2014 9-3 Aero 03.12.2013
Company will appeal the decision
Saab's future is looking bleak as a Swedish court has tossed out NEVS' filing for what is essentially bankruptcy protection.
According to the court, NEVS plans were "vague and completely undocumented." The court went on to say "... there is no reasonably exact information about financing needs over time or regarding the timing and size of funds that may be received."
NEVS says they will appeal the decision but the rejection paves the way for the Swedish Enforcement Authority to begin selling their assets to pay suppliers. There's no certainty that is will actually happen but NEVS made the filing earlier today because they contend the "loss of such assets could obstruct finalizing" a deal to save the company.
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