Press Release:- Swedish National Debt Office Allows Vladimir Antonov As Shareholder In Spyker
April 28, 2011 in News
Please read our coverage of the NDO press conference from earlier, but here is the press release from Saab Media. Hear what Victor and Vladimir are saying about the good news after the break.
Trollhättan, Sweden: Spyker Cars N.V. (Spyker) confirms the announcement of the Swedish National Debt Office (NDO) to allow Vladimir Antonov as a shareholder of Spyker.
Victor Muller, CEO of Spyker and Chairman of Saab Automobile said: “This is a great day for our company and for me personally. We worked relentlessly for 11 months to achieve the desired result: restore the reputation of Vladimir Antonov, who made so many valuable contributions to Spyker since 2007 as financier and shareholder. We are convinced he will be able to make such contributions again in the near future and look forward to the decisions of the Swedish Government, General Motors and the European Investment Bank (EIB), following the recommendation of the NDO which was the result of intense scrutinizing.”
Vladimir Antonov, Chairman of Conversgroup said: “I am very happy finally getting the recommendation from the NDO to the involved parties, being a future investor in Spyker. The past months of speculations around me, as an individual investor and my businesses has been exhausting. Clearly this has been a disturbing factor for many of my businesses. Finally we have managed to obtain a clean bill of health and we need to move fast forward to secure the cash flow of Saab Automobile. I hope all involved parties now further take on their responsibility so we can close all processes fast to secure the future of Saab Automobile.”
Spyker and Saab Automobile continue to work on securing funding. Saab Automobile is still in talks with the EIB and all parties involved on a solution to complete the sale of Saab Automobile Property AB (Saab Property). It is not yet certain whether the above parties will be able to fulfill all of the conditions of the EIB and finalize the sale of Saab Property.
In addition, Spyker and Saab Automobile are negotiating equity and debt financing and/or technology licensing with various strategic partners, including various Chinese car manufacturers. No commitments have been received to date.
saabdog said on April 28, 2011
Good news. Now how long before Saab is up and running?
Niklas G said on April 28, 2011
Great news indeed!
Big thanks to the people at Saab, NDO etc who made this possible! =D
Fingers crossed for more good news the nextcomingdays from EIB, from GM, from VM&JÅJ in China/Russia/wherever etc. Long-term funding and sales that lasts until NG 9-3 is out on the streets would be ultimate dream of course, too much to hope for already this week, but let’s hope that this week has helped VM get the major road blocks out of the way, giving Saab the freedom to make quicker decisions in the future without having to spend weeks on negotiations with other more or less bureaucratic parties.
Ruben NL said on April 28, 2011
Wonder what it will do if you all, like I just did, would send an e-mail to complaint@eib.org stating your worries?
It should have some effect when, let’s say, a 1000 complaints would drop at the EIB
It’s time to put some pressure there!
kanundrum said on April 28, 2011
If there is a general template that is written up. I think we should all send it.
Im In
Ruben NL said on April 28, 2011
There is no template. I pointed out that I’m worried about the events concerning Saab and it’s suppliers and that wish to complain on how the EIB is handling this.
There are thousands of jobs at stake and this situation can be resolved by the EIB, through letting VA in and reinstating the original terms on the €400mio loan.
It took me about 5 minutes
KaiC said on April 29, 2011
The complain is that the Swedish government is not clever as the American government.They only concerns the security of the taxpayers (it seems resonable)but do not awear SAAB`s survival is not only the interests of SAAB but also the national profits of Sweden.Try to figure out what the GM`s banruptcy really is.Now GM is a whole new company with out the burden of the retirement pension,medicare.Cause the auto industry is still one of the main important industries in the UnitedStates.What does Swedish govenment think about this? Then we can get the answer.
Ruben NL said on April 28, 2011
And, like in the separation from GM, keep your tone nice please.
Skipper said on April 28, 2011
I’m glad at least some progress is being made. Those working for Saab must be going through hell, the EIB and GM need to be taught a lesson somehow!
mike saunders said on April 28, 2011
Taught a lesson?
