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auto industry

SAAB Hopes for 75 Percent Debt Reduction

Published torsdag 21 maj 2009 kl 11.04
A picture from better days

Most creditors of bankrupt Swedish car maker SAAB are willing to reduce their claims by 75 percent. This was announced after a new round of talks between representatives of SAAB and its more than 1,000 creditors. A spokesperson for the ailing company said that this would mean that SAAB’s debts would only amount to a total of 35 million dollars, which would facilitate a takeover by a future buyer.

However, the Swedish state as the second largest of SAAB’s creditors is not yet willing to waive its claim against the company. A spokesman for the national tax authority said that such a waiver would depend on the nature of a takeover. The Vänersborg district court has set June 17 as the final date for an agreement on SAAB’s future.

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