Good news for Saab! A court in Vanersborg, southwest of Sweden made a court ruling that cut the debt of Saab by 75 percent. The cut involved 10.6 billion Swedish crowns (€978 million) and has opened the way for the planned takeover of the ailing car company by Koenigsegg.
Having been in administration since February this year, Saab has appealed to creditors to relinquish claims to 75 percent of the money they owed them. After hearing the news that GM has struck a deal with Koenigsegg for Saab the previous day, the court approved the appeal for a cut. Earlier, a representative of a Swedish state had opposed the debt cut because of the uncertainty over Saab, however, because major creditors gave their consent to the plan, the court overturned the opposition.
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