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auto industry

SAAB Hopes for 75 Percent Debt Reduction

Published torsdag 21 maj 2009 kl 12.12

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. (KH)

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