Saab just isn’t doing too well and recently, the Saab’s new parent, National Electric Vehicle Sweden, just filed for bankruptcy protection, according to Reuters.
The purpose of filing for the shield is to allow NEVS and Saab to reorganize itself after negotiations with two global automakers for support have taken longer than expected, according to NEVS president, Mattias Bergman. Not much else is known, though Bergman continued to state that Saab and NEVS need additional time to figure out how to relieve Saab from its debt to suppliers.
According to Reuters, Saab has 900 supplies and a large amount of them agreed to await the result of ongoing negotiations before laying down the hammer on their own end. NEVS was also forced to file for protection as the Swedish Enforcement Authority could force NEVS to repay Saab’s debut by selling their assets. Though, such a move would cripple and current and ongoing negotiations with the “two global automakers,” so NEVS only option was to file for bankruptcy protection.
– By: Chris Chin
Source: NEVS via Reuters