NEVS Wants More Time for Talks With Potential Investors

All the world’s media report developments regarding the Nevs company and Saab brand.

WSJ: Saab Auto’s Chinese-Backed Owner Goes Bust

“In its filing to the court, the company said it plans to transfer the architecture for its Phoenix model as well as related staff and test equipment to a newly constructed subsidiary. It also plans to sell half of the shares in the newly created company to one of the auto companies with which it is currently in negotiations. NEVS said the money would be enough to settle all of its outstanding debts.”

Reuters: Saab carmaker NEVS applies again for creditor protection

The company, which has not made any cars since May due to lack of money, has external debt of about 400 million Swedish crowns ($57.5 million), it said in its first application, and made a pretax loss of 601 million crowns on sales of 41 million last year.

Economic Times: Sweden court accepts receivership for Saab carmaker

“According to several Swedish media reports, NEVS has been negotiating with automakers Mahindra (India) and Dongfeng (China) to raise funds to cover substantial debts to suppliers. NEVS said in its application to the court it owed 400 million kroner (43.5 million euros, $57 million) to suppliers, according to news agency TT which obtained a copy of the document.”

AutoCar: Saab’s owner wins protection against bankruptcy

“The 9-3 EV is part of a prototype series built in Trollhättan in May as test beds for technical development and to verify the manufacturing set-up in preparation for the production of customer cars”

Law360: Saab Owner Loses Bid For Reorganization 2 Years After Buy

“The vehicle maker had said Thursday morning that it was negotiating with creditors, but that some of its 900 direct and indirect suppliers had initiated actions with the Swedish Enforcement Authority, a body that can force payment of debts. It decided to file for a reorganization to stave off the possibility of losing valuable assets, it said.”

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