First, National Electric Vehicle Sweden was going to be taken to district court and forced to file bankruptcy. Then, it was spared. Then, it saw its application for creditor protection denied due to being "vague."
Now? The application has moved forward, but at the price of the Saab name.
Autoblog reports NEVS — who owes over 90 creditors kr400 million ($57.56 million USD) — gained protection from the district court in Vänersborg August 29 while the Chinese-owned company continues negotiates with two unknown companies to obtain more funding.
However, the move by the court allowed SAAB AB — whose Viggens birthed many a 99 Turbo and 900S way back when — to pull the naming rights from NEVS. The latter only bought the beleaguered automaker's physical assets, and had to seek permission from SAAB to use the brand name. Thus, it may now be finally safe to say, "Rest in piece."
The post NEVS Gains Creditor Protection, Loses Saab Name appeared first on The Truth About Cars.
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