ZEEWOLDE, Netherlands -

Saab Automobile AB is filing for voluntary reorganization today in hopes of staving off creditors in the short term while it waits for the arrival of its Chinese investors’ equity contributions.

The reorganization only includes Saab Automobile AB, Saab Automobile Powertrain and Saab Tools AB. Saab Cars North America and other overseas operations are not included, neither is Saab Parts AB.

Saab says the reorganization will allow the comany to do things like pay employee salaries and prepare for production to be ramped back up. If the proposed reorganization goes through, it would be a self-managed legal process in Sweden’s jurisdiction. A court-appointed independent administrator would lead the reorganization.

Saab has recommended that the administrator be Guy Lofalk, a Swedish attorney who held the same role when the automaker reorganized in 2009.

Whomever the District Court selects, the individual will work alongside Saab Automobile’s management team and its chief executive officer and chairman Victor Muller.

“Since securing the long-term funding through conditional agreements with Pang Da and Youngman, who both support this voluntary reorganization, we have focused on securing funding to bridge the period until we receive their funds,”  explained Muller — also the CEO and chairman of  parent company Swedish Automobile N.V. — referring to the agreement with the Chinese investors announced earlier this summer.

“We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared,” he continued.

Per its proposal, Saab has crafted a reorganization plan to lower costs and stimulate a more viable operation, and it will present this plan to creditors within three weeks. That deadline could be pushed back, however.

If the court approves the plan, the reorganization would then commence for three months. If necessary, the process can be lengthened anywhere from three to 12 months.

“Swan and Saab Automobile are confident that they will secure additional short-term funding for the reorganization period and are currently in negotiations with several parties about obtaining such funding,” the companies said in a statement.

“Funding for Saab Automobile to exit reorganization has been secured through binding agreements with Pang Da and Youngman as announced on July 4, which agreements are, however, subject to obtaining certain approval,” officials added.

Sharing more about the role of the administrator, executives noted that the appointee will apply for Sweden’s wage guarantee scheme. Basically, this would let Saab pay its employees.

Once the court approves the proposal, Saab said it will distribute August salaries “within a short time frame.”

As far as paying its outstanding debts to creditors, Saab said it “will seek the support of its creditors for the reorganization process and is confident it will obtain this support, particularly because Saab Automobile aims at full redemption of outstanding debts.”

One of Saab Automobile AB’s creditors is GMAC Financial Services AB, which is the Swedish subsidiary of Ally Financial.

In a statement released today, Ally said its subsidiary “is taking the appropriate steps to protect Ally’s interests during Saab’s reorganization.”

Officials added: “Ally has been diligently monitoring Saab’s financial situation for several months and does not expect any material financial impact as a result of the reorganization … Ally will continue to provide automotive financing products and services to creditworthy Saab dealers and consumers during the reorganization process.”

Offering more commentary, Muller emphasized that the reorganization will result in a stronger Saab, despite the challenges that may come along the way.

“The potential for Saab Automobile as a viable, independent premium car manufacturer is there, as shown by the rejuvenation of our product portfolio, approximately 11,000 orders and the conditional long-term funding already in place through the binding agreements with Pang Da and Youngman that will give us access to the Chinese market,” he noted.

“I would also like to express my deep gratitude to our employees, dealers, suppliers and all other stakeholders who have been so patient and understanding in the past trying months. I realize that we have severely tested their patience, but it has been heartening to see that in general, our employees, dealers, suppliers and other stakeholders have stood by us through this tough period,” he continued. “I look forward to continuing these relationships and collectively start building a brighter future for Saab Automobile.”