Remember when Saab's new parent company was close to being taken to court and forced to declare bankruptcy by one of its suppliers? New information may have helped changed course.
Autoblog reports National Electric Vehicle Sweden issued a brief statement proclaiming that while "the company does not have enough liquid cash as today to pay all outstanding debt," it is "not insolvent" thanks to having assets larger than its obligations.
The statement also states the supplier — Lado Labs — withdrew its petition to force bankruptcy upon NEVS next month due to not having been paid for testing procedures in February. That said, it doesn't know when it will be able to pay all of its suppliers.
The funding issues came about when one of NEVS' shareholders failed to deliver its investment to the company, bringing a halt to manufacturing of the 9-3. NEVS is holding ongoing conversations with two unnamed manufacturers with the aim to restart the line once funding is secured.
The post NEVS "Not Insolvent," Will Pay When Possible appeared first on The Truth About Cars.
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