Saab Bankrupty Petition Withdrawn as Company Struggles To Survive
It’s not over til it’s over. Saab is still working to see that its time on the roads has not reached an end. Saab owner National Electric Vehicle Sweden (NEVS) has said it no longer has enough liquid cash to pay its debts, but is hopeful they will survive. This thread of hope comes from the notion that, although they’re running low on cash, they aren’t yet insolvent because their overall assets are larger than their debts. NEVS is also in discussions with various vehicle manufacturers to help it survive. PHOTOS: See More of the 2011 Saab 9-3 Convertible Independence Edition
According to Automotive News, NEVS has “signed a frame agreement with a major international automotive OEM regarding the cooperation in product development of the future [Phoenix] platform." They’ve also indicated that they’re in negotiations with yet another OEM in regards to a partial ownership of the platform.
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That’s a lot of outstanding negotiations, but there’s nothing hard and fast to show that any of these plans will actual materialize as hoped. There is one sure bright spot in the company’s future with a supplier choosing to withdraw a bankruptcy petition.
Labo Test petitioned the Swedish court to declare NEVS bankrupt earlier this year because they owed $21,800 that had been outstanding since February. They’ve withdrawn the petition based on reassurances from NEVS that it will be able to work through its current tough situation.
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