Saab’s battle against financial ruin has taken another twist with the news that the firm’s court-appointed administrator is set to quit his post.
Guy Lofalk was installed to oversee Saab as the company went through the process of reorganisation that is currently protecting it from creditors as it tries to put a sound financial plan in place for the future.
But last week Lofalk applied to the Swedish court to have Saab taken out of reorganisation, a move that would almost certainly lead the company being declared bankrupt.
In response, Saab said it would push for reorganisation to continue and request that Lofalk should be replaced as administrator – but it now appears that he wants to walk away of his own accord.
A statement on the website of Vanersborg District Court said: “The Saab companies and Guy Lofalk have jointly requested that Guy Lofalk will be dismissed as administrator and that lawyer Lars-Henrik Andersson is appointed as a new administrator”.
The court was originally due to decide tomorrow (Friday) whether to approve Lofalk’s application to end the reorganisation process, but that hearing has now been pushed back to Monday. Andersson could be installed as the new administrator at the same meeting.
Earlier this week Saab’s parent company Swedish Automobile (Swan), confirmed that it had received a much-needed cash injection from one of the Chinese investors that is interested in taking a stake in the firm.