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.

Monday, September 12, 2011

Saab's appeal received by the Vänersborg District Court

Vänersborg District Court now confirms that it has received Saab's appeal on the court's rejection of Saab's application for voluntary reconstruction of the companies Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB.

The District Court will send the appeal over to the Court of Appeal for Western Sweden tomorrow Tuesday.

According to Swedish news agency TT, Saab asked that the application would be held confidential, which the court did not approve. 

So it seems that Saab missed the deadline at 15:30 CET and the appeal was not sent to the Court of Appeal today. The appeal will therefor be sent from the District Court to the Court of Appeal tomorrow and the decision of the Court of Appeal will thus be one day later than expected. We can also assume that this application contains information that Saab wanted to keep confidential, and this information probably concerns the founding plans.

Saab has now published a press release confirming that the appeal has been filed. In the press release Saab says that the EUR 70 million bridge funding announced earlier today is expected to be finalized by 26 September. Furthermore that the Chinese companies Pang Da and Youngman intend to contribute more capital to Saab than the EUR 245 million in initial equity. The EUR 245 million is a buy-in investment and addition capital will be contributed.

Also worth noting from the press release is the mention of a patent application for Saab Automobile-developed extended range propulsion technology (EREV) that would considerably reduce fuel consumption in next-generation Saab vehicles. Is this the e-AAM hybrid system, or something completely different?

In the press release Saab also claims that the District Court applied a much stricter standard of proof than is required under the Act when examining Saab's application for voluntary reconstruction and then rejecting it.