The latest Saabpocalypse is coming to a close as the District Court of Vänersborg has granted NEV's request to exit reorganization following the approval of the composition proposal that presented to creditors back in February.

The latest Saabpocalypse is coming to a close as the District Court of Vänersborg has granted NEV's request to exit reorganization following the approval of the composition proposal that presented to creditors back in February.

The agreement calls for creditors to be paid in two installments, one within 60 days of the ruling and another within six months.  While some creditors won't be paid in full, Saab says that 469 of the 573 creditors will receive everything that is owed to them.

The company's next step remains unclear but NEVS President Mattias Bergman has previously said the composition agreement was necessary so the company can sign "commercially viable agreements with our OEM and financial partners."  The move also paves the way for the company to ink a deal with an Asian automaker that wants to incorporate Saab into their existing vehicle lineup.

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