GP.se: Saab being legally subdivided

Börjesson spotted this story in this morning’s GP.se and has provided a translation for our collective benefit.

This seems to be a significant development, though as mentioned by Eric Geers in the article, not as ominous as it sounds.

Thanks to Börjesson for the translation.

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Subdivision of Saab initiated

Original story here.

Saab is now being legally subdivided. “Because the National Debt Office requires it,” says information manager Eric Geers. Meanwhile, Beijing Auto are in the process of disassembling tools in Trollhättan.

Many have feared that it would happen – and now the legal foundation seems to be in place for subdividing Saab and selling off those parts that can be turned into money.

Saab Automobile AB was registered in its present form in 1990. But in the database, Business Check, that GP use, an additional five companies with names beginning with Saab Automobile are registered.

They are: Powertrain, Parts, Property, Tools and Investing.

Tools and Property are brand new, registered on the 10th and 12th of November, i.e. three weeks ago.

Parts is originally from 2000, but the present company was registered on the 15th of October this year.

Powertrain has changed its name several times, latest on the 20th of November 2009 from General Motors Powertrain-Sweden AB to Saab Automobile Powertrain AB. That was the day after the present company was registered. Four of these companies are therefore, in their present form, registered in the last month.

Eric Geers says that this should not be viewed as a preparation for subdividing Saab.

– This is a requirement from the National Debt Office, for their assessment, Geers says.

The undersecretary of the Industry Ministry, Jöran Hägglund, confirms through his press secretary Håkan Lind that it is a requirement from the government/debt office that Saab is divided.

– The explanation is that this is a way to clarify and delimit securities, says Håkan Lind.

Eric Geers doesn’t want to comment on the information that has been going around in the last few days, that Beijing Auto are in Trollhättan to take in hand the tools for the old Saab 9-3. [Sic! It does say 9-3, not 9-5.]

But GP have gotten this story confirmed, and Ny Teknik are even claiming that the tools have already been sold.

In this way, the subdivision of Saab has already begun.

This could be the Saab management’s last desperate attempt to secure revenue and keep the operations going while waiting for completion with a new buyer.

In theory they, or rather the parent company GM – after selling off old tools – could sell e.g. the buildings and the land, and then lease it back to keep building cars.

The Saab management have in the last months declined to state how much money the company has available to keep the manufacture going. But according to calculations in various media, based on what was said about expenses at the start of the year, the money should have run out by now. It has been speculated that GM are providing money on the quiet. They could do that, e.g. by not sending invoices for the materials that are delivered through Saab’s parent company.

According to various sources, Industry Minister Maud Olofsson and Sven Otto Littorin from the Labour Ministry will visit Trollhättan on Tuesday.

If the will bring anything that could save Saab is uncertain.

Stephan Lövgren, Göteborgs-Posten

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