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Discussion Starter #1
The Board of Directors of National Electric Vehicle Sweden AB has today, August 28, 2014, decided to apply for a reorganization to create more time for the ongoing negotiations. The application has been submitted to the district court in Vänersborg, Sweden.

“The tripartite negotiations we have with two global vehicle manufacturers are still progressing, but are complex and have taken more time than we predicted. We need additional time to complete the negotiations and reach an agreement. Therefore, we apply for a reorganization. We intend to fully pay our debts to our suppliers”, said Nevs’ President Mattias Bergman.

Nevs has about 400 suppliers of direct materials and 500 suppliers of indirect materials. The vast majority of these have chosen to await the outcome of the ongoing negotiations. Some creditors have filed applications for an order to pay at the Swedish Enforcement Authority.

The upcoming activities from the Enforcement Authority may involve mandatory sale of assets that are supposed to be included in Nevs’ agreement with above mentioned vehicle manufacturers. Loss of such assets could obstruct finalizing a contract with them. To get more time to complete the negotiations, Nevs filed for a reorganization today.

Nevs proposed Mr. Lars Eric Gustafsson, Attorney at Hamilton law firm in Stockholm, as administrator during the reorganization period.

Mikael Östlund
Director Communications and Public Affairs
Tel: +46 5208 5100
[email protected]m
www.saabcars.com
 

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Discussion Starter #3
Update on the situation

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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Nevs announces intention to lay off employees

Nevs announces intention to lay off up to 200 employees due to lack of work, as the decision to re-start production will be further delayed.

Nevs has retained the permanent workforce for production since the production was stopped in the end of May this year. The reason for this has been that the company would be ready to quickly start up production, upon such decision.

The prerequisites for making a decision to start up production are to have long-term secured funding and a business plan that has been worked through together with a new majority owner.

The ongoing discussions on collaboration and ownership structure, which has not yet resulted in a binding agreement, indicates that the decision for a start-up of production will take time.

With this there is a redundancy of the workforce. Therefore, Nevs’ management has decided to hand in a notice of intention to lay off up to 200 employees to the Swedish Public Employment Service.

The terminations will take place in September in order to rapidly reduce the company's costs during the reorganization period. This is a step in the reorganization plan that the administrator will present on the creditors meeting on October 8.

Nevs intends to retain the remaining staff to maintain the plant in good condition, to be prepared for the new production, after such a decision is taken, and to continue developing new products.
 
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