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Saab Denied Court Protection from Creditors
Saab owner National Electric Vehicle Sweden has lost a bid to gain court protection from its creditors while it continues to seek new funding, Reuters reports.
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Saab owner National Electric Vehicle Sweden has lost a bid to gain court protection from its creditors while it continues to seek new funding, Reuters reports.
NEVS says it is in partnership talks with two carmakers, but the Swedish court found the company's plan "vague and completely undocumented."
The Chinese company acknowledged two weeks ago it had run out of money to pay its suppliers and reportedly faced €393,000 in overdue payments recorded by the Swedish Enforcement Authority. Reuters says many vendors have agreed to await the outcome of NEVS's funding talks, but at least one has filed (and then withdrawn) a motion to declare the company bankrupt.
NEVS has been trying to relaunch Saab as an electric-car maker since acquiring the bankrupt brand in 2012. The company began low-volume production of conventionally powered Saab 9-3 sedans last year in hopes that sales would help fund the EV model, originally expected to debut this year.
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