Request for new administrator

Saab and Guy Lofalk have this afternoon filed a request to the court requesting a new administrator to replace Guy Lofalk.

In a fax to the court, Lofalk writes:

I have not had the opportunity to evaluate the new financial plan in detail. My view is that the new structure agreed upon between Saab and Youngman is such that it deserves a new administrator to be put in my place.

Lofalk goes on to explain the need for a fresh approach to the question at hand.

Lars-Henrik Andersson is nominated and has agreed to the assignment should the court decide to let the reconstruction continue.

SVD has more on this development (english translation).

Request to terminate reconstruction withdrawn *Updated

The court issued a press release today stating that Guy Lofalk has withdrawn his petition to end the reconstruction phase. The scheduled meeting with the creditors October 31st 10am will be held.

“(…)Pang Da and Youngman will finance the reconstruction as well as the business plan.” writes Guy Lofalk. “(…)this must be looked into before making a decision to terminate the reconstruction”

From TimR:
Yesterday evening, news reached SU from a secure source that the sales price is supposed to be 100 million euros for 100% of the company. The request from Lofalk confirms this development.

Saab’s filing with the court

At 3:48pm, Saab’s General Counsel Kristina Geers sent an e-mail to the court notifying them that Saab, for the moment, has no statement to make pending further discussions with interested partners.

Saab and its owner is currently engaged in intensive negotiations with relevant investors securing future continued financing of Saab’s business. The outcome of these negotiations, that are very close to being finalized, are vital to be able to present the court with the statement requested. As a result, Saab cannot provide a statement at this time. Saab intends to fulfill the request as soon as possible. Saab is conscious of and respects the schedule the court is following.

The e-mail had been printed, scanned and then published on the court’s webpage. I have translated it very quickly and the gist of it is as follows: More information will follow.

Saab has filed for a time extension

According to TTela, Saab has petitioned the court for an extension to their original 1pm deadline today.

The court granted their request and are now waiting for more information from Saab concerning Saab’s desire to continue the reconstruction process.

From 14:08

Saab is late with opinion to the district court

At one o’clock on Thursday was the deadline for Saab to file its response to the district court in Vanersborg, where they must justify why the reconstruction will continue. But still, no documents have been received from Saab.

Last Thursday came the news that Saab Automobile’s administrator Guy Lofalk requested that the reconstruction be canceled because the company is out of money. Then 13 days Thursday Saab must present its reasons to the district court why the reconstruction should continue.

But at one o’clock on Thursday afternoon, the district court in Vanersborg not yet received Saab’s opinion.

“Time has passed, but given how important the issue is I do not think it will be totally impossible. But they can not come in with their opinion how late any time because we will decide tomorrow Friday,” says Elisabeth Lindstrom, court secretary in the district court in Vanersborg.

According to Judge Cecilia Tisell the district court in Vanersborg, Saab has not asked for more time, writes TT. According to her, Saab must immediately get into the documents if they want to ensure that the district court to consider their response.

The district court may make decisions but Saab’s opinion, she says.

“In that case, we base our decision on the administrator duties. We will be working on this afternoon,” said Cecilia Tisell said.

At Saab says Ms Gustav of Communications to that “all interested parties have been in communication with the district court in the case of Saab’s reply,” but confirms that no “official document” has been submitted.

Have you asked for more time on you?

“The only thing I can say is that we have been in contact with the district court.”

Will you be submitting a response to the district court?

“We must come back to [them].”

There is no doubt that Saab must provide strong and credible reason for the reorganization will continue, after the administrator Guy Lofalk has requested that the reconstruction be interrupted.

Saab must be concrete in its opinion, says Elizabeth Lindstrom.

“I do not want to speculate on the reasons the company would come up with. But can they prove that it has received money in the account, it is clear that it would prove that the reconstruction will continue, given that it has been the economy that has been the reason for the administrator Guy Lofalk requested that the reconstruction would be stopped.”

According to Elizabeth Lindstrom, Saab must show either that Guy Lofalk have been wrong in its conclusions, or that circumstances have changed.

Saab confirmed on Thursday by Ms Gustav on the company’s communications department, that the negotiations with Pang Da and Youngman continues. Under an agreement signed in July, the Chinese companies to acquire 53.9 percent of Saab Automobile to 245 million, around 2.2 billion. But according to the Dagens Industri want the two companies now instead acquire the entire Saab Automobile.

On Friday, taking the district court in Vanersborg decision on whether the reorganization should continue or not. Will there be a no, the company is again under bankruptcy.

Bulletpoints From Saab’s Reconstruction Appeal

In the third and fourth appendices to their reconstruction appeal, Swedish Automobile lists the quality and operational improvements, as well as several new advancements we’ve heard about behind the scenes but haven’t been able to share with you publicly. This document changes that, and is further proof that the company deserves to live on.

Want an example of how Saab has been spending their EIB environmental loan prudently besides the incredible 119g/km CO2? There’s more information about that Extended Range Electric Vehicle à la Chevy Volt or new Volvo V60 Plug-in Hybrid mentioned in their press release from this morning. Read about that plus other highlights after the break.

Read moreBulletpoints From Saab’s Reconstruction Appeal

Letters of Support From Pang Da and Youngman

As part of Saab’s appeal today, Pang Da and Youngman have both submitted letters to the court explaining their belief that the deal will go through. They back it up with tables showing the process, and what levels of that process are complete. Read the letters and see those charts after the break.

Read moreLetters of Support From Pang Da and Youngman

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