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Saab Dodges Bankruptcy Bullet, For Now Photo:
2014_saab_9_3_aero_02 Photo: tmr
2014_saab_9_3_aero_06 Photo: tmr
2014_saab_9_3_aero_01 Photo: tmr
2014_saab_9_3_aero_05 Photo: tmr
2014_saab_9_3_aero_04 Photo: tmr
2014_saab_9_3_aero_03 Photo: tmr
 
 
Trevor Collett | Aug, 20 2014 | 3 Comments

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With this reassurance, supplier Labo Test has withdrawn its petition to a Swedish court to declare Saab bankrupt (again), but any agreement between Saab and Labo Test for payment is unclear.

Production halted at the Trollhattan plant in May when NEVS revealed a “short-term cash-flow problem”, but it seems those problems are ongoing.

NEVS now says it is looking for new business partners to join the re-born Saab venture; waiting until funding has been secured before production of its sole model in the 9-3 Aero can recommence.

The Wall Street Journal reports Saab’s debt is currently AU$563,000 with the Swedish Enforcement Authority, but another 91 claims potentially amounting to tens of millions in Australian Dollars are waiting to be processed.

NEVS says it is in talks with potential backers but has not revealed any of those partners at this stage.

MORE: Saab News and Reviews

 
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