Just as I published the last post saying we won’t have to wait for it too long PV Väst announces that NEVS are at Vänersborg court with a revised Version of their application.
NEVS states that they have secured a loan of 20 million crowns to get through the first 3-4 weeks of the reconstruction. They also stress that the reason for the reconstruction is not to reduce the liabilities to the creditors and that NEVS intens to pay it all in full.
NEVS expects to have an agreement on a development cooperation for the Phoenix platform in place that will generate obe 1 billion crowns of cash for NEVS. That will be enough to pay off the debt of 400 million crowns and fund the company for another year. My educated guess is that this Partner will be Dongfeng.
The deal with a possible new owner has been negotiated for six months now and according to NEVS the board of that prospective owner has decided to fill this deal with life if some last requirements are met. As I see it, this will be Mahindra.
The decision by the court is expected for this afternoon.