Saab was driven too long with empty cash
TROLLHÄTTAN
Saab should have filed for bankruptcy almost a year ago. It is stated in the draft of the story manages to become public on Friday. By this token managers carmaker Saab significantly harder than including the Court of Appeal does.
Related
Victor Muller and Saab's General Counsel Kristina Geers going to file bankruptcy 19 December 2011. Almost a year too late, consider bankruptcy. Photo: Kent Eng
Deadline is, after several grant applications for suspension, set to Friday 30 November. Then thus the comprehensive management report for the Saab companies' bankruptcies as the district court in Vanersborg.
But TTELA has already been able to draft the final version, a 50-page document, which liquidators Anne-Marie Pouteaux and Hans L. Bergqvist and addressing the causes of the bankruptcy and the time when Saab ended up in bankruptcy.
Already in 2011
The latter is thus when it is considered not to have been able to pay their debts on time and the problem can not be considered temporary.
You mean the administrators that Saab was insolvent at the beginning of 2011, and therefore should have filed for bankruptcy much earlier than December 19.
By this token, in practice this all the rescue attempt that was made in 2011 as hopeless.
Audit report
In support of its conclusion, the bankruptcy of a report from the accounting firm Grant Thornton, who believes that "the time of Saab's bankruptcy is attributable to early 2011, and later in the production shutdown April 6, 2011."
The underlying reasons for the bankruptcy of the managers assessment is hardly news: Saab was when Spyker took over from GM in a relatively miserable economic condition. The recovery proved to be more difficult than you thought and confidence in the marque damaged after previous owner's decision to liquidate.
"Serious situation
Add to that an overly optimistic business plan, a damaged supply chain and failed attempts to bring investment and loans and requirements for third-party approval and you have bankruptcy causes in a small nutshell.
In late March 2011, the then CEO Jan Ake Jonsson have assessed "the situation as serious and that a solution erfodrades immediately."
Voted down
The trustees noted in its report, which is based on interviews with management and administrator Guy Lofalk, it spontaneously provided the information consistently been restrained and sketchy.
The review, however, contains a lot of information, including on tours around the reconstruction, Vladimir Antonov Youngman and that some of Saab's management on 10 april considered it was not appropriate to apply for reorganization.
The proposal was voted down, however, and it was only in September that it proceeded to action. The application was initially rejected in the district court, but then yes of Appeal for Western Sweden.
Continues investigated
A handful of transactions in 2011 will continue to be investigated as managing the story.
Mainly there are three pieces that could generate money, recycling, the bankruptcy estate. It's about loss of revenue from GM - including more than $ 23 million in warranty costs, professional fees to the company TUG where Muller himself to have received money and Guy Lofalks salary as administrator.
Consuming
There are many indications that the investigation of these can be time consuming, and it is only when they are ready to Saab bankruptcy is considered completed. Before that teaches the sum "Saab's new owners," electric car consortium NEVS, paid for the estate remain classified.
Footnote: TTELA have unsuccessfully sought Saab's bankruptcy.