Saab Admin Calls Off Restructuring

Law360, New York (December 7, 2011, 5:31 PM EST) -- The administrator overseeing Saab Automobile AB's voluntary reorganization asked a Swedish district court on Wednesday to terminate the process, saying a lack of funding made restructuring unlikely to succeed.

Guy Lofalk submitted an application to the district court in Vanersborg, Sweden, to end the voluntary reorganization of Saab and two subsidiaries and asked for a speedy decision to avoid further losses to the companies' creditors.

The Swedish court said that companies and creditors would have until Dec. 15 to submit their opinions to the court, which...
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