Nevs seeks more time for restructuring
The Chinese-owned company created to buy Saab after it filed for bankruptcy is now asking a Swedish court for more time as it undergoes its own financial restructuring.
National Electric Vehicle Sweden, or Nevs, filed for a 3-month extension as it negotiates with other automakers to raise funds to cover substantial debts to suppliers, Swedish Radio reports.
The Vänersborg district court must hear from Nevs' creditor before granting an extension, but company spokesman Mikael Östlund said he is confident the court will give Nevs the extra time.
Nevs took over the failing automaker Saab in 2012, and has itself struggled to payback debts totaling some SEK 400 million.