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Saab owners NEVS denied creditor protection by Swedish court

The story of Saab is practically a Greek tragedy at this point. The quirky Swedish automaker that was once known as a pioneer of affordable turbocharging has been followed by years of news that just seemed to keep getting worse. At this point, maybe the brand name should be allowed to fade away into the ether and be remembered for the good times that it gave us.
Saab's latest predicament is that its parent National Electric Vehicle Sweden (or NEVS) has been denied protection from its creditors by the Swedish courts. According to Reuters, the judges called the business' financing plan "vague and completely undocumented." A company spokesperson told Reuters that it plans to appeal.
Seemingly in reaction to the court's decision, NEVS posted a press release on its website announcing that the company had applied "for a reorganization to create more time for the ongoing negotiations." The automaker continues to claim that it's negotiating with two global automakers to sell a portion of the company, possibly Mahindra, but the process is taking longer than it originally predicted. It seems a distinct possibility that this reorganization attempt is simply a way to buy extra time.

Greetings from Trollhattan. I'm Emily, but I'm not a Saab.

What’s Swedish for “never give up”? Saab, apparently. The fondly-remembered car company formerly called just that — and now named NEVS — is only a shell, employing just a limited crew in the land of trolls. But itÂ’s got something to sell, and that something seems like it's really something. ItÂ’s called Emily. The Emily GT exists as six prototype electric cars, according to NEVS, with a combined horsepower rating (per car) of 484 powered by an enormous 175-kilowatt lithium-ion battery thatÂ’s good for 600 miles of range. In development almost since Saab's demise — the company, once owned by General Motors, was closed down in 2010 — the Emily is a very real product and needs a real sponsor, according to NEVS CEO Nina Selander, speaking to Carup. “It is for sale, it is also a joy to be able to show it. It should be allowed to live on, itÂ’s too nice, too good and too modern a car for nothing to come of it. Interested parties are welcome,” she said. Photos of the car show a modern, forward-thrust profile with handsome lines, a look similar to the last Saab 9-5 and VolvoÂ’s S60 (must be a Swedish thing) and a fashionable, sci-fi-ish interior. A hopeful engineer on the project estimates that the car is less than two years away from some kind of series production, but according to the modest NEVS website, the company is currently in “hibernation” even as it continues to solicit buyers for the Emilys. Said Peter Dahl, the Emily project manager, “Many have asked us what we have been doing for 10 years. We have developed 13 different car projects, this is one of them.” Related video: Volvo Saab Automotive History Electric Future Vehicles Classics

Saab's latest Chinese owners facing their own credit woes

Poor Saab, it can't seem to get a break. General Motors couldn't seem to make a go of it, neither could Spyker, and now it seems that its latest owner is encountering some problems of its own.
That owner, of course, is National Electric Vehicle Sweden, a Swedish holding company owned by Chinese investors. NEVS recently restarted production at the Saab plant in Trollhättan, Sweden, and had some ambitious plans for the brand's revival, but it appears to have run out of cash.
This according to a report in The Wall Street Journal, which discovered that NEVS is having trouble paying its suppliers. One such supplier, called Labo Test, has reportedly been owed some $22,000 by NEVS since February, and without payment, petitioned the Swedish government to place NEVS into bankruptcy proceedings. If that seems a little extreme to you over twenty-two grand, it would seem the parties agree, as the petition has reportedly since been withdrawn.