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NEVS' reorganization plan approved after all?
Aug 29, 2014 - 10:45 PM - by Saab Forums
Filed under: Europe ([url][/url]), Government/Legal ([url][/url]), Saab ([url][/url])


What a difference a day makes. Thursday, we reported that current Saab ([url][/url]) parent National Electric Vehicle Sweden ([url][/url]) had its application for creditor protection denied by the Swedish court ([url][/url]) for being "vague and completely undocumented." But NEVS was back in court on Friday, and this time the application was granted. However, the story continued to get weirder as defense contractor Saab AB allegedly revoked NEVS' rights to use the Saab name.

NEVS did put out a brief press release confirming the court decision saying: "The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB." The company allegedly has over 90 creditors ([url][/url]), and according to Reuters, it owes them roughly 400 million Swedish krona ($57.56 million) ([url][/url]). The business says that it is in negotiations with two, unnamed companies to get additional funding.

Also, according to Reuters, Saab AB, best known for making fighter planes, has revoked NEVS' rights to the Saab brand name because the company's application for creditor protection gave the defense contractor that right. When NEVS bought Saab, it only acquired the automaker's physical assets ([url][/url]), and had to negotiate for the rights to use the name ([url][/url]).

Autoblog reached out to NEVS to better understand what all of this means for the company moving forward. We'll update this story, if we hear back. Scroll down ([url][/url]) to read the entire, two-sentence press release from NEVS about the court's decision.Continue reading NEVS' reorganization plan approved after all?... [Read More]
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Saab owners NEVS denied creditor protection by Swedish court
Aug 28, 2014 - 10:00 PM - by Saab Forums
Filed under: Sedan ([url][/url]), Europe ([url][/url]), Government/Legal ([url][/url]), Saab ([url][/url]), Earnings/Financials ([url][/url])


The story of Saab ([url][/url]) is practically a Greek tragedy at this point. The quirky Swedish automaker that was once known as a pioneer of affordable turbocharging has been followed by years of news that just seemed to keep getting worse. At this point, maybe the brand name should be allowed to fade away into the ether and be remembered for the good times that it gave us.

Saab's latest predicament is that its parent National Electric Vehicle Sweden (or NEVS) has been denied protection from its creditors by the Swedish courts. According to Reuters, the judges called the business' financing plan ([url][/url]) "vague and completely undocumented." A company spokesperson told Reuters that it plans to appeal.

Seemingly in reaction to the court's decision, NEVS posted a press release on its website announcing that the company had applied "for a reorganization to create more time for the ongoing negotiations." The automaker continues to claim ([url][/url]) that it's negotiating with two global automakers to sell a portion of the company, possibly Mahindra ([url][/url]), but the process is taking longer than it originally predicted. It seems a distinct possibility that this reorganization attempt is simply a way to buy extra time.

With no protection, the Enforcement Authority in Sweden could force NEVS to sell property to pay creditors, of which it allegedly has over 90 ([url][/url]). It said in the statement, "loss of such assets could obstruct finalizing a contract," with the automakers it's negotiating with and dash even the scant hopes the business has of being saved. Scroll down ([url][/url]) to read the beleaguered company's full release.Continue reading Saab owners NEVS denied creditor protection by Swedish court... [Read More]
0 Replies | 44 Views
Saab's latest Chinese owners facing their own credit woes
Aug 16, 2014 - 6:19 PM - by Saab Forums
Filed under: Saab ([url][/url]), Earnings/Financials ([url][/url])


Poor Saab ([url][/url]), it can't seem to get a break. General Motors ([url][/url]) couldn't seem to make a go of it, neither could Spyker ([url][/url]), and now it seems that its latest owner is encountering some problems of its own.

That owner, of course, is National Electric Vehicle Sweden ([url][/url]), a Swedish holding company owned by Chinese investors. NEVS recently restarted production at the Saab plant in Trollhättan, Sweden, and had some ambitious plans for the brand's revival, but it appears to have run out of cash ([url][/url]).

This according to a report in The Wall Street Journal, which discovered that NEVS is having trouble paying its suppliers. One such supplier, called Labo Test, has reportedly been owed some $22,000 by NEVS since February, and without payment, petitioned the Swedish government to place NEVS into bankruptcy proceedings. If that seems a little extreme to you over twenty-two grand, it would seem the parties agree, as the petition has reportedly since been withdrawn.

That doesn't mean that NEVS is in the clear, though. In addition to Labo Test, the Swedish Enforcement Agency (which sounds to us more like the office of the inspector-general of massage therapy) has reportedly received more than 90 additional claims against NEVS.

The Journal reports that, saddled with bills it can't pay, NEVS is trying to find a major automaker with which to partner on a joint venture or potential ownership stake in Saab. Given how that went for GM, we're not sure how easy that would be.Saab's latest Chinese owners facing their own credit woes ([url][/url]) originally appeared on Autoblog ([url][/url]) on Sat, 16 Aug 2014 10:02:00 EST. Please see our terms for use of feeds ([url][/url]).

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