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, November 8, 2011

Saab to remain in reconstruction for now

Reuters reports that the court appointed administrator of Saab's reconstruction, Guy Lofalk, says that Saab will remain in reconstruction until further notice. This means that Saab will remain protected from its creditors for now.

Yesterday GM announced its decision to revoke all technology agreements with Saab should Saab be sold to Chinese companies Youngman and PangDa as planned. According to Lofalk, work is now being done to get clarity in the situation that has arisen.

"We will now try to get clarity about what the decision from GM means and if there is any way ahead," Guy Lofalk told Reuters.

Guy Lofalk the administrator of the reconstruction can decide to ask the court to end the reconstruction, but he would not say under what circumstances that would happen. Lofalk told Reuters that talks were already taking place between Saab's current owner Swedish Automobile and the Chinese companies PangDa and Youngman to find a solution.