In a new blow that follows the positive news of a cash injection from a private equity firm, Saab’s administrator has decided to apply to terminate the reorganisation process.
This latest development brings beleaguered Saab closer to bankruptcy.
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Saab says it will oppose the administrator’s application to terminate the voluntary reorganisation of Saab Automobile AB and two subsidiaries at the Swedish court in Vänersborg.
The administrator who leads the reorganisation, Mr Guy Lofalk, will file the termination application.
Saab said in a statement that it will ‘contest this application and request for continuation of the voluntary reorganisation process’.
Saab also said that it will apply at the court for replacement of Mr Lofalk as administrator.
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By GlobalDataSee also: SWEDEN: Saab gets cash injection from private equity firm
