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NEVS announces 200 layoffs as it says Saab restart will 'take time'
Sep 26, 2014 - 7:29 PM - by Saab Forums
Filed under: Sedan ([url]http://www.autoblog.com/category/sedans/[/url]), Europe ([url]http://www.autoblog.com/category/euro/[/url]), Hirings/Firings/Layoffs ([url]http://www.autoblog.com/category/hirings-firings/[/url]), Plants/Manufacturing ([url]http://www.autoblog.com/category/plants-manufacturing/[/url]), Saab ([url]http://www.autoblog.com/saab/[/url]), Electric ([url]http://www.autoblog.com/category/electric/[/url])

([url]http://www.reuters.com/article/2014/09/24/idUSL6N0RP3RA20140924[/url])

For a fleeting moment a few weeks ago, the news from Saab ([url]http://www.autoblog.com/saab/)-owner[/url] National Electric Vehicle Sweden ([url]http://www.autoblog.com/tag/nevs/[/url]) appeared almost positive. The company had its reorganization plan approved ([url]http://www.autoblog.com/2014/08/29/saab-nevs-reorganization-plan-approved/[/url]) (a day after it was denied ([url]http://www.autoblog.com/2014/08/28/saab-owner-nevs-denied-creditor-protection-swedish-court/[/url])), and the automaker was actually showing a real, running vehicle ([url]http://green.autoblog.com/2014/08/22/nevs-saab-ev-prototype-on-display-with-top-speed-of-just-75-mph/[/url]), albeit one with a top speed of 75 miles per hour. But those tiny crumbs of potential goodness have been swept away because NEVS has announced layoffs of as many as 200 factory employees in September "due to lack of work."

Workers probably shouldn't get too eager to return to the factory either, because company's "decision to re-start production will be further delayed" by an unspecified amount of time, NEVS says in a press release. To begin assembling cars again, the company needs to find long-term funding and a new majority owner. Those seem like two very steep hurdles for the embattled automaker to clear.

Despite not producing cars since May, NEVS still claims it's negotiating with a new owner, possibly Mahindra ([url]http://www.autoblog.com/2014/06/17/mahindra-buying-nevs-saab-stake/[/url]), but according to Reuters, the Swedish company owes about 400 million kronor ($56 million) to creditors ([url]http://www.reuters.com/article/2014/09/24/idUSL6N0RP3RA20140924[/url]). According to its layoff announcement, getting rid of these workers is one step in the business' reorganization plan to be presented on October 8. Scroll down ([url]http://saabforum.org/2014/09/26/nevs-saab-layoffs-official/#continued[/url]) to read its full release.Continue reading NEVS announces 200 layoffs as it says Saab restart will 'take time' ([url]http://www.autoblog.com/2014/09/26/nevs-saab-layoffs-official/[/url])

NEVS announces 200 layoffs as it says Saab restart will... [Read More]
0 Replies | 156 Views
NEVS' reorganization plan approved after all?
Aug 29, 2014 - 10:45 PM - by Saab Forums
Filed under: Europe ([url]http://www.autoblog.com/category/euro/[/url]), Government/Legal ([url]http://www.autoblog.com/category/government-legal/[/url]), Saab ([url]http://www.autoblog.com/saab/[/url])

([url]http://www.reuters.com/article/2014/08/29/nevs-courts-idUSL5N0QZ34E20140829[/url])

What a difference a day makes. Thursday, we reported that current Saab ([url]http://www.autoblog.com/saab/[/url]) parent National Electric Vehicle Sweden ([url]http://www.autoblog.com/tag/national+electric+vehicle+sweden/[/url]) had its application for creditor protection denied by the Swedish court ([url]http://www.autoblog.com/2014/08/28/saab-owner-nevs-denied-creditor-protection-swedish-court/[/url]) for being "vague and completely undocumented." But NEVS was back in court on Friday, and this time the application was granted. However, the story continued to get weirder as defense contractor Saab AB allegedly revoked NEVS' rights to use the Saab name.

