Saab get court approval for debt reduction
June 17, 2009 in Archive
Not that it was really in too much doubt……but Saab received approval this morning to write down its debts, which was the next step in its reconstruction process.
Saab’s administrator, Guy Lofalk, said that in total, Saab had 579 creditors in total and that he had 472 approvals in hand, over 81% of the creditors by number and over 93% of creditors by value.
Apparently one branch of the Swedish government withheld approval, saying that they didn’t have enough information about the new owners to make a decision. Communication problem there?
Anyway, that part of the procedure is now over and done with. Saab’s debts will be written down by 75% and they will have 12 months to pay the balance outstanding.
Source: TTELA
