Nevs, the company that was set up to revive the bankrupt Saab brand, has itself applied to go into voluntary administration to ‘create more time for negotiations’ and delay threatened action from unpaid suppliers.
The firm made the application today to the district court in Vänersborg, Sweden: Nevs, or New Electric Vehicle Sweden, said it’s because discussions currently underway with potential key partners are taking longer than it expected.
“The tripartite negotiations we have with two global vehicle manufacturers are still progressing, but are complex and have taken more time than we predicted,” said Nevs President Mattias Bergman.
The firm does still “fully pay our debts to our suppliers,” added Bergman: it is pressure from some of these suppliers, revealed the firm, that has forced Nevs into making the voluntary administration application.
Saab creditors push company into administration
Nevs has 400 suppliers of direct materials and 50 suppliers of indirect materials. Most of these have agreed to wait for any outstanding payments while current negotiations with the two unnamed vehicle manufacturers are ongoing.
Some creditors have, however, filed applications with the Swedish Enforcement Authority for an order to pay: this “may involve mandatory sale of assets that are supposed to be included in Nevs’ agreement with above mentioned manufacturers,” said a statement.
“Loss of such assets could obstruct finalizing a contract with them. To get more time to complete the negotiations, Evs has filed for a reorganisation.”
Saab has proposed an administrator, Lars Eric Gustafsson, and today awaits news from the district court in Vänersborg on whether its application for reorganisation has been successful. We’ll bring you more news as we get it.
UPDATE – Friday 29 August: The district court has approved Nevs’ application for reorganisation, a statement issued by the firm announced. Nevs’ preferred choice of administrator, Lars Eric Gustafsson, has also been appointed.