As no one had submitted objections to the plans from NEVS to pay their creditors the district court in Vänersborg has approved the application from NEVS to leave reorganization. From now on NEVS has 60 days to pay their creditors in part, the second part will be paid within six months.
We expect that NEVS will publish a press release today. we will keep you informed.
What are the consequences of this step?
First, NEVS has no protection any more from the Enforcement Authority, So NEVS has 60 days to get the money to make this first payment, and I don’t think that any creditor will grant them one more hour.
Second, NEVS can take its own decisions and so it will be much easier for them to sign any contract with anybody.
As of today there seems to be three parties with different interests in NEVS. One wants to be a majority owner, a second one wants to develop cars based on the phoenix platform and the last one wants to build cars in Trollhättan. Which of those contracts will come true nobody knows, but as they don’t exclude each other any combination of the three is possible.
The Saabfestival in June is getting more and more a “must be there” appointment.
Press release from NEVS
Nevs has exited the reorganization
The District Court of Vänersborg 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 Vänersborg 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.
Link to the decision, (in Swedish only)
I haven’t found no new information on the text of de decision of the district court, but maybe my Swedish isn’t as good. 🙁