What lesson did you have in mind, that a solvent company shouldn’t continue indefinite support of a shaky one? That an investment bank should consider both its title and mission — investment — when considering whether to continue to loan money to a company with fragile revenue streams?
ILook, just because Saab makes nice cars doesn’t make it magically exempt from the simple rules of business. Let’s look toward the future of Saab and not dwell in the recent past.
Khrisdk said on April 29, 2011
Don’t forget that GM died and has been resurrected by the US Government.
But that is also in the past
JasonPowell said on April 29, 2011
Why was GM magically exempt Mike? In my opinion it’s because if GM went under, the effect would be a bigger disaster on America. Same can be said on a smaller level for Saab in Sweden could it not? I think like you said though, let’s look toward the future and not the past, but we need to be fair in our judgement’s.
mike saunders said on April 29, 2011
Ahhh, but there’s a massive distinction folks are missing. The US government deemed GM “too big to fail” and extended it a financial lifeline, but only after:
– it formed a plan to cut unprofitable brands (Hummer, Saab, Pontiac, Olds)
– unions agreed to some serious cuts
All of your misplaced anger at GM and the EIB should actually be directed at the Swedish government, which has been reluctant to offer much intervention, and possibly at the various unions at the Saab plants. The unions have come a long way since the ridiculous conditions at the Malmo plant but additional concessions can likely be made. (…and I say this as a proud member of a union for more than 20 years..)
KaiC said on April 28, 2011
Good obvious news!But i want to say we`d better only take a short breath of fresh air.Monery is the important but not the only thing that SAAB needs.Cooperation with shareholder is also a hard work to do especially if there would be several shareholders .It has a long way to go. Take care .
Turbine said on April 28, 2011
Great news for all involved – now the hard work begins! Dont forget you now have 18mths hard work in lifting those sales numbers with your current product line up – New 9-3 will be great but the business of making and SELLING cars is a hard work and cash intensive. Best of luck with it – the brand has shown its a survivor – now get on with the day job again ! Good luck and keep looking for those co-operative investors !
Henrik said on April 28, 2011
Congratulations and welcome Vladimir! You seem to have handled this in a perfect way, swedish media is full of Lundgren and his staff´s comments about how open and cooperativ you´ve been!
SaabKen said on April 28, 2011
Antonov UP !
Olav said on April 28, 2011
Antonov UP!
lol said on April 28, 2011
+1
Alec said on April 28, 2011
+1
aprusan said on April 29, 2011
Just picked up my new 9-5 Aero(2010 left-over) Drives great and is a the cruiser I need for my 120
mile round trip commute.
davidgmills said on April 29, 2011
Back when the Spyker sale was in the works, I posted often about what I thought was going on and much of what I predicted turned out to be right. As a lawyer of 33 years, I have a pretty good idea of how these things work behind the scenes.
There is something about this situation that seems a bit odd and not what it appears to be.
This present financial disruption may have been planned by Muller and Antonov back when Antonov was forced out of the initial Spyker purchase, as a means of ultimately getting Antonov back in the deal. It is really easy to do. Your major financial backer can’t get in the deal for political reasons (or whatever) and so the deal is allowed to go through and plans are made to get the financial backer back in the game once things have settled down politically. The best way to do that is to “manufacture” a financial crisis a year or two down the road. Manufacturing a financial crisis is very easy to do when you have always had a shaky financial situation after the major financial backer was forced out of the original deal.
Antonov was a real problem for GM because he was Russian and GM was owned by the US government. Now he comes in the back door, instead of the front door after the US government is no longer under scrutiny. Could well be the case. I hope so. If it is, this is good news, not bad.
Of course it causes some short term upset, but in the long run, you have Antonov who had a $300,000,000 net worth in 2007, shoring up the financial situation for the long term.
If this was not a planned financial disruption, then this may well bode ill for Saab. With so many players in the game, all major players have to be in sync, or too much time goes by without cash infusion and the company fails.
turbin said on April 29, 2011
Hi David, thanks for your view.
The way I see it is that VM was funded by VA but only just enough to keep everything on a short leash. So yes, by manufacture he had leverage to force himself in. Even the press realease states that it has been a 11month project getting VA back into Spyker.