National Electric Vehicle Sweden (NEVS) moved a step closer to exiting bankruptcy protection after a Swedish court approved Monday a write-down of debt owed to suppliers.
Following the ruling by the Vanersborg District Court, NEVS said it planned to complete its reorganization process, which began in August, by next month. NEVS has estimated the debt at around 400 million kronor (47 million dollars). Of Saab‘s 574 creditors, most are to receive full payments of up to 500,000 kronor (60,000 dollars), while around 100 of them will see claims over 500,000 kronor reduced by 50 per cent.
At Monday‘s court session, 98.2 per cent of the creditors – representing 98.6 per cent of the total debt – approved the write-down.