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.

Tuesday, August 28, 2012

Bankruptcy administrators demand NEVS pays for Saab by Friday or no deal

Yesterday Swedish Radio P4 Väst reported that the company which has agreed to buy the assets of Saab Automobile, Netional Electric Vehicle Sweden, so far has only made a down payment of SEK 150 million of the agreed purchase price og approx. SEK 1.8 billion. According to P4 Väst, NEVS has had trouble getting the funding for the remaining amount.

Today Dagens Industri reports that the bankruptcy administrators have given NEVS an ultimatum: Pay by Friday of the deal is off.

NEVS does however say to P4 Väst that the company has access to the needed funds.

"We have the needed funds to go through with the business plan and close the deal," said NEVS spokesman Matthias Bergman to P4 Väst.

"It is a complex deal and we are working hard to close it as soon as possible. The funding is not one of the unresolved issues," he continued.

The question remains: Is NEVS a credible buyer of Saab?