NEVS wants more time

NEVS proposed a settlement in a letter to the creditors. This became known on Monday in Trollhättan. Depending on the answer, NEVS will consider asking for an extension of the reconstruction.

NEVS © 2014 saabblog.net
NEVS © 2014 saabblog.net

Lawyer Lars Eric Gustafsson, who leads the reconstruction, sees the process in a crucial phase. Negotiations with two Asian manufacturers have been intensified recently. There is a realistic chance of comparison even though he admits that less money is available than originally thought.

The quota on outstanding claims is unclear. But it should be higher than 25%, which is considered normal. The Svenska Dagbladet reports a quota of 50%, the liabilities are not fully serviced in any case. The reconstruction will end in less than two weeks if no extension is requested and granted.

Hmm. Maybe we remember the statements that came from NEVS in the summer. Every creditor should therefore get his money completely. I can not think of that.

20 thoughts on "NEVS wants more time"

  • NEVS were not the only ones who dared to succeed SWAN and were mistakenly chosen by the bankruptcy trustees for the best, unfortunately

  • This is not about clever advice to NEVS - it is more about a cool assessment of whether this construct will have an answer to my mobility needs in Sweden in the future.

    This has definitely never been the case with NEVS. So wasted time.

    At the moment there is no question of using equity capital - the wages in the reconstruction are paid by the taxpayer. The suppliers have the copyist. It would be interesting to know how many subsidies and money NEVS has collected and senselessly wasted or transferred to Hong Kong. Of the responsible gentlemen from the Far East and the Virgin Islands, certainly none made a loss. They are definitely on the payroll with high salaries.

  • Giving wise advice after failing is very easy. I do not want to defend the NEVS plan here, but I would like to recall that NEVS were after all the only ones who have dared to succeed to the insolvent SWAN. If they had not done that, they would have been able to vote on what topics the Saab Blog should handle in the future, three years ago.
    Also, one must not forget that currently, unlike in the time of the showman troupe around the much beloved Victor Mueller, was worked with their own money. Money that is now lost.
    As an outsider, we can only assess the content and the difficulty of the current negotiations. It is also understandable that NEVS tries to get away with at least a blue eye.
    Upcoming investors - if they are really ready to get in - will not approach NEVS a millimeter and try to get the best out of themselves. They will certainly not be impressed by a deadline. We can only wait and see how it all turns out. But in my opinion it is still too early for the end-of-time mood that is emerging a bit.

    • Unfortunately, I can't leave it like that. In the first quarter of 2012 there were buyers with solid backgrounds who were turned down by politicians, unions and insolvency administrators. We don't want to publicly repeat the reasons that Mark and I were given on site. The above institutions are responsible for the grossly wrong decision in favor of NEVS, NEVS were definitely not the “only ones”.

      • ... and these institutions / political figures don't want to lose face now. No other company would have had so much time (extensions). Small suppliers jump over the edge - as they have already done.
        As much as I like the country and the people up there, that's part of the list of political scandals.

  • Seen over the last few months, I don't understand the NEVS approach a bit. Somehow they worked here without any knowledge of the market. To rely solely on electric vehicles was more than a reckless idea, building the 9-3 only as a gasoline engine is bypassed mostly customers, having no alternatives was also unfamiliar. As an investor, I would have preferred to sink my money elsewhere, where you can have fun. I only hope for a white knight who will now take things properly in hand ...

  • These miserable, never-ending "conversations" in Sweden ... ..
    Are only good for the lawyers: their salaries are debited first 😉! The remaining crowns (tip: just over 25%) then go to the creditors ... NO further delay!
    The joy of SAAB at the door remains! 🙂

  • A repeat of history like 3 years ago. Just sad. Nevertheless, we can / should enjoy the built SAAB automobiles. Let's look into the future and practice patience, that's what we know.
    Regards
    Walter

  • If this small company would not have withdrawn its insolvency petition weeks ago, then these miserable games would have been finished long ago and possibly more money for the creditors remained.
    As already mentioned a few times, this is pure bankruptcy and will not lead to anything. A resumption of production that we dreamed of is not getting any closer.

  • It annoys me that the "old" Saab company was not treated with this consideration, although they had a plan for the future with the 9-4 and 9-5 NG.

  • If NEVS goes bankrupt, then the question is, if then the insolvency administrators sell the leftovers to any bargain hunters (possibly Indians or other Asians) or maybe the whole plant actually as a large warehouse (see earlier
    Blog reports) is sold - then SAAB production would finally be over. New owners with SAAB production do not necessarily come into play (then better reconstruction)!

  • If I remember correctly, it is about a few million, which can only be served to 50%?

    That means in plain language that the assets of NEVS in the sum are no longer worth. So much is now so a partially sold and leased back work (supposedly one of the most productive in Europe) and worth the salvaging Phoenix platform.

    It's time to put an end to this speculative tragedy and start over with other owners.

  • At some point must also be an end. Either they get it until the end of the reconstruction or it should just be over. Otherwise they are still negotiating in one year. Who really believes in a good outcome?

    • Would be interesting to know what is up to the 29.November concrete as a result. It is suspiciously quiet. Or did you make a mistake every year?

  • Actually, it was to be assumed that no more proceeds for the creditors comes out, because even of the mysterious Asian buyers in spe NEVS will not have to expect a large revenue.

    If the settlement is rejected, even less will come out for the creditors - but how would it go on without consent and without a reconstruction extension?

    When the hour of the bargain hunter strikes, there could be a fresh start or, in the worst case, not - so the approval of the settlement including the reconstruction extension would be more appropriate to continue

    For me, however, it is now completely incomprehensible why more time is needed for the negotiations - if the court extends it at all, this should now be done for the last time and, in small cases, extended again to up to 3 months.

  • That is how I see it too! A fairytale, but a bad one! And if it's just about Asian investors, my mood is already at its lowest!

  • As intense as the negotiations are ... there must have been several highlights ...

    Sorry for the unqualified comment. But once again shows what an eternal fairy tale NEVS serves us ...

  • Well at the stand you should actually draw a conclusion ... as much as I like the new models like 9-5 NG but Saab is probably more Classic than New Present ...
    I would be delightfully happy to read stories in the context, such as the history of the engines.
    Actually, the 9-3 I and II was probably more Saab than you think because the engines were actually still totally Saab depending on the year and so on. So I would find that interesting. Perhaps also involved in the history of a beautiful vehicle presented on the block. Of course this corresponds to the classic page.
    Or a comparison of the tuning alternatives of maps and deer or or
    But this is Saab story

  • The negotiations were intensified ... so so ...

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