Maybe. The company that makes Saab cars except, of course, that it’s not actually making any cars right now has won protection from its creditors, but at a dear price:
China’s National Electric Vehicle Sweden (NEVS), which bought bankrupt carmaker Saab in 2012, won protection from creditors from a Swedish court on Friday while it concludes funding talks.
The decision gives the company, which has not built any cars since May because of a shortage of money, breathing space from creditors to whom it owes some 400 million Swedish crowns ($57.56 million).
There’s just this one minor detail:
Separately, Saab AB, the defense firm from which Saab Automobile was created in 1990, added to NEVS’ troubles on Friday by saying it had withdrawn its right to use the brand name Saab.
Swedish business daily Dagens Industri quoted a Saab AB spokesperson as saying NEVS’ application for creditor protection gave Saab AB the right to cancel the brand agreement.
So there will be cars from NEVS, maybe, but with a new brand name unless they can pull off something miraculous like persuading General Motors to sell them Pontiac or Saturn. Fat chance of that.