Vänersborgs District Court today decided to reject the National Electric Vehicle Sweden AB`s application for reorganization.
The district court determines that the information in NEVS application for the intended financial solutions appear to be vague and is completely undocumented. There is no such reasonably precise information on the funding needs over time, and when and in what amount funds may be received.
The District Court also considers that it is clear that NEVS not have secured liquidity to meet its obligations under reconstruction. NEVS has not provided such information to the realism of the company’s expectations to fulfill obligations can be assessed.
Source: Vänersborgs tingsrätt – NEVS AB