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Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) received approval for their proposal for voluntary reorganization from the Court of Appeal in Gothenburg, Sweden today. The purpose of the voluntary reorganization process is to secure short-term stability while simultaneously attracting additional funding, pending the inflow of the equity contributions by Pang Da and Youngman.
The Swedish Company Reorganization Act says that an application shall not be approved unless there is reasonable cause to assume that the purpose of the reorganization will be achieved. In today´s decision, the Court of Appeal has found that such conditions exist, thereby overturning an earlier ruling by the District Court in Vänersborg, Sweden.
As a consequence of the Court of Appeal ruling, Saab Automobile will request for the bankruptcy filings by unions IF Metall, Unionen and Ledarna to be cancelled.
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StuartCongratulations! Now, please please please make more key fobs so that we can continue to drive the cars that we love into the future and clear the international backorder!# 1September 21, 2011
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f.koeneWhat a sensible court! That was close. Now work together to get the Swan airborne. This includes the Unions and investors. Maybe also other manufactors who can join the group in assistance? The purpose is an individual and strong brand with happy faithfull customers.# 2September 22, 2011
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900prideSaab won't go down without a fight, in fact, i believe Saab won't go down at all. I absolutely love Saab and i will be driving them as long as they are available. Believe in Saab.# 5September 22, 2011
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DarrenWell done, this is great news. The new SAAB 95 is an exceptional car and I
Can't wait to receive mine.# 6September 24, 2011
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