Saab Says Liquidation Plan By Ally Would Be Unnecessary

Law360, New York (November 9, 2012, 1:54 PM EST) -- Bankrupt Saab Cars North America Inc. on Thursday lodged an objection to Ally Financial Inc.'s move to examine current and former directors of the carmaker, saying the lender is just seeking cover to file a competing liquidation plan, which SCNA claims is unnecessary.

SCNA brought its objection in Delaware bankruptcy court, arguing that Ally’s actions are pointless since as an unimpaired creditor under the present reorganization plan, Ally is set to recover 100 percent of its allowed secured claim and will be presumed to accept the...
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