Court extends Saab reorganization bid until end of November

[Haltech]

Filed under: Europe, Government/Legal, Plants/Manufacturing, Saab



Saab parent company National Electric Vehicle Sweden refuses to go down without a fight. After a recent trip to court, the company is emerging with an extension on its reorganization until November 29. According to Europe Online Magazine, there's also an appointed committee of creditors and union representatives to monitor NEVS' restructuring process.

NEVS still isn't giving up hope of saving itself, and the company claims there are has two potential strategies for getting back on its feet. The main plan is to "finalize the negotiations with the two Asian automotive manufacturers," according to a press release. Those firms still aren't identified, but Mahindra may be involved. According to Europe Online Magazine, one of the businesses is looking to take partial ownership of NEVS, and the other is considering some sort of cooperation with it.

If that plan fails, the second option is to take advantage of the factory and become a contract manufacturer.

The reorganization plan was initially denied by the Swedish court and was then approved a day later. As part of it, NEVS laid off factory employees because the company didn't expect production to restart production for a while and hadn't built a car since May. Scroll down to read the company's two latest press releases about its reorganization.Continue reading Court extends Saab reorganization bid until end of November

Court extends Saab reorganization bid until end of November originally appeared on Autoblog on Fri, 10 Oct 2014 09:15:00 EST. Please see our terms for use of feeds.



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