Press Release: Saab Automobile Voluntary Reorganization Filing Approved

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) received approval for their proposal for voluntary reorganization from the Court of Appeal in Gothenburg, Sweden today. The purpose of the voluntary reorganization process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions by Pang Da and Youngman.

The Swedish Company Reorganization Act says that an application shall not be approved unless there is reasonable cause to assume that the purpose of the reorganization will be achieved. In today’s decision, the Court of Appeal has found that such conditions exist, thereby overturning an earlier ruling by the District Court in Vänersborg, Sweden.

As a consequence of the Court of Appeal ruling, Saab Automobile will request for the bankruptcy filings by unions IF Metall, Unionen and Ledarna to be cancelled.

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13 Comments

  1. Would be very curious to monitor sales curve and match it with the events… I do believe that it would now turn up and keep on climbing, forever

  2. GREAT! 🙂   Congratulations to all hard- and good -working people at SAAB (the most interesting and innovative “family-car-maker” in the world) !!!

  3. Great! Then I hope that we will se a more healthy Saab very soon, and that the relationship with the dealers recover very fast so that we can see some production of cars this year! 🙂

  4. To be perfectly honest, I was very concerned about this and did not quite believe it would be approved. This is a good day for Saab. We probably won’t see any production in Trollhättan until January anyway, but this was at least a big step for the company to secure its survival.

  5. Sorry if this is a naive question, but why does it have to be Chinese money? Seems like getting regulatory approval might be difficult from China as the government is trying to consolidate the industry. Why not go after middle eastern money; they have lots of it, love their cars and also regulations are few or non-existent. And as far as I know, they already have investments in some car companies in Germany.

  6. Very cool.  So, is it safe to say that now the hard work begins?  (As if Saab hasn’t already been through a lot of hard work in the last couple of years.)

    Cheers,
    ~Peter in Kyrgyzstan

  7. this is awesome news but they really have to take full advantage of this opportunity as it is probably their last to Save Saab!! They really have to get away from the GM garbage and come up with some original designs that will really get the automotive world talking again

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