The administrator in charge of the Saab bankruptcy proceedings has told a Swedish court that the process must stop.
“The money is not enough to continue the reorganization,”said Guy Lofalk in an interview with Reuters. “Now, an application [to terminate the reorganization] has been mailed. It should be on the court’s desk tomorrow.”
Lofalk said that the $70 million investment from North Street Capital was insufficient, and that the two Chinese companies looking to buy Saab have failed to reach an agreement with Saab’s owners.
Saab’s owner, Swedish Automobile, said that it would fight the request and attempt to have Lofalk removed from his position.
[Source: Automotive News]