I thought I'd throw one of the "You make the news" entries up here once again.
Koenigsegg Group Chairman, Augie Fabela, is in the news due to an apparent appointment to meet with the Swedish Government today in an attempt to provide some further reassurance about the K-Segg proposition and financial position.
The government want this reassurance and proof prior to deciding whether or not to support Saab by way of loan guarantees.
I don't know if he'd be seeing Jöran Hägglund or Maud Olofsson, but I'm quite sure the outcome of the meeting is pretty important.
If Hägglund stays true to current form, there'll also likely be some sort of comment, maybe even a joint press conference if we're really lucky.
If so - you make the news.
Comments are open.
Koenigsegg is asking for another $500million in loan guarantees from the Swedish Government and GM. I am beginning to think they are wasting everyone's time! *rolleyes*
Seems so strange that Sweden's Haakon Lind gave that telephone interview to Bloomberg before or during the meeting between Fabela and Hagglund.
It has occurred to me that (a part of) GM might be the buyer of The Ghost's shares because then GM would be more linked in with access to Cargine and Saab's E-85 technology. (and Cargine is already linked to Scuderi)
Reminder that GM International is finalizing their re-organization this week. GM Brazil or GM Asia could be the new K-Egg Group shareholder. A few weeks ago, GM tried to make the case that their engineering center in Brazil is as good as the one in Germany. Forget the source, but Brazil is probably the financially strongest part of GM.
With Bishop gone 95% of the financing is also gone, hence the begging for government money today by Fabela. Instead of a 50% private backing we're looking at a 100% government funding alternative.
But I got at small teaser for you guys: mr Hagglund is furious right now. I tell you, furious.
No deal.
Ford is a good car too ;)
Håkan Lind, presschef på näringsdepartementet, säger att arbetet med utreda frågan om eventuella statliga garantier för Saabs låneansökan från Europeiska investeringsbanken (EIB) på 4,3 miljarder kronor går som planerat.
"Vi har ambitionen att ha alla beslut klara till EIB-styrelsens möte den 22 september", säger Lind.
Rough translation:
Haakan Lind, press secretary at the Ministry of Enterprise, Energy and Communications, says that the job to work out questions about possible state loan guarantees for Saab's application for a loan from the EIB of 4.3 billion goes on as planned.
"We have the ambition to have all decisions ready for the EIB's board of director's meeting on September 22."
Comment: Gee, that's another month to wait...
Anyone but me wonder how much of their "own skin" will be in the game? Bishop and his $$$ are gone and they want more from the Government?
I guess I would be mad too.
I hope that GM still has the phone number to Merbanco....
So what happens in the 30ish days between the end of the bankruptcy period and the EIB directors' meeting?
All I hear is that Fabela is a real pro, so...fingers crossed.
What if all this is away to shut everyone up about no news. They bring out a statement they want more money, everyone gets shook up. They close the deal and walk away with everyone asking what happened.
Fabela is no ones dummy. I mean come on he pl;ays hardball with the Russian goverment and all the locay yahoos. That in itself should say something. He is a true blue Capitalist. If there is a way to make this thing go he will make sure it does.
What would you rather be known for building a telcom system in Russia or rebuilding "The Saab"
JUST THINK ABOUT IT
Is there not a huge difference between loan guarantees and direct loans by a government?
we already knew in June the next EIB meeting was late September. I assume GM has to carry Saab until the closing of a sale. If the GM global reorganization takes effect August 17, that should clear some of the fog.
BTW, Merkel is back from vacation and reported committed to personally pushing for Magna/Sberbank/GAZ, and discussing Opel with Medvedev in Sochi on August 14. Maybe that one report about Ripplewood/RHJ and Saab has credibility?
(am still wondering why Ford thinks anyone will pay TWOBILUSD up front for Volvo)
Anyone going to the SOC in Colorado this weekend let us know what you all are drinking after you finish all the driving :)
First, no real news. In principle just that the Swedish government has been informed about the details of the new structure of the K-egg Group.
http://www.dn.se/ekonomi/koenigsegg-har-traffat-regeringen-1.928712
Secondly, EIB now has now recieved the application from Saab. If it is complete, the bank can make the decision to start the audit next week. It also notes that the Swedish government and the K-egg Group are in almost daily contact (putting some of Hägglund's previous comments in a dubious light - comment by me).
http://www.dn.se/ekonomi/saabs-nya-affarsplan-klar-1.929140
The whole privacy issue which is being used to justify Bishops departure sounds like pure PR. I'm guessing that there were leadership tensions with MB having the finance but AF having the knowhow & experience. Knowhow will outpoint finance everytime (assuming other finance is available - and it usually is) and so MB is gone and now Fabela can pick up the pieces and put the deal into shape.
According to my sources, Merbanco are still watching all this very closely but I can't see a re-entry at this point. Stranger things have happened though.