Saab Automobile AB Allowed To Continue Reconstruction Until May 20th

Posted on 06. Apr, 2009 by in 2000-2009

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Photo Credit: Roger Larch/ TTELA

TTELA Reports that at the judge, Cecilia Tisell of the Vänersborgs District Court has given the go ahead for Saab Automobile AB to continue their reconstruction process until May 20th.

This is good news, please read the translated version below:

April 6, 2009

Session Hall in Vänersborgs kommunshus was well-filled, but the 250 seats was enough well to. The massive anstormingen of creditors did not happen. Photo: Roger Larch
The reconstruction can continue

Vänersborgs District Court announced BY twelve o’clock that Saab’s reorganization will continue, but only until the May 20. A creditors’ committee is appointed, and this included the representatives of the creditors are General Motors, IAC Sweden, Tax and a staff included.

On Monday the creditors’ meeting will take place from the floor in Vänersborgs town hall.

The media interest was very high and reporters and photographers took up several rows from the floor in Vänersborgs kommunhus when the creditors’ meeting took place during Monday morning. The representative of the creditors took up a handful of rows with ten seats on each. The massive influx of over 1 300 creditors did not happen.

President of the Court of Cecilia Tisell started to go through what is applicable to today’s meeting. That creditors may request that a creditor committee is appointed. Creditors can also make a requirement that it be terminated, if they do not believe in the new reorganization plan.

When the creditors’ meeting was closed after just one hours, none of the creditors’ representatives demanded that the reconstruction would cease. In contrast, the number who felt that a creditors’ committee should be formed.

The administrator Guy Lofalk explained that there are several stakeholders who want to invest in Saab. The next step is now a long presentation of the company for these stakeholders.

Saab introduced its timetable, which the company intends to request an extension on the construction of three months when the time expires May 20. Saab will also require negotiation chords which calls for creditors write down the debt by about 75 percent. Such thinking Saab to June 17.

GM has promised to write-down of debt, and that Saab will get access to the necessary tools to build the new cars.

Saab Jan Ã…ke Jonsson’s main argument for Saab to be alive is that there are several new models which in principle is clear. With them he thinks Saab before 2013 can reach volumes of 130 000 cars a year.

Marcus Nyman, CEO of IAC Sweden, a major subcontractor to the automotive industry, was one of the creditors who gave the reorganization continued its support. He believes in Saab’s plan:

– That I have been able to see the operational and financial here today it is an extremely positive plan. With a new owner can take this further and create a profitable Saab and a profitable sub-clusters, “he says.

– Saab is an extremely important customer for IAC. We are dependent on their future employment and activities in Sweden. It is important for the region and the whole of Sweden that Saab is on the market.

– We support the further reconstruction to one hundred percent.

While he expressed concern about what happens to the tools to build the new models of General Motors’s insolvency.

IAC, which has done away with many of the staff because of the current crisis, still has a claim on the Saab in the multi-millions as Marcus Nyman. Although GM has said that it paid the majority of providers who had claims on the Saab before reconstruction.

– We have not received the full amount from GM that was said from the beginning, “he says.

What do you think of that it looks as if GM treats subcontractors different?

– It may be GM answer. It can be an administrative error that has occurred.

He understands the requirement of chords, but hope to avoid.

– We hope that GM solves the remaining claim. Otherwise, it will be difficult for us to take such a blow, “he says.

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One Response to “Saab Automobile AB Allowed To Continue Reconstruction Until May 20th”

  1. Tracey

    23. Apr, 2014

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