked for the court ruling as it concludes funding talks.

The company has not built any cars since May due to a money shortage and this court decision gives it some space from creditors. The carmaker owes around $57.56 million US dollars. That is quite some relief! Saab AB, the defense firm from which Saab Automobile was created in 1990, added to NEVS’s issues – arguing it has lost its right to use the brand name Saab.

A spokesperson for Saab AB said that NEVS’ application for creditor protection gave Saab AB the right to cancel the brand agreement. A spokesman for NEVS stated that the company expects to be able to renegotiate the Saab brand agreement following a solution to its funding issues.

The first application from NEVS for creditor protection was rejected by the court, with the second one filed last Friday ending in a win for the Saab buyer. NEVS has been in talks with two unnamed car producers to get an additional budget for a possible turnaround. The company made a pretax loss of 601 million crowns (around $85,8 million U.S. dollars) on sales of 41 million last year.

By Gabriela Florea

by Aurel Niculescu (my Google+) - Monday, September 1st, 2014 - filed under Industry, News, Saab. Image credit: .
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