China's National Electric Vehicle Sweden (NEVS), which bought bankrupt carmaker Saab in 2012, has made a new application for protection from creditors while it concludes funding talks, a Swedish court said today.
The same court on Thursday rejected a first application from NEVS and said the solutions it had outlined to secure funding looked "vague and completely undocumented."
The company has been in talks with two unnamed car firms to secure additional money.
NEVS could not be immediately reached for comment on Friday.
The company, which has not made any cars since May due to lack of money, has external debt of about 400 million Swedish crowns ($57.5 million), it said in its first application, and made a pretax loss of 601 million crowns on sales of 41 million last year.
ADDITION
Friday, August 29, 2014
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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