(Adds court decision, defence firm Saab's decision to recall
NEVS right to use Saab brand)
STOCKHOLM Aug 29 China's National Electric
Vehicle Sweden (NEVS), which bought bankrupt carmaker Saab in
2012, won protection from creditors from a Swedish court on
Friday while it concludes funding talks.
The decision gives the company, which has not built any cars
since May because of a shortage of money, breathing space from
creditors to whom it owes some 400 million Swedish crowns (57.56
million US dollar).
Separately, Saab AB, the defence firm from which
Saab Automobile was created in 1990, added to loss-making NEVS'
troubles on Friday by saying it had withdrawn its right to use
the brand name Saab.
Swedish business daily Dagens Industri quoted a Saab AB
spokesperson as saying a NEVS application for creditor
protection gave Saab AB the right to cancel the brand agreement.
A spokesman for NEVS said it expected to be able to
renegotiate the Saab brand agreement following a solution to its
The court had rejected NEVS first application for creditor
protection on Thursday. The company then filed a new application
NEVS has been in talks with two unnamed car firms to secure
additional money. It made a pretax loss of 601 million crowns on
sales of 41 million last year, it said in its first application.
(1 US dollar = 6.9494 Swedish crown)
(Reporting by Sven Nordenstam and Johannes Hellstrom. Editing
by Jane Merriman)