Saab gets two more days

As we moved towards the end of the year, towards this coming weekend, Saab’s hours seemed numbered. If Friday was the deadline for the judge to summon its executives and the administrator, Guy Lofalk, to get a clear picture of the company’s real situation, two more days of grace have now been granted and the hearing will take place on Monday.

The request for the delay came from Saab, given the negotiations it is holding with Youngman Automobile. The Chinese have already advanced the first instalment of rescue money, to try to pay the November wages and the cost of the reorganisation (only), although it seems more cash deposits are on the way.

What Saab has achieved is more time, 48 more hours, before taking the stand. On Monday, Saab will possibly present evidence that it is receiving funds from the Chinese, although everything will depend on Lofalk, who that day will act as a kind of “prosecutor”; it should be borne in mind that for several days the administrator has been unwilling to continue with Saab’s reorganisation and could ask the judge to definitively annul the process.

Via | Automotive News