Thursday, August 18

After Helping Automaker Out of Bankruptcy, Saab’s New Owner Faces a Bankruptcy of its Own

On Tuesday, August 12, a supplier of Swedish car maker and Saab owner National Electric Vehicle of Sweden (Nevs) filed a petition in bankruptcy court that would declare it bankrupt.

According to an August 12 ABC News article, the news comes after Nevs bought Saab amid its own financial hardships and lifted the automaker out of bankruptcy last year.

ABC News reported that Labor Test, one of Nevs’ suppliers for testing equipment, alleged that Nevs has not paid its bills amounting to 150,000 kronor, or $22,000, since February.

The Local article reports that Nevs’ bankruptcy proceedings will likely begin September 18.

Saab had originally filed for bankruptcy in December 2011, The Local reports — and Nevs was created by Chinese backers in mid-2012 to buy the struggling car brand. Nevs’ original aim was to produce electric cars for the Chinese market, but financial problems have forced the company to make gas-fueled cars.

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