It’s business as usual for Saab subsidiary companies throughout the world, but the parent company has filed for Voluntary Reorganization in a Swedish court.
The reorganization is to cover short term funding until the finalization of agreements with new owners Pang Da and Youngman (announced on 4 July).
Saab plans to present its reorganization plan to creditors within three weeks. If successful, the company hopes to re-start production in order to fulfill its current order bank of 11,000 vehicles.
The voluntary reorganization will allow payments of wages to Saab employees and also establish a payment plan for creditors.
Explaining the latest chapter in Saab finances, Victor Muller, the company’s CEO said: “Since securing the long-term funding through conditional agreements with Pang Da and Youngman, who both support this voluntary reorganization, we have focused on securing funding to bridge the period until we receive their funds.”
