Saab owner National Electric Vehicle Sweden recently ran out of cash
but on Friday was thrown a lifeline by a Swedish court, which has given the struggling firm time to restructure and source new investment
. During the restructure, NEVS parent company National Modern Energy Holdings will provide it with liquidity, the firm told the court.
Unfortunately, the situation is still deteriorating as NEVS has since lost the rights to the use of the Saab name on any of the cars it builds. The rights to the name are owned by a consortium of firms that includes the Swedish defense group also known as Saab. NEVS was granted rights to use of the name when it bought the remains of bankrupt automaker Saab back in 2012, but missed out on the famous griffin logo
Although there’s been no mention of why NEVS has lost the rights to the Saab name—most likely it was licensed to the firm—NEVS spokesman Mikael Östlund has told The Wall Street Journal
that the firm is on good terms with the Saab defense group and expects to regain the rights to the Saab name.
"We expect to renegotiate the agreement [with the defense group Saab] as soon as a new owner comes in," Östlund said.
The new owner Östlund is referring to is one of two global automakers
NEVS is currently in negotiations with. According to the most recent court filings, NEVS is hoping to transfer the rights of the still-in-development Phoenix platform
and its associated staff and equipment to a new subsidiary. Half of the new subsidiary would then be sold to one of the automakers in talks with NEVS, and the income generated from the sale would be enough to settle any debts.
Stay tuned for an update._______________________________________Follow Motor Authority on Facebook, Twitter, and Google+.