Currently reading: Court slashes Saab debt
Koenigsegg takeover likely after Saab sees £835million of debt wiped out

Saab has won a key court ruling in Sweden, which has allowed it to cut its debt by 75 per cent.

The decision, made by a court in Vanersborg, south-west Sweden, reduced the ailing manufacturer’s debt by 10.6 billion Swedish crowns (£835 million) and this has paved the way for Koenigsegg’s takeover of Saab to go ahead.

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Saab, which has been in administration since February, had asked its creditors to waive 75 per cent of the money it owed them.

The court gave its approval after hearing news of GM agreeing a deal with Koenigsegg for Saab yesterday.

A Swedish state representative had opposed the debt reduction due to the continued uncertainty over Saab, but this was rejected after major creditors agreed to the plan.

Mark Tisshaw

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