NEVS requests renewal of the reconstruction

Update 18: 50 clock

Yesterday Michèl was visiting Trollhättan; NEVS gave him a glimpse into the documents granted for today. The next hours and days, up to March 2nd, will determine how the story continues and whether NEVS has a future. A quick update to complement his Article.

NEVS requests further 3 months of reconstruction
NEVS requests further 3 months of reconstruction

Today, NEVS has filed an application for renewal of the reconstruction phase with the competent court for a further 3 months.

With the option to leave earlier if there is a sale or the entry of a majority shareholder. The pending decision of the creditors on the desired haircut will also influence the opinion of the court. The meeting of the believers took place today in Trollhättan.

Debt relief - probably

The creditors seem to be in favor of a haircut, that is the trend today. More than two fifths are said to be in favor, even if some parties show a certain distrust. For NEVS the decision is vital; around € 32 million could thus be written off; the way to get a new shareholder through a capital increase would be easier. Now the judges have the next word. If they give way, the haircut could be final in about 6 weeks. NEVS has announced that it will then leave the reconstruction.

Trouble threatens but from elsewhere, and that could be really big.

Negotiations about the brand name - or not?

Saab AB and its press officer accused NEVS lawyer Lars Eric Gustafssson of lying today. It's about the claim that the future owner of NEVS has been exploring the trademark rights with Saab AB since December. Saab denies that - a tough accusation.

Saab AB press spokesman Sebastian Carlsson made it clear that there had been no negotiations with a foreign carmaker about reusing the brand name for a number of months. When Svenska Dagbladet asked whether it could be called probing, he also said no. "No, you couldn't call it that ..."

Lawyer Lars Eric Gustafsson, on the other hand, continues to use the term “exploratory” that he mentioned in the court file.

If the assertion of the Saab AB is correct, then this could have serious consequences for NEVS. The complete construct is based on the assumption that the brand name will be used again. With no prospect of exploitation, NEVS is much less sustainable. The court could look at the facts very closely, and decide in case of doubt against NEVS.

14 thoughts on "NEVS requests renewal of the reconstruction"

  • if Saab AB, a billionaire armaments group, says: "there has been no negotiation on trademark rights for months, this means that there have been no negotiations on trademark rights for months. if there is no negotiation on trademark rights this means that there is no interest in using the trademark rights. if there is no interest in using the trademark rights this means that there is no interest in investing in nevs. if there is no interested in investing in nevs that means: nevs is soon history. whether someone is entering into negotiations afterward and investing is speculative. Everyone hopes, nobody knows. wait, saab drive and only then deal with the processes in trollhättan, when a reputed newspaper in the economy part reads something like: Volkswagen buys rights to the production of saab automobiles. Subsidiary chess shops and technology sales are sad enough, we have acknowledged that, but they certainly do not have to take it on anew every day. that only annoys. go to peace and drive saab. that's fun, in spring all the more 🙂 beautiful sunday and good start to the week! mfsaabfahrerg

  • VII. Will you also save money and therefore remains in the reconstruction while you continue to develop

  • There will certainly have been queried by NEVS, as it looks like with the further use of the brand name.

    It is also clear that the use was tied to conditions vis-à-vis the new owner / majority shareholder - if the SAAB AB was also informed of the name (Mahindra?) Months ago, it should now take a long time for a yes or no after checking the facts . Or should the new owner keep asking again?

    In that regard, one could therefore speak of a sounding initiated by NEVS.

    Quite honestly, I will not be smart about SAAB AB's behavior (at least according to what has been known so far).

  • NEVS is like Greece just blue haze

  • The ideas seem too different ... the expectations: dissent.

  • I see it like some others here: NEVS still doesn't seem to be able to show anything convincing after the past 6 months. I am very skeptical about an agreement in the next 6 months ... It's actually no wonder. I would also ask myself what exactly am I still buying or taking over? It seems to be a matter of money. NEVS wants to get as much out of it as possible - the potential prospect will spend almost nothing on it. Could be an endless game and at some point you have to pull the plug.

  • From Jiang's point of view, certainly understandable and yes, others have tried and have also failed, but that does not change my opinion that it would be better without Jiang and NEVS.

  • It is not possible to keep good contact (even for a long time) with the suppliers, if on the other hand no production is within reach.

    Another 3 months of reconstruction without the interim entry of a new owner / majority shareholder would also be associated with a very high risk for NEVS for other reasons - the currently remaining small reputation in the public could disappear completely without tangible results. Kai Johan Jiang finally has to deliver (in the best case also new SAAB automobiles).

    Let's see if the court gives the go-ahead once again.

  • I actually see the news from Sweden rather positively and do not quite understand the slightly negative mood. NEVS has certainly not been happy in the past, but I find that communication has greatly improved. Surely it's easy to say that nothing has been achieved in the past 6 months, but hey, after all, they are still there!
    I do not want to imagine how complicated it is to keep the course in negotiations with all stakeholders and that everyone is still sitting around the table. Especially since NEVS does not hold a good hand in the hands.
    Besides, none of us knows exactly what is happening behind the scenes. I hardly believe that people are turning their thumbs in Trollhättan and waiting for things to come. For me, I can only say that the hope that it will continue with Saab, is no longer so strong to certainty, as currently.

    @ Greif08: It is more than understandable that Jiang would like to have a minority stake. After all, NEVS is his company. He also took the risk and yes, it fell on his face. That he tries in the end to save at least a little what can be saved, I think is legitimate. In the more recent Saab past there were completely different “megalomaniacs” who spent other people's money with full hands and drove the cart full against the wall - although it was still drivable at the time. Someone would like to ask the creditors whether an offer like this one has been made to them. They would have gladly accepted it - and would also have gladly taken over the fees for the international transfer from the Netherlands Antilles.

  • I think I would appreciate it if not extended! Because what has not been decided in the last 6 months will not be decided in 6 months! Who wants to be talked into in a store by someone (like Jiang) who has stumbled himself ?!

  • Only what has reached NEVS in the last 6 months. Nothing in my eyes. At least not noticeable that they will not in the next 6 months. Always empty promises. At the end, another year without production is over and nothing has happened. I can understand you when you say you're tired of writing about it. We will be driving to Trollhättan in June and still be at the same stand and it will be annoying.

  • Well, if you agree, why not have Saab revived by NEVS when people say that and understand their business. Maybe then the shop will sooner or later get another name. But in Michael's article is the speech of Mr. Jiang still active and would like to have a say. Whether he should do that or demand it?

  • The question is whether NEVS also gets the go-ahead, because you're standing there with pretty empty pockets. Not just proverbial.

    The legislator made the reconstruction possible for a maximum of 12 months, then nothing would work for NEVS. So in the wildest case we would have halftime.

  • Again the same game as 3 months ago and there 3 months ago ... When will it finally come to a decision and an end. NEVS could be a party. Talk, talk and nothing comes of it.

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