You are browsing the archive for NEVS.

Profile photo of Red J

by Red J

NEVS applied to leave reorgnization

April 8, 2015 in NEVS

According to the local newspaper ttela.se and to SwerigeradioP4 NEVS has applied to the court to terminate the reorganization period on the 14th of April.

They have chosen the 14th of April as the composition can be appealed until the 13th of April.

This is an already announced step, but it has been done now. After the 14th of April NEVS will be in a better position to negotiate with the new partners.

Next step is to present the cooperation contracts or new ownership contracts, and I don’t think we will have to wait long for that.

Nevs’ composition proposal approved by Court

March 23, 2015 in NEVS, Press Releasse

SAAB Factory March 2013A press release from Nevs today;

The District Court of Vänersborg today approved the composition proposal earlier presented by Nevs, as the stipulated number of creditors’ votes needed for the court to decide in favor of the composition proposal was achieved.

The number of present creditors entitled to vote, and those who on beforehand had approved the proposal and signed a proxy for the Administrator to vote for them, amounted to 98,2 percent of the creditors and 98,6 percent of the amount of the debt.

The composition means that claims up to 500’000 SEK will be fully paid, and that claims above 500’000 SEK will be reduced by 50 percent. Of a total of 573 creditors 469 will get their full claim paid.

The payments will be performed in two steps. The first within 60 days from the date that the Court’s decision is legally valid, and the second step within six months from the same date. The composition as well as the operating costs for the coming months will be financed by Nevs’ main owner. Nevs intends to apply for exiting the reorganization as soon as the composition is legally valid in mid-April.

“A composition was needed for Nevs to exit the reorganization in order to be able to sign commercially viable agreements with our OEM and financial partners we have been in dialogue with for a long time. We appreciate the support from our suppliers, with whom we want to continue to develop long-term relations”, said Mattias Bergman, President Nevs.

“My duty as Administrator is to secure that the composition is favorable for both the company and the creditors. Todays’ decision creates possibilities both for the development of Nevs’ business as well as future business potentials for the creditors”, said the Administrator, Attorney Lars Eric Gustafsson, Hamilton Law Firm.

Profile photo of Red J

by Red J

The next Milestone

March 22, 2015 in NEVS

1047289
Tomorrow Monday March 23 is the next important day in the process of NEVS togged afloat. Tomorrow the creditors will decide if they agree with the plan from NEVS where debts under 500.000 SEK will be payed in full, and the rest will only be paid in half. It is said that NEVS will save with this plan about 300 Million SEK.

Rumours on the Swedish Press say that tomorrow a positive outcome should be expected. But even a positive outcome will not be the light at the end of the tunnel but maybe a big torch to help NEVS find that end of the tunnel.

The reorganization of Nevs is prolonged

March 11, 2015 in NEVS, News

Today, 11 March, the District Court of Vänersborg, decided that the Reorganization of Nevs shall continue for an additional time period of three months, until 29 of May 2015.

 

Nevs applies for prolonged reorganization and composition proceedings

February 26, 2015 in NEVS, News, Press Releasse

Today, Thursday February 26, 2015, National Electric Vehicle Sweden AB (Nevs) applies for prolonged reorganization and composition proceedings to the District Court in Vänersborg.

In a meeting at Nevs today, the company and the reorganization administrator will inform present creditors of the composition proposal sent earlier, together with Nevs’ goal and plan to exit the reorganization.

Profile photo of RobinM

by RobinM

Press Release from Nevs

February 19, 2015 in NEVS, Press Releasse

A composition to get Nevs out of reorganisation

National Electric Vehicle Sweden AB, Nevs, provides unsecured creditors a composition proposal in order to exit the reorganisation. It creates the conditions for completion of ongoing negotiations with two major OEMs and the implementation of a new business plan together with partners and owners. Nevs’ owners and management has noted the difficulty of completing this type of complex negotiations during a reorganisation and the risk premium it implies. The current negotiations, together with two major OEMs, are mainly focused on two tracks that are complementing each other. One is to form a technical joint venture company in Trollhättan and the other is to introduce a new majority owner in Nevs, with the plan of making Saab cars a global premium product.

-     The negotiations are progressing but we also see the complication of reaching an agreement when we are in a state of reorganisation. Our main owner has single-handedly financed the reorganisation and intends to get us out of it. In order for this to be possible financially, we need to reach a composition arrangement with the creditors, says Nevs CEO, Mattias Bergman.

The composition proposal includes a composition of 50 percent for unsecured creditors on claims over 500’000 SEK. Meaning that from a total of 573 creditors 469 will get their full claim paid, and 104 creditors will have their claims above 500’000 SEK reduced by 50 percent.

-     Provided that Nevs’ composition proposal is accepted, it is my judgment that the prerequisites are favorable to also reach an agreement with a financially strong OEM, and thereby enabling a continued business potential for the creditors. With this said, it is my opinion that accepting the composition proposal is advantageous for the creditors. The alternative of a liquidation would likely result in a lower dividend several years later, says the Administrator, Attorney Lars Eric Gustafsson, Hamilton Law Firm.

All creditors are invited to an information meeting at Nevs in Trollhättan on 26 February.

Attached is the Administrator Report. Click here to read it on Hamilton law firm’s website. 

Mikael Östlund Director Communications and Public Affairs

Profile photo of till72

by till72

NEVS’ Reorganisation Prolonged

December 11, 2014 in NEVS, News

Good news come from Vänersborg, after yesterday some creditors expressed their doubts about the plan to write down their demands towards NEVS. Obviously they still see a point in NEVS’ plans and this morning the District Court decided to prolong the reorganisation. Here is the press release from NEVS:

The reorganization of Nevs is prolonged

The District Court of Vänersborg, today December 11, decided that the Reorganization of Nevs shall continue for an additional time period of three months, until March 2, 2015.

“I am glad that the District Court has decided to prolong the Reorganization. We need the time the prolongation allows to concretize and finalize the ongoing negotiations” said Nevs’ President Mattias Bergman.

Let’s hope there will be a final and viable solution on the table in March.

Göran Fredriksson has left NEVS

November 4, 2014 in NEVS

göran fredrikssonGöran Fredriksson has left his position at NEVS after his contract expired with the company, he worked actively with information and marketing issues for NEVS and he is one of the persons at NEVS that I have had most contact with and it has been an absolute privilege to work with him!

Göran always answered the phone with a “smile” when I called and he always showed great joy and enthusiasm for what we wanted the fans to be able to see at NEVS. I also know he spent a great deal of time and resources making sure that people test driving NEVS cars were given a very memorable experience!

Göran also actively participated in every one of SU’s visits to NEVS which made them an absolute pleasure for all of us. Göran was one of the key people at NEVS who worked the most on NEVS participation in Maptun Meet 2014 where many of you fans got to talk with him and that participation turned out absolutely great. Much thanks to Göran so many of you fans got to test drive the 2014 9-3 Aero at the event and I know you all loved the experience!

NEVS has lost one of its greatest assets that the Saab world really needs to get back and even though I know that NEVS are currently not in a position to hire people at the moment, all of us at SU hope that NEVS will be able to bring Göran back as soon as possible to continue to bring the Saab brand back!. But until he ends up back at NEVS or with some other company I’m sure that he’ll enjoy his rides in his Saab or equally so on a motorcycle! =)

Lastly I want to say that all of us at SaabsUnited have greatly admired the work that Göran has performed at NEVS and we would like to thank him so much for all that he has done and wish him well on his future endeavors!

/ The whole SaabsUnited Team