Saab wants to appeal court decision against creditor protection

Article by Christian A., on September 12, 2011

By Monday, Saab will file an appeal to overthrow the court’s denial of its request for creditor protection, according to Victor Muller, CEO of Saab's owner Swedish Automobile NV. Saab had asked for creditor protection so that it could have more time to secure Chinese investments.

The district court rejected its filing because it doesn’t believe that it is clear that the Chinese money would actually come. The court also believes that Saab had only given highly general information about talks for other financing options.

On Swedish radio, Muller said that the company and its Chinese partners are working to put together an information package that’s “more convincing and compelling” to be submitted to the court.

Saab released a statement, revealing that talks are ongoing with many parties about the topic of finding more short-term funding.

Muller said that this application will resolve the court’s inquiries about how Chinese companies Pang Da Automobile Trade Co Ltd and Zhejiang Youngman Lotus Automobile are getting the approval of China's authorities for the Saab investment.

Saab will offer more information on the amount of funds expected and if it’s enough for the company to resume operations.

Muller said that the Chinese authorities are expected to approve the deals within a few weeks. He also said that the pledged investment of 245 million euros ($343 million) is enough.

Topics: saab

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