Summary of Saab’s court filing – May 19th

The original documents filed by Saab in the court at Vanersborg are available, in Swedish and in PDF format, from this link.
Once again, ctm was able to help out with a translation of the main dot points to come from the document:

  • Asking the court for another 3 months.
  • This is the biggest reconstruction that’s taken place in Sweden.
  • The work so far has been according to the plan: concentrate all manufacturing to Trollhättan, make Saab independent from GM, find a new owner, and to secure financing of 1 Billion US Dollars for the business plan by loans from EIB and support from Swedish state and GM.
  • Part of Saab will be security for the loans. Debt holders will be asked to write down debts.
  • Intense negotiations with Magna-Steyr to move production of 9-3 Cab to Trollhättan. Plans to produce the new 9-5 in Trollhättan moves along.
  • Sales process is working according to the plan. 27 initial interested parties, 20 sign agreement on confidentiality, about 10 visited Saab. Over all, positive reactions. 3 have chosen to continue negotiations to buy Saab. Negotiations to continue through May to select the final candidate.
  • This positive process has led to intensified negotiations with EIB and the Swedish Government with several meetings (will be finalized in June).
  • Liquidity is good. Saab has taken 45 Million US Dollars of the 150 Millions made available by GM for the reconstruction. It could be deems necessary to get more from that credit, but the money will be enough for the reconstruction period.

I love that.
Even in reconstruction mode, Saab are being efficient and looking to use as little of the funds allocated to them as possible.
Bless ’em!