What a difference a day makes. Thursday, we reported that current Saab parent National Electric Vehicle Sweden had its application for creditor protection denied by the Swedish court for being "vague and completely undocumented." But NEVS was back in court on Friday, and this time the application was granted. However, the story continued to get weirder as defense contractor Saab AB allegedly revoked NEVS' rights to use the Saab name.

NEVS did put out a brief press release confirming the court decision saying: "The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB." The company allegedly has over 90 creditors, and according to Reuters, it owes them roughly 400 million Swedish krona ($57.56 million). The business says that it is in negotiations with two, unnamed companies to get additional funding.

Also, according to Reuters, Saab AB, best known for making fighter planes, has revoked NEVS' rights to the Saab brand name because the company's application for creditor protection gave the defense contractor that right. When NEVS bought Saab, it only acquired the automaker's physical assets, and had to negotiate for the rights to use the name.

Autoblog reached out to NEVS to better understand what all of this means for the company moving forward. We'll update this story, if we hear back. Scroll down to read the entire, two-sentence press release from NEVS about the court's decision.
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The District court approves Nevs' application for reorganization

The District court of Vänersborg, Sweden, today August 29 approved the application for reorganization from National Electric Vehicle Sweden AB.

The District court has appointed Mr. Lars Eric Gustafsson, Attorney at Hamilton law firm in Stockholm, as administrator during the reorganization period.

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    • 1 Second Ago
      • 1 Year Ago

      Let.  Saab.  Die.

      Adrian Elliot
      • 1 Year Ago

      Poor Saab.

      • 1 Year Ago

      The name is the only thing of worth. The name could be revived. Its image is good enough to brand cool new cars. But not the super uncool 93.

      And is that new debt they built up since the first bankruptcy or did they inherit some of it? if it is new debt, how did they spend that much without having any money to pay that? it's not like they could get profits to cover that by now..

      How do you even get that kind of credit?? it's not like it's petty cash or they bought parts for 10000 cars at once.

      We are back to the facepalm statue in Paris. There it has been sitting all the time.

      • 1 Year Ago

      They could give it a spare GM name since GM created this mess. Something not in use like Luv, Vega, Citation, Cimmaron, Reatta, Allante, La Salle, Hummer, Pontiac, Oldsmobile, etc.    

        • 1 Year Ago

        Oh Jesus here we go again...

        Okay, yeah. You're right. GM did create this mess. They should have let Saab die 25 years ago instead of dumping billions into the black hole. Maybe GM could have avoided bankruptcy had they not wasted all those billions.

      PMD G8
      • 1 Year Ago

      I said this 3-4 years ago. "I'm not quite dead yet!"

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