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

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