STOCKHOLM: A Chinese-owned company set up to take over Saab’s assets after the troubled Swedish carmaker’s bankruptcy said on Friday it had succeeded in being placed in receivership.

National Electric Vehicle Sweden, or NEVS, had applied to be protected against creditors while seeking new sources of financing.

“The district court of Vaenersborg today, Friday August 29, accepted NEVS’s request for receivership,” the company said in a brief statement.

The announcement came a day after the court initially rejected the request, saying it lacked sufficient clarity and documentation.

According to several Swedish media reports, NEVS has been negotiating with automakers Mahindra (India) and Dongfeng (China) to raise funds to cover substantial debts to suppliers.

Published in Dawn, August 30th, 2014