Not a few days after General Motors made the statement saying they still do not support the sale of Saab to Pang Da and Youngman, another piece of bad news comes through the wire. Earlier in the fall, Swedish Automobile N.V. filed for voluntary reorganization so they could be legally protected as they transitioned from one point to the other all while trying to secure funding. They were quickly denied and even more quickly fought back, achieving the appeal they worked for. Everything seemed to be on track until recently when the administrator of the reorganization announced he will apply for the termination of the voluntary process.
The word came from Mr. Guy Lofalk, who will once again deny Saab Automobile and two subsidiaries voluntary reorganization. Currently, the automaker and its creditors have five to six days to submit their position on the matter before Court makes its final decision. Saab still wants to continue with the reorganization, so an appeal will more than likely happen within the next few days. If not, the process will be finally terminated, leaving Saab with a wealth of newfound problems. Youngman is still on board with the company and discussions are being had about short-term funding. Blue collar wages still have yet to be paid.
Source: Saab
