Saab’s court-appointed administrator Guy Lofalk to leave the company

Article by Christian A., on December 16, 2011

Guy Lofalk, Saab's court-appointed administrator, is asking to be replaced amid reports that there are ongoing disagreements as the automaker struggles to stay afloat. On the Web site of the Vanersborg District Court, it revealed that Saab and Lofalk have filed a joint request for Lars-Henrik Andersson to be named as the new administrator for the automaker’s reorganization under court protection.

The court is expected to announce its decision this Monday on whether Saab will be permitted to remain in a scheme that protects it from creditors while it finalizes a funding agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co.

Lofalk has requested to end creditor protection. According to Saab spokesman Eric Geers, Lofalk chose to quit but the latest reports in Sweden imply that Victor Muller, the chief executive of Swedish Automobile (the owner of Saab), wanted Lofalk to leave.

Last Tuesday, Muller said that Saab had been given 3.4 million euros as a first payment from Youngman so that the company would stay in the business but additional funding is required.

Geers explained that the company is confident that it will be able to secure funding that will enable it to continue. Geers declined to say why Andersson is being tagged as the new administrator. Meanwhile, Andersson said that he will agreeto being the administrator but only “under certain conditions.” No details were given.

Topics: saab

If you liked the article, share on:

Comments

Recommended

The primary suggestion of a 4x4 ute from French company Peugeot was first revealed in 2016. Fifteen months later, the production version is launched. Now, Peugeot is not shying away...
by - June 24, 2017
The new Jaguar E-Pace crossover will soon hold its official launch on July 13 and is expected to arrive at the showrooms by early next year. It couldn’t have come...
by - June 24, 2017
As prices of the original Shelby Cobra have skyrocketed into astronomical proportions, there are firms like Superformance that serve replicas to consumers who demand the same levels of performance at...
by - June 24, 2017
New and improved 2018 Subaru Legacy comes packed with a number of upgraded features from the get go - from the exterior to the interior. And the company has finally...
by - June 23, 2017
In an interview involving Lamborghini CEO Stefano Domenicali and Automotive News, the topic about the Urus was thoroughly discussed. This super SUV is scheduled to make its debut later this...
by - June 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries