Saab Dodges Bankruptcy Bullet, For Now

A week after Saab revealed it was being pursued to declare bankruptcy, it appears the Swedish carmaker will live to fight another day.

Saab's owner, National Electric Vehicle Sweden (NEVS), moved quickly to reassure the motoring world that it would not be declared bankrupt, but admitted to a current shortage of cash reserves.

A statement from Saab said the company “does not have enough liquid cash as today to pay all outstanding debt, but NEVS’ assets are larger than its debt”. 

“NEVS today cannot say exactly when, but NEVS’ suppliers will get paid.”

With this reassurance, supplier Labo Test has withdrawn its petition to a Swedish court to declare Saab bankrupt (again), but any agreement between Saab and Labo Test for payment is unclear.