The appeal of the district court's decision to reject Saab reconstruction application contained many critical words about the district court's action. Saab Questions include whether there is enough expertise, time and data to draw conclusions about the company. [Updated 22:38]
Related
Fact: Saab's plans for reconstruction
In an annex to the appeal lists Saab how the company has planned to improve operations during the reorganization:
Further reduction in structural costs to 20 percent. Since 2009, Saab has reduced manufacturing costs by 20 percent.
The formation of a joint venture, known as joint venture with Youngman for the development of three new car models.
Purchasing Co-operation with Youngman with reduced purchasing costs.
Distribution Cooperation with Pang Da which is predicted to result in approximately 40 000 cars sold per year within three years solely in China. Last year, Saab's total sales of about 28 000 cars.
Establish distribution in growth markets such as Brazil and Russia.
Opportunities for volume and revenue growth through new Saab 9-5 sports sedan has been completely developed and will be launched just a few weeks after the restart of production. And new 9-4 X that is ready to be launched in Europe and Asia.
Documents
Saab's appeal
Saab
Union leaders and ask the Saab bankrupt
Bankruptcy petition will cost half a million
"We understand that they must act '
Engineers: "We do not act now"
Metal waits for bankruptcy
Saab sells technology for 70 million
Positive meeting between Muller and CLEPA
Saab employees will receive 500 dollars more
Saab is very critical of the way Vänersborg has handled their request for reconstruction. "The district court's reasoning appears in several parts as incorrect and not consistent with the trial right by law to do", can be used to read.
In addition, the company that the district court has made assessments that are not their table, including that they had opinions about how Saab survived the last reorganization. Saab says that the district court has neither the time, expertise or the basis for making that assessment.
In its refusal the district court pointed out that Saab had submitted for the scant information, something that Saab is now trying to remedy in its appeal. There is a plan about when the Saab will get an approval from the Chinese authorities and the date says Saab is on 8 November.
In addition, Saab has attached letter from the two Chinese companies in which they write that they, as far as they know, do not see any reason for unexpected delays or that the process should not go into port.
Both also point out that they are impressed by Saab's technology and sees a future for the company worldwide and particularly in China.
In the appeal Saab writes that Young's loan of 70 million are expected to be in place within two weeks.
This opens the opportunity to redeem the second mortgage claims Saab. Because of the loan in the EIB, Saab has great assets frozen.
"In this stage, international banks have expressed interest in taking over the company's existing loans, which would lead to additional liquidity, the company since today pledged collateral base is expected to have room for additional funding," writes Saab on.
But while the Saab today submitted his appeal said it did not end up with the Court of Appeal only on Wednesday. The district court sends namely the appeal by mail to the Court of Appeal and Saab missed just last Monday's mail delivery that went 15.30 - 20 minutes before the appeal was received.
Saab's agent asked if they could somehow ensure that the appeal was received by the Court of Appeal faster, but it will go under the usual channels, said district staff.
- Had they filed the appeal before it had come with today's mail, says Cecilia Tisell.
According to TT Saab had requested privacy for their appeal, but it was not approved of Vänersborg.
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