Saab Announces End of Reorganization

Saab Announces End of Reorganization
Saab Announces End of Reorganization

Saab has been going through a discouraging era over the last few years, and at the end of August 2014, it entered a state-mandated reorganization process after previously filing for insolvency according to CarScoops on Friday.

Now, the owner of Saab, NEVS, has managed to pull the company out of reorganization so hopefully they can now concentrate on making cars.

In the official statement published on the NEVS portal, they state the following:

“The District Court of V?nersborg has today, April 15, 2015 decided that the reorganization of Nevs shall cease as the purpose of the reorganization is fulfilled.

The reorganization of Nevs was initiated August 29, 2014 for a period of three months. The reorganization was prolonged for a period of three months at two occasions, December 11, 2014 and March 11, 2015.

On March 23, 2015 the District Court of V?nersborg approved the composition proposal by Nevs after a vote where 98,2 percent of the creditors representing 98,6 percent of the amount of the debt was in favor for the composition. On April 14 The District Court’s approval of the composition became legally valid.”

As a reminder, under NEVS, Saab did recommence manufacturing, although it can’t actually be called a production restart; they made a handful of old 9-3s with conventional engines. We’re still waiting on the EVs they said they were going fully switch to.

After struggling to avoid insolvency throughout 2011, the company petitioned for bankruptcy following the failure of a Chinese consortium to complete a purchase of the company; the purchase had been blocked by the former owner GM, which opposed the transfer of technology and production rights to a Chinese company.