IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Thursday, September 15, 2011

More on the appeal and the latest bankruptcy request

According to TTELA, the Court of Appeal for Western Sweden has now confirmed that the decision whether the court will reevaluated Saab's reconstruction request or not, will not be reached until Monday next week. If the court decide to reevaluate Saab's request, then the court will need an unknown number of days to reach a decision whether the court will allow a reconstruction or not.

Also from TTELA is the news that the undisclosed company that went to the Vänersborg District Court yesterday and asked that the court declare Saab bankrupt, is the company Edithouse Filmworks AB. It is unknown why the company has taken this step since it is very unlikely that any supplier or service provider will receive a single Swedisk krona if Saab is put into bankruptcy. The CEO of Edithouse Filmworks, Niclas Bergman, says that they will have a meeting with Saab today.

The last piece of news is from DN, and is a report that the head of the Swedish association of automotive suppliers (FKG), Fredrik Sidahl, do not believe that Saab will be able to restart production this year.

"Victor Muller is unfortunately a time optimist. Regardless of what he says, it is not possible to restart production on this side of the year," Fredrik Sidahl told DN.

First the reconstruction will take several weeks and then the suppliers need time to get ready to restart.

"The EUR 70 million which Saab's owner and CEO Victor Muller has promised will come to Saab from the Chinese partners in a "bridge loan" is only sufficient to pay employee wages and electricity for a few months," says Fredrik Sidahl.