Approval from the District Court of Vänersborg for National Electric Vehicle Sweden’s (NEVS) composition proposal, will see 469 of its creditors out of 573 paid in full.

The composition means claims up to SEK500,000 (US$58,400) will be fully paid, while those above SEK500,000 will be reduced by 50%.

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Vänersborg’s Court gave the green light for the composition as the stipulated number of creditors’ votes needed in favour of the proposal was achieved.

NEVS says the payments will be performed in two steps: The first within 60 days from the date the Court’s decision is legally valid and the second within six months from the same date.

The composition, as well as the operating costs for the coming months, will be financed by NEVS’ main owner, National Modern Energy Holdings (NMEH). 

NEVS intends to apply for exiting the reorganisation as soon as the composition is legally valid in mid-April.

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“A composition was needed for NEVS to exit the reorganisation in order to be able to sign commercially viable agreements with our OEM and financial partners we have been in dialogue with for a long time,” said NEVS president, Mattias Bergman.

“We appreciate the support from our suppliers, with whom we want to continue to develop long-term relations.”

For his part, administrator, Lars Eric Gustafsson from Hamilton Law Firm noted: “My duty as administrator is to secure the composition is favourable for both the company and the creditors.

“Today’s’ decision creates possibilities both for the development of NEVS’ business as well as future business potentials for the creditors.”

NEVS is currently engaged in a complex series of negotiations with an unnamed potential future investor – although talks are dragging surrounding any use of the Saab name.