SWEDEN: Court refuses Saab administrator's request to stand down before hearing
Vanersborg District Court has refused Saab administrator Guy Lofalk's request to stand down before next Monday's (19 December) bankruptcy protection hearing, insisting the automaker's creditors should be allowed to have their say in any such decision.
Lofalk asked to be "immediately relieved from his duties as administrator" according to the Court, with Lars-Henrik Andersson of Lindhal, Sweden's third-largest law firm suggested in his place, although he will also now not serve.
"The main concern was we don't feel we have the possibility of replacing him [Lofalk] until the creditors have the chance to make their opinion heard on the suggested replacement," Court secretary Elisabeth Lindstrom told just-auto from Vanersborg.
"The creditors should have their say - that is our main concern."
The hearing on Monday is to consider a request by Lofalk to terminate Saab's voluntary reconstruction, with the Court able to decide if the automaker can continue in bankruptcy protection or not.
Lindstrom revealed there were four bankruptcy claims pending from subsidiaries of Saab creditor Takata-Petri that were currently "disactivated," although the Court itself cannot make a decision on bankruptcy.
What it can do is decide a further course of action should Saab declare itself bankrupt. "It is a remote possibility that if we decide to end the reconstruction, that Saab management immediately says we have no possibility any more.
"We [Saab] have come to an end and we ask to enter into bankruptcy and we could make an immediate decision."
The Vanersborg Court secretary added there would be three judges at Monday's hearing and that 130 creditors - all those present at the previous reorganisation meeting - would be invited.
Equally, any creditors not present before would have the right to attend the hearing.