Earlier today I wrote an article here at Inside Saab that may have left the impression that a vote would be taken at the creditors meeting underway today at the district court in Vanersborg.
That impression would be incorrect.
I’ve received some information internally that spells out the following, which should help those interested in the process Saab is currently involved in:
The main purpose of the creditors meeting is to give the creditors influence over the proceedings, i.e. if the proceedings shall be allowed to continue and also the conduct of the reorganisation. The judge leads the meeting. Normally the judge starts by explaining the purpose of the meeting and then leads the meeting. The judge then leaves the word to the administrator.
During the meeting a preliminary reorganisation plan will be presented and the creditors will be allowed to ask questions and express their view of the reorganisation. The meeting is only for arguments and no voting will take place.
During the meeting there will also be a possibility to appoint a creditors’ committee. The reason is often that the creditors want more insight into the reorganisation work.
After the proceedings the Court will rule for a cease or a continuation of the reorganisation process. This can take up to two weeks.
So now we’re all better informed…..