Saab has filed its appeal against the refusal to grant reorganisation just minutes before the District Court in Vanersborg closed today (12 September), insisting the body had gone “considerably further” than the legislator intended.
Although there is no suggestion of a deadline this afternoon, it is unclear if the application will have been received in time for it to go to the Court of Appeal in Gothenburg later today.
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“We got in one or two minutes before 16:00,” a Saab spokeswoman in Sweden told just-auto. “We filed it in Vanersborg and then they get it down to Gothenburg in some form. It is in the Court system – we wanted to get it as quickly as possible.”
Saab has put forward a number of reasons why it believes it will secure liquidity in order to restart production, but it has also maintained the District Court went “considerably further” than legislation intends.
“The legal argument here is they went way beyond their role in the ruling,” the Saab spokeswoman added. “The argument is the law has a lower threshold for a positive decision.
“The Court included a lot of reasons for rejection we feel went beyond their role and their area of expertise.”
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By GlobalDataA Saab statement noted it was of the opinion the District Court left out of its consideration its assignment is to “avoid pure abuse of the Swedish Company Reorganisation Act and approval of a reorganisation request shall be based on the provision of a limited amount of documentation.”
However, Saab has now included significantly extra detail backing up its claim of long-term stability including expected approval of Youngman and Pang Da investment totalling EUR245m (US$334m) by early November and a bridge financing transaction by 26 September.
The automaker also notes international banks have shown interest in taking over Saab Automobile’s existing loans to add further liquidity, although remains shy of revealing who these might be.
Documentation for appeal contains details of a patent application for Saab Automobile-developed extended range propulsion technology (EREV) that would considerably reduce fuel consumption in next-generation Saab vehicles, as well as the Saab Automobile-developed modular vehicle architecture.
