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, December 12, 2011

No Saab bankruptcy today

Earlier today it was reported that Saab's owner Swedish Automobile was preparing to file for bankruptcy in its Saab subsidiaries. But so far no bankruptcy filings have been handed in to Vänersborg District Court.

"A bankruptcy filing has not been submitted, that much I can say. But it is clear that it is a possibility if we do not come to a solution. Each day that passes is a day too much, especially without salaries paid. But Youngman is not out of the picture," Eric Geers, Executive Director Communications, said to TTELA.

According to different Swedish news providers, there is supposedly a disagreement in the Swedish Automobile board on how to proceed. Victor Muller is reported to have arrived in Stockholm this afternoon and ready to continue the work to save Saab. At the same time news reports say that if Saab has not paid incurred taxes by the deadline this evening or Saab does not file for bankruptcy today, Victor Muller can be held accountable for unpaid taxes. This could also be a reason why Martin Larsson,  Executive Director New Business Development at Saab, today in an email to the company register office declared that he has left the board of Saab.

That would make Victor Muller the only member left in the Saab board. Presently (Monday evening) Victor Muller is reported to be in a meeting at the Swedish National Debt Office. It is unclear what the purpose of this meeting is.

There has been speculations that Youngman has paid the November salaries, but Saab says no money has so far been received by the company, but the salaries are a top priority.

"At this point, it is getting finance in order to first of all pay salaries and get going, but these salaries have not arrived. At this point nothing has arrived," a Saab spokesperson told just-auto.

But the spokesperson could confirm that there are still discussions with Youngman ongoing.

"There are discussions ongoing with Youngman and obviously it is taking far too much time, we know that. It is tough, it is very tough."

Since no bankruptcy filing has been handed in to the Vänersborg District Court today, one can assume that Victor Muller still believes that Saab can be saved, or at the very least that money to pay taxes and salaries will be raised in time.

According the Netherlands Authority For the Financial Markets, AFM, a press release from Swedish Automobile is expected shortly and therefore the trade in the SWAN stock has been suspended until further notice.