Bankruptcy Expert condemns Saab's plans
September 7, 2011 at 11:22, updated: 7 September 2011 at 11:43
Saab Automobile applies for reorganization, according to a press release from the owner of Swedish Automobile.
A reconstruction will stop foreclosures and bankruptcy requirements and the state takes over wage costs.
An application, which includes subsidiaries Saab Automobile Powertrain and Saab Automobile, was today submitted to Vänersborg.
Decisions to grant reconstruction applications or not taken by a bankruptcy judge, a judge and a magistrate.
The purpose of the reorganization is to ensure the "short-term stability" and also open to additional funding while waiting for money from the Chinese stakeholders Pang Da and Youngman, the company said.
According to Saab boss Victor Muller is both Pang Da and Youngman behind the plan.
It appears from the creditor list received by the district court.
In addition to the hundreds of subsidiaries, Saab Automobile Powertrain and Saab Automobile Tools.
Attorney Rolf Åbjörnsson, who is an expert in bankruptcy and has represented the Saab dealerships in the previous reconstruction in 2009, condemns Saab's reorganization plans and find that the district court should say no.
How would Saab succeed when you have no money, no production, no nothing. There is nothing more than dreams and it will not be held legally, he says.
Åbjörnsson think that Saab is abusing the system.
It is not intended that the reorganization will be used to pull a person `s hair on state money. To first take out the insolvency of a reconstruction and then go bankrupt and get pay security again, says Åbjörnsson.
While he believes that Vänersborg might not say no in this situation.
But even professional legally hold it, he says.
He also thinks that the court should be hesitant, given that there are question marks about crime.
I think that Saab has been involved in adventurous activities and wasted money for nothing.Therefore one can suspect negligence against creditors, he said.
According to Rolf Åbjörnsson would be a better bankruptcy. Then put the parts up for sale and viable parts can survive.
When do you start over with a clean slate. As it is, there is no strong credible players who can pick up money. Will the money it's money in my opinion, says Rolf Åbjörnsson.
Initially applying Saab in court on three-month grace period to implement the reorganization. The company will also apply for government wage guarantees to employees during the reorganization are to have wages paid. August salaries, which have not been paid, Saab expects to be able to be paid once the court granted the request.
The last time Saab was reconstructed was in 2009 when they eventually ended up in negotiations with Koenigsegg, but chose to drop out and was replaced by Spyker, Victor Muller.
Saab called in the factory staff to work from seven o'clock in the day, reports TV 4 News West.
They will receive information, an update of the situation, says Ms Gustav on Saab's information department said.
Production has been stationary for about five months.