Scandinavian automotive supplier body, FKG, says National Electric Vehicle Sweden (NEVS) is at 8.9 out of nine lives as news today (11 December) emerged of its latest reorganisation extension.
The District Court of Vanersborg approved the new period of three months to allow Saab-producer, NEVS, the possibility to find new owners, widely tipped to be Indian automaker, Mahindra & Mahindra.
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“This cat obviously has nine lives and they are at 8.9 on the scale,” FKG managing director, Fredrik Sidahl, told just-auto from Gothenburg.
“They have 0.1 life left. The prolongation is at least an attempt for another Chapter 11 period of three months. It is three months at a time – the maximum time is one year.
“The other choice is of course complete bankruptcy and we know from history what a bankruptcy is.”
Saab Automobile’s demise resulted in the loss of 4,000 jobs in Trollhattan, with FKG estimating around 495 suppliers have very little possibility of recouping their money.
“Close to zero as you can get,” said Sidahl, describing the suppliers’ chances.
