August 29, 2014 / 10:36 AM / 3 years ago

Saab carmaker NEVS applies again for creditor protection

STOCKHOLM, Aug 29 (Reuters) - China’s National Electric Vehicle Sweden (NEVS), which bought bankrupt car maker Saab in 2012, has made a new application for protection from creditors while it concludes funding talks, a Swedish court said on Friday.

The same court on Thursday rejected a first application from NEVS and said the solutions it had outlined to secure funding looked “vague and completely undocumented.”

The company has been in talks with two unnamed car firms to secure additional money.

NEVS, which on Thursday said it would appeal the decision, could not be immediately reached for comment on Friday.

The company, which has not made any cars since May due to lack of money, has external debt of about 400 million Swedish crowns ($57.5 million), it said in its first application, and made a pretax loss of 601 million crowns on sales of 41 million last year.

The court said it would make a decision on the new application on Friday afternoon. (1 US dollar = 6.9545 Swedish crown) (Reporting by Sven Nordenstam and Johannes Hellstrom. Editing by Jane Merriman)

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