NEVS did put out a brief press release confirming the court decision saying: "The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB." The company allegedly has over 90 creditors ([url]http://www.autoblog.com/2014/08/16/saab-nevs-credit-bankruptcy-report/[/url]), and according to Reuters, it owes them roughly 400 million Swedish krona ($57.56 million) ([url]http://www.reuters.com/article/2014/08/29/nevs-courts-idUSL5N0QZ34E20140829[/url]). The business says that it is in negotiations with two, unnamed companies to get additional funding.

Also, according to Reuters, Saab AB, best known for making fighter planes, has revoked NEVS' rights to the Saab brand name because the company's application for creditor protection gave the defense contractor that right. When NEVS bought Saab, it only acquired the automaker's physical assets ([url]http://www.autoblog.com/2012/06/27/new-owners-still-struggling-to-secure-rights-to-use-saab-name/[/url]), and had to negotiate for the rights to use the name ([url]http://green.autoblog.com/2012/09/04/nevs-completes-saab-purchase-earns-right-to-brand-name-but-not/[/url]).

Autoblog reached out to NEVS to better understand what all of this means for the company moving forward. We'll update this story, if we hear back. Scroll down ([url]http://saabforum.org/2014/08/29/saab-nevs-reorganization-plan-approved/#continued[/url]) to read the entire, two-sentence press release from NEVS about the court's decision.Continue reading NEVS' reorganization plan approved after all?... [Read More]
0 Replies | 265 Views
Saab owners NEVS denied creditor protection by Swedish court
Aug 28, 2014 - 10:00 PM - by Saab Forums
Filed under: Sedan ([url]http://www.autoblog.com/category/sedans/[/url]), Europe ([url]http://www.autoblog.com/category/euro/[/url]), Government/Legal ([url]http://www.autoblog.com/category/government-legal/[/url]), Saab ([url]http://www.autoblog.com/saab/[/url]), Earnings/Financials ([url]http://www.autoblog.com/category/earnings-financials/[/url])

([url]http://www.reuters.com/article/2014/08/28/sweden-saab-idUSL5N0QY4OX20140828[/url])

The story of Saab ([url]http://www.autoblog.com/saab/[/url]) is practically a Greek tragedy at this point. The quirky Swedish automaker that was once known as a pioneer of affordable turbocharging has been followed by years of news that just seemed to keep getting worse. At this point, maybe the brand name should be allowed to fade away into the ether and be remembered for the good times that it gave us.

Saab's latest predicament is that its parent National Electric Vehicle Sweden (or NEVS) has been denied protection from its creditors by the Swedish courts. According to Reuters, the judges called the business' financing plan ([url]http://www.reuters.com/article/2014/08/28/sweden-saab-idUSL5N0QY4OX20140828[/url]) "vague and completely undocumented." A company spokesperson told Reuters that it plans to appeal.

Seemingly in reaction to the court's decision, NEVS posted a press release on its website announcing that the company had applied "for a reorganization to create more time for the ongoing negotiations." The automaker continues to claim ([url]http://www.autoblog.com/2014/05/20/national-electric-vehicle-stops-saab-9-3-production/[/url]) that it's negotiating with two global automakers to sell a portion of the company, possibly Mahindra ([url]http://www.autoblog.com/2014/06/17/mahindra-buying-nevs-saab-stake/[/url]), but the process is taking longer than it originally predicted. It seems a distinct possibility that this reorganization attempt is simply a way to buy extra time.

With no protection, the Enforcement Authority in Sweden could force NEVS to sell property to pay creditors, of which it allegedly has over 90 ([url]http://www.autoblog.com/2014/08/16/saab-nevs-credit-bankruptcy-report/[/url]). It said in the statement, "loss of such assets could obstruct finalizing a contract," with the automakers it's negotiating with and dash even the scant hopes the business has of being saved. Scroll down ([url]http://www.autoblog.com/2014/08/28/saab-owner-nevs-denied-creditor-protection-swedish-court/#continued[/url]) to read the beleaguered company's full release.Continue reading Saab owners NEVS denied creditor protection by Swedish court... [Read More]
0 Replies | 193 Views
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