The fate of Saab continues to twist in the air, as Autocar reports that the Swedish court-appointed administrator Guy Lofalk has decided to step down. The news of Lofalk's requested exit from the hearings comes but one week after he applied to have Saab taken out of reorganization.
If Lofalk succeeded in taking Saab out of reorganization, the automaker would have had less than a week to submit a plan to the Swedish District Court outlining how it will find the money to keep the doors open. Saab wasn't at all happy with Lofalk's request, and now the struggling automaker has a little bit of a breather. The Vanersborg District Court has decided to postpone the decision to approve Lofalk's application on Monday, and his replacement Lars-Henrik Andersson is likely to be appointed the same day.
With the slight delay in the courts, Saab now has more time to pursue additional loans. Since General Motors vetoed an alliance with Chinese partners, Saab parent Swedish Automobile CEO Victor Muller is reportedly looking for an $800 million loan from Chinese investors and unnamed banks.
UPDATE: According to a new Reuters report, a Swedish court has apparently ruled against the planned administrator switch, saying that Lofalk is not allowed to quit his job because the process is too far along. The court is still expected to rule on Monday whether or not to extend Saab's protection from creditors.
If Lofalk succeeded in taking Saab out of reorganization, the automaker would have had less than a week to submit a plan to the Swedish District Court outlining how it will find the money to keep the doors open. Saab wasn't at all happy with Lofalk's request, and now the struggling automaker has a little bit of a breather. The Vanersborg District Court has decided to postpone the decision to approve Lofalk's application on Monday, and his replacement Lars-Henrik Andersson is likely to be appointed the same day.
With the slight delay in the courts, Saab now has more time to pursue additional loans. Since General Motors vetoed an alliance with Chinese partners, Saab parent Swedish Automobile CEO Victor Muller is reportedly looking for an $800 million loan from Chinese investors and unnamed banks.
UPDATE: According to a new Reuters report, a Swedish court has apparently ruled against the planned administrator switch, saying that Lofalk is not allowed to quit his job because the process is too far along. The court is still expected to rule on Monday whether or not to extend Saab's protection from creditors.
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