A Swedish court has extended the period General Motors unit Saab is protected from creditors, giving it further time to restructure.
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The carmaker, which sought protection from creditors in February, had outlined plans for its continued reorganisation, including a reduction of non-prioritised debt by 75%, at its first formal meeting with creditors earlier on Monday, according to Reuters.
“The court has decided that the reconstruction can continue until 20 May at the latest, if no other decision is taken before then,” the court said.
Saab has to seek another extension of the reconstruction period by 19 May, according to documents presented to the court by the company’s administrator.
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