AppId is over the quota
AppId is over the quota
By AutoObserver Staff October 20, 2011
Reports from Europe today indicate that an administrator assigned to oversee the reorganization of Swedish Automobile NV’s Saab automaking division planned to make a court application to terminate the reorganization, opening the door for outright bankruptcy at Saab. The automaker has for months been attempting to stave off insolvency and lately had pinned its hopes on bridge loans from Chinese auto-related companies, the promise of which convinced Swedish courts to allow Saab’s current reorganization. The Wall Street Journal reported on Thursday that Saab not only plans to continue with its reorganization efforts but also will ask for the plan’s administrator to be replaced.
Saab said it now appears the bulk of the promised loans from China will not come in a timely fashion and on Thursday, the company announced that U.S.-based private-equity firm North Street Capital, pledged a $70-million loan to Saab in exchange for stock in the company and to be securitized by first and second liens on certain Saab assets. North Street Capital, owned by auto enthusiast Albert Mascioli, purchased Swedish Automobile’s Spyker supercar operations last month in a deal for about $44 million.
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