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Saab owner files for creditor protection, Swedish court rejects it

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Saab owner files for creditor protection, Swedish court rejects it

The tumultuous recent history of the well-known Scandinavian automaker has entered yet another unfortunate chapter. NEVS, the Chinese backed owner of the brand has filled – unsuccessfully – for protection against its creditors.

China’s National Electric Vehicle Sweden (NEVS), a company that was formed when it acquired the bankrupt assets of the Saab carmaker back in 2012, announced it asked for short-term protection from its creditors. The measure was a way of supporting the automaker’s search for funding, as it said it entered talks with two important carmakers.

“The tripartite negotiations we have with two global vehicle manufacturers are still progressing, but are complex and have taken more time than we predicted,” NEVS President Mattias Bergman said in a statement on Thursday. “We need additional time to complete the negotiations and reach an agreement.”

“For instance, there is no reasonably exact information about financing needs over time or regarding the timing and size of funds that may be received,” the court quickly replied in a statement.

As it turns out, the Swedish court decided to reject the filling. It further added that the NEVS filling has “vague and completely undocumented” funding ideas, which clouded the long-term strategy and future of the company.

Via Automotive News Europe

 

by Aurel Niculescu (my Google+) - Friday, August 29th, 2014 - filed under Industry, News, Saab. Image credit: .
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