That means Saab has five or six days, by its own estimation, to submit a successful plan to the Swedish District Court outlining how it will secure the necessary funding to stay in business.
Saab boss Victor Muller is reportedly seeking a loan worth over $800 million from proposed Chinese partner Youngman and an unnamed bank now that General Motors has squashed the previously planned alliance between Saab and its would-be Chinese saviors.
Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries with the District Court in Vänersborg, Sweden.
Saab Automobile and its creditors have approximately five to six days to submit their view to the District Court before the Court takes a final decision about termination of the reorganization. The management of Saab Automobile will consider future steps and continues the current discussions with Youngman about the necessary funding to pay the wages and be able to continue the voluntary reorganization.