Zeewolde, The Netherlands, 7 December 2011 – 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 with the District Court in Vänersborg, Sweden. Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding to pay the wages and be able to continue the voluntary reorganization.
6 thoughts on “Press Release: SWEDISH AUTOMOBILE INFORMED BY ADMINISTRATOR OF APPLICATION TO TERMINATE VOLUNTARY REORGANIZATION”
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R.I.P SAAB. Maybe you will come back in china as a BAAS. Sad news!
Victor do not give up ever …. !!!
Griffin UP!!!
Never, ever give up!
What happens if the re-organization is terminated? Does that mean that Saab will be forced to completely shut down? End game?
When the reorganisation is terminated Saab is a sitting duck for creditors. If they want to they can request that Saab is put into bankruptcy.
There is still some time to present a deal that means Saab can continue, but there is little time to do it.
I think a little quick on the draw. Classic characteristic of a Villain.
Just a thought.