Saab says the Vanersborg District Court, hearing an application from its administrator to end bankruptcy protection, will decide at 14:00 (Sweden) on 16 December if it will terminate the voluntary reorganisation.
The deadline comes against a backdrop of frenetic negotiations by Saab CEO Victor Muller, who is attempting to broker a SEK5bn (US$743m) loan from an unnamed Chinese bank in a bid to pay overdue November salaries and upcoming December wages.
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Administrator Guy Lofalk has asked for the reorganisation of Saab’s companies to end, with those owed money by the Swedish automaker, and who were present at the creditors meeting of 31 October this year, given a chance to be heard on 15 December before the District Court makes its decision the following day.
“The court will decide on 16 December at 14:00 to lift bankruptcy protection or not,” a Saab spokeswoman in Sweden told just-auto. “We have a number of days to respond to this [Lofalk].
“Victor Muller says he is working very hard on a solution that will weigh into [how] we will respond.”
Saab’s main blue collar union yesterday told just-auto it had put in a claim for unpaid November salaries, adding should Saab go bankrupt, the Swedish government would pay salaries to a maximum of SEK171,000 for a period according to each employee’s monthly wage.
Former Saab parent General Motors rejected a revised ownership proposal from the Swedish company this week.
“We have reviewed Saab’s proposed changes regarding the sale of the company,” said GM manager financial news, James Cain. “Nothing in the proposal changes GM’s position. We are unable to support the transaction.”
