Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries at the Swedish court in Vänersborg.
In spite of the funding commitment of North Street Capital LP which was published earlier today, the administrator who leads the reorganization, Mr. Guy Lofalk, will file an application at the Swedish court to terminate the reorganization process. Saab Automobile shall contest this application and request for continuation of the voluntary reorganization process.
Simultaneously, Saab Automobile shall apply at the court for replacement of Mr. Lofalk as administrator.
Swade – what happens if Saab’s request for a continuation is rejected?
Hi, I put this up for Steven who should be sleeping right now back in Australia. He will wake up soon and respond to all your questions. All the best! Ludvig
It might be over then =(
This mr. Lofalk seems like a shady character….
Saab deserves this chance, it has great products on the market and things were moving so that more would come out soon. I hope people in high places realize this.
What is the timeline? If Lofalk gets what het wants, when will that be? And will the objection by Saab slow down this process?
Let us remain confident that the court will grant the continuation given the funding commitments that have materialized in the past two weeks. It stands to reason that Saab’s chances for a more stable liquidity situation are higher now that the deals are progressing. Unless of course Mr. Lofalk believes that the NDRC will not approve the buyout/merger.
Who is Ludvig?
Ah! I had not noticed that! Maybe Swade has been called into special meetings to remind all parties to “Keep calm and carry on”?
If PangDa and Youngman are actually backtracking from the original agreement, what good will a bridge funding from North America do? What’s the point?