Saab Gets New Lease On Life As Court Approves NEVS Reorganisation Photo:
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Trevor Collett | Apr, 16 2015 | 5 Comments

National Electric Vehicle Sweden’s (NEVS) time as owner of Saab will continue for the foreseeable future, following a court ruling in Sweden this week.

NEVS was previously facing bankruptcy proceedings, with mounting debts and a failed business deal with a Chinese backer that saw production on the reborn Saab 9-3 come to a halt last year.

The District Court of Vänersborg this week ruled that the reorganisation of NEVS is now complete, and that the company may now ‘exit’ the administrative process.

NEVS is now free to pick up where it left off with Saab in May last year, with plans in place to pay its outstanding debts.

Of the creditors, 98.2 percent of them representing 98.6 percent of the outstanding debt voted in favour of the decision, meaning NEVS now has 60 days to pay part of the debt and six months to pay the rest.

Assuming the company can satisfy these demands, the Saab factory may once again be producing new cars before the end of the year.

NEVS finalised a deal to buy the embattled carmaker in 2012, with views to resurrecting the 9-3 before making an all-electric version for sales around the world; concentrating on China.

Since then, a relative handful of 9-3s were built over six months before NEVS was forced to “temporarily” shut down production due to “short term cash-flow problems”.

That “short term” is now 11 months and counting, during which time NEVS watched a key deal with a Chinese financial backer go to pieces as its existing creditors came knocking at the factory door.

NEVS was on the brink of bankruptcy, before a Swedish court granted them an extension on repayments no less than three times - on the proviso that a new buyer or partner was close to signing a deal.

That backer was believed to be India’s Mahindra, but whether a deal with Mahindra or any other partner has come to fruition or not is still unclear.

NEVS is yet to announce a schedule for production to recommence.

MORE: Mahindra In Talks To Buy Pininfarina
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Saab | NEVS | Bankruptcy

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