Saab awaiting Reconstruction extension from Swedish court

Contrary to some prior speculations on the web, Saab’s reconstruction period will not end on May 20.
Saab went into the Vanersborg courts again today and applied for an extension to their reconstruction period. I’ve got a PDF copy of the documents that were lodged, however I can’t lift the Swedish text from the PDF in order to translate, so I’m hoping for a summary to come in soon.
Initial indicators from the document indicate that Saab expect a decision to be made on a future owner at the end of May, though that decision would likely not be made public until up to a month later. The documents also identify that Saab is talking with three potential suitors from an original group of 27.
The word from Saab themselves is that the final decision from the court may take a few days to come through, but they are still covered by the original reconstruction order until that decision is made.
From what I can tell, Saab are confident that this extension should and will be granted.
Auto Motor and Sport have an article on the proceedings.
They say that the court must now take Saab’s proposal to creditors for approval. Saab are proposing a write-down of debts to 25 cents on the dollar with 12 months to pay these debts. AMS liken the choice creditors must make to a choice between the plague or cholera. If they don’t take the 25% then Saab will likely go into bankruptcy and they may see a maximum of 15% or a minimum of zero.
A successful application here will give Saab until August 20 to complete their sale process and stand on their own two feet again. Of course, as mentioned above, Saab expect the sale to be signed and sealed long before then.
That’s all I got right now. If you get more while I’m sleeping, comments are open.

Comments are closed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.