Koenigsegg backs out of Saab deal

Swedish media reports that Koenigsegg is backing out of the Saab deal with GM. Read the comments in The Local.

Swedish Law – SAAB Reorganisation - New Prolongation

The Vänersborg City Court announced this morning its decision that the SAAB reorganisation shall continue until August 20, 2009.

Swedish Law – SAAB Reorganisation

The Vänersborg City Court decided today at the creditors’ meeting that the SAAB reorganisation shall continue until May 20, 2009. At the request of some creditors the court appointed a creditors’ committee. As mentioned in an earlier blog post the administrator shall consult with the committee in all significant issues.

Swedish Law – SAAB Reorganisation

As mentioned in an earlier blog post the SAAB creditors’ meeting will take place in Vänersborg today. Further information can be found in this article in the Local.

Swedish Law – SAAB Reorganisation

Swedish news agencies now report as in The Local that GM agrees to pay SAAB's debts to suppliers.

Swedish Law – SAAB Reorganisation

The Local’s latest SAAB news. It does not add very much to my latest post on the subject.

Swedish Law – SAAB Reorganisation

Three points to note:

1. The future custom duties problem of SAAB seems to be solved through an agreement between SAAB and the company ”Tullxperten”. The release of the material already held by the Swedish Customs is, however, still a problem to be solved.

2. The sub-suppliers of SAAB consider the agreement they were asked by GM’s company, GPSC UK Ltd, to enter as tough. GPSC UK Ltd offered to purchase the claims of the sub-suppliers on SAAB but to this purchase were tied some tough conditions.

3. Saab AB, the defence and security company, and the car manufacturer Saab Automobile AB are two different companies with unrelated ownership structures. Since 2000 Saab Automobile AB is 100 percent owned by General Motors and Saab AB is listed on the Stockholm Stock Exchange. For further information check Saab – one name, two different companies.

Swedish Law – Company Reorganisation – Administrator Appointed

As a very short update about the SAAB Automobile AB reorganisation I can tell you that the Swedish lawyer Guy Lofalk of Lofalk Advokatbyrå in Stockholm has been appointed administrator of the SAAB reorganisation by the City Court of Vänersborg.

The creditors meeting will take place in Vänersborg on April 6, 2009.

For further information about the SAAB reorganisation you may read this news item from The Local, "Sweden’s News in English".