Ally Financial Fights To Repo 900 Saab Cars

Law360, Wilmington (March 2, 2012, 6:23 PM EST) -- Ally Financial Inc. asked a Delaware bankruptcy judge on Friday for permission to seize 900 vehicles from debtor Saab Cars North America Inc. that the lender says are collateral for a $61 million loan to Saab’s Swedish parent.

Ally argued at a court hearing that SCNA guaranteed the debt of its parent, Saab Automobile AB, and asked U.S. Bankruptcy Judge Christopher S. Sontchi to lift the automatic stay in the case so it could liquidate the vehicles. The cars have a book value of $32 million...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.