Saab About To Go Bankrupt-AGAIN

bankruptSaab’s future has become cloudy once again, as its new Chinese owners reportedly move closer to bankruptcy.

At least one supplier has asked Swedish courts to force debt repayment from parent company National Electric Vehicle Sweden (Nevs), after the company failed to pay a debt for test equipment. The proceedings could potentially lead to forced bankruptcy and asset liquidation.

The startup has petitioned the court for formal protection from suppliers and other creditors, arguing that it is close to securing necessary funding from one or more major investors.

Nevs grand plan has focused on reviving the Saab 9-3 as an all-electric platform initially aimed at the Chinese market, however early production was put on hold early in the year due to lack of funds.

The court has rejected Nevs’ request for creditor protection, noting that the company has failed to provide any specific information about its financing needs or the “timing and size” of incoming investment, according to a statement published by Reuters.
In response, a Nevs spokesperson claims that “tripartite negotiations” with two global automakers are “still progressing” but have taken longer than expected due to unforeseen complexities.

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