Saab Press Release: Saab takes legal action

Saab Automobile AB will contest yesterday's decision of the local court in Vänersborg and submit a request on Monday. Given the situation, the court could give priority to this application and give priority to it.

The Saab Press Release:

Trollhättan, Sweden: Swedish Automobile NV (Swan) announces that Saab Automobile AB and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB (collectively Saab Automobile) are seeking to dismiss Saab Automobile's proposal for voluntary reorganization on Monday September 12, 2011.

In yesterday's decision, the District Court argued that the application of Saab Automobile Lacks evidence that the purpose of a formal reorganization can be fulfilled. The Court considers that the first reorganization of Saab Automobile can not be considered a successful one. Saab Automobile's financial problems. Pang Da and Youngman and the Planned Funding to Solve the Saab Automobile's Financial Problems. The Court Finds That It Is Unclear How Saab Automobile Wants The current stops in production are likely to result in considerable loss of the goodwill of the company and an impairment of the Saab trademark.

September 12, 2011. Saab Automobile disagrees with this interpretation of the voluntary reorganization proposal. After the court has received the appeal it is expected that a decision will be taken soon after.

In the meantime, Swan and Saab Automobile continue discussions with several parties about obtaining additional funding for the short term.

Swan wants to update the market on further developments.