The Vänersborg Court On Saab Automobile’s April 6th Reconstruction Checkpoint

Posted on 02. Apr, 2009 by Ryan in 2000-2009

I have just heard from the Vänersborg court in Sweden who are administering the Saab Automobile reconstruction process. They have provided us what the findings will need to be on April 6th, in order for the process to continue until May 20th.

For more details of what will be presented on April 6th and the reconstruction process in general, please visit this link here as well.

This checkpoint meeting will be an important milestone, given that the court decides that Saab Automobile’s reconstruction process should continue, here’s hoping it does.

Here is their message below. I think all suppliers will be happy, they’ve just been paid and will again be paid on April 7th, the day after the reconstruction, so it should be smooth sailing for that side of it. The second side is if the business plan for sustainability environmentally and economically will be good enough, and that’s for the reconstruction team to decide. I hope it is, because that will mean that Saab should be allowed to continue until May 20th, then announce one of their new buyers then!

The decision on whether to commence or continue a reconstruction is always with the court. The decision is always made for a three-month period with the possibility for a prolongation three times, which makes the total duration of the reconstruction maximum one year.

The purpose of the meeting on 6 April is primarily to check whether the creditors agree to the reconstruction. 40% of the creditors have to agree, or else the reconstruction can’t continue. If 40% or more agree, it is likely (if the papers seem to be in order) that the court will make the decision that the reconstruction continues, primarily until 20 May.

- Sweden’s Vänersborg Court

Tags: Sweden, Vänersborg Court On Saab Automobile