If a creditor had raised objections (no less than 1,300 of them were summoned to the hearings), the court could have stopped the process, throwing the manufacturers at the mercy of the elements. The proof of good will from the creditors comes as it is more likely for them to wait for Saab to get a new owner, rather than taking advantage of a by-the-book bankruptcy.
"During the reorganization Saab plans to begin negotiations with creditors on writing down the company's non-prioritized debts by about 75 percent," court-appointed administrator Guy Lofalk said.
On the bright side, the number of possible investors seems to grow by the week, no less than 20 parties reportedly taking interest in the acquisition of the Swedish company. Still, months have passed since the problems began and no one has seen any of these investors.
Some truth must be behind these stories, as for once it is not a Saab official the one who claims Saab is appealing to investors, but, as we said, Guy Lofalk, a court appointed administrator. He added that a final deal is likely to conclude by the end of June.
"Comprehensive contacts have been undertaken with different interest parties. Saab also expects a positive cash flow already in 2011 as well as good returns at a production level of 150,000 cars" Lofalk was quoted as saying by the aforementioned source.
Google News