Saab’s Voluntary Reorganization Could be Terminated
ZEEWOLDE, THE NETHERLANDS - Saab's parent company has been informed by the administrator of the reorganization that he will apply to end the process, which would remove Saab's current protection from its creditors.
ZEEWOLDE, THE NETHERLANDS – Swedish Automobile N.V. (Swan) reported it has been informed that the administrator of the reorganization, Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and its two subsidiaries with the District Court in Vänersborg, Sweden. Terminating the reorganization process would end Saab’s current protection from its creditors and lead to the Court declaring the automaker bankrupt.
Saab Automobile said it and its creditors have five to six days to submit their views to the District Court in Sweden before the Court makes a final decision about terminating the reorganization process. Saab said its discussions with Youngman regarding funding continue.
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