Updated: Pay back or else…

Reuters reported yesterday that EIB wants Saab to repay the loan within 90 days.

But a source familiar with the negotiations said one of the terms was that the EIB wanted Saab to repay the money it had borrowed within 90 days of the sale and leaseback deal being carried out.

Thanks to WM in the comments section for the tip.

Other media are reporting similar stories, but do not touch on the specifics.

From TTela:

Do you understand why EIB poses these requirements?

– No, it is completely inexplicable. Unless they want Saab to declare bankruptcy, says Carlström.

Update: TTela now reports that EIB wants to terminate the loan.

– We are working with alternative solutions to solve this problem. We have 100 lawyers working with the EIB-question, says Lars Carlström.

whoozy2002
Guest

deviant politics by all involved and it carries a big stink… and as a new buyer i think my options are better served away from all this.

rune
Member

..or you could find yourself a nice deal on a vehicle that has a chance of becoming both rare and sought after.

There is an upside, either way.

whoozy2002
Guest

indeed but the end of a fine engineering company… and with a bit of luck the end of the european union [i have my classics and they continue to serve me very well].

kaiger
Member

Unbelievable, the EIB which should support the economy and companies in Europe, is (maybe!) now responsible for the end of a company with 3000+ jobs…

jos
Member

If Saab will not make this I think Volvo will buy the factories at Trollhättan. It would be insane for Volvo not taking that chance.

OliverH
Member

Does it make sense? Is Volvo running on it’s production limit? I would say no.

BoeBoe
Member

Volvo want to grow from 400.000 cars tot 800.000 cars a year by 2020. And they are building new factories in China (at least 1, maybe 2 of 3) and Geely is investing $11 billion in Volvo for the following 5 years.

So, yes Volvo has the ambition to grow.

Katsura
Member

🙁

theSandySaab
Member

WTF???!!!
….and then the rats stormed in, fighting for the crumbs…

zippy
Member

Sad. Very sad. I akways had a bad feelimg about this and it looks like the worst is about to happen. 🙁

rune
Member

I do not believe for a minute that the fat lady has sung yet.

So far, there is no official word on what exactly EIB’s demands are. Nor do we know what VM has up his sleeve. It feels strange that he would give up now of all times.

Lars S
Member

Most likely he will participate in negotiations with the EIB, GM and maybe some representative for the Swedish government. It can’t be completely impossible to make the EIB change the demands to make the deal possible.
We shall not back down yet.

Nissi
Member
EIB is turning Antonov´s deal down, most likely (I guess) because EIB is an European bank,,and acts as other European banks would do, when a client company runs out of share holders equity, It is easy to calculate, that a company like SAAB with very high fixed costs, and producing less than 50% of its break-even volumes mustt per definition loose lots of money per month. European banks (incl EIB) must comply with all the legal rules which restricts all banking operations., and soon SAABs share capital will be consumed, So new share capital must probably also be issued, 2011,… Read more »
paddan
Member

Forcing Saab to close is just absurd, outrageous and stupid. Particularly when there are viable options – e.g. Antonov, Chinese, slick products and technology waiting in the wings and enthusiasts around the world. I believe hardball is being played, but now is not the time you moronic politicians.

hollandsaab
Member
i have a bad feeling. the crisis seems much deeper than we all think. if it was straightforward the plant would be up and running again by now. not enough finances available to pay the suppliers so they have stopped deliveries and normally will only restart after settlement of all open bills and under prepaymentconditions only. salesbudgets that are missed time and time again. a weak productportfolio that cannot generate enough sales to break even. He guys wake up, saab currently is a heavy loss making factory without any form of liquidity and nothing in the short term to turn… Read more »
rune
Member
a weak productportfolio that cannot generate enough sales to break even.(…)it would produce nuts and bolts The point is that they are not producing nuts and bolt. Nuts and bolts would have been a weak product portfolio indeed, but the new 9-5 is quite unique and a very good product. The upcoming combi version will be quite attractive in some of Saab’s biggest markets and the 9-4x certainly won’t hurt sales in the US. Saab basically started from scratch a year ago. They had (and still have) a huge potential. It has been an uphill battle, but it is not… Read more »
Ruune
Member
Rune, What is funny about all this talk “quite unique” talk and “very good product” thing is that you never realize facts.. it has always been the talk about next years model will save the world, the SPORT Combi will save Saab, 9-4X will compete with the X3 , Q5 etc… Saab does not sell enough cars because they do not have a product portfolio attractive enough. Please realize that and don’t look in the stars a year ahead and AGAIN say the 9-5 SC will outnumber all competition. We have heard this stories since i don’t know when.. I… Read more »
rune
Member

Just in case someone (currently stuck in our spam folder due to past transgressions) did not get it:

the new 9-5 is quite unique and a very good product.

…that is a big understatement.

as is this:

the 9-4x certainly won’t hurt sales in the US

Trolling and cherrypicking words is not welcome here. Maybe someone will approve your comments. Maybe not. I’m calling it a night. Tuesday will be our day I’m sure.

sledge
Member

I still don’t understand how SAAB went from fully funded for three years to less than a year later not paying people and needing another loan. Then the CEO that has been with the company for 25 plus years retires. The story will come out but maybe the EIB has seen some bad accounting, etc.

Thilo
Member

Fully funded with the original sales figures…

74StingSaab
Member

I was wondering the same thing last night as I was wearing out F5…….

BoeBoe
Member

And Victor Muller kept saying that the lower sales number weren’t a problem. Bacause they lowered the break-even-point…

OliverH
Member

lowered break even by what? Get in a difficult situation with suppliers?
What does the shareholder report state? SAAB needs trust and real transparency.

rune
Member

It probably was fairly well funded, up until the point where the suppliers started insisting on cash on delivery.

That, combined with other unforseen expenditures (such as the 100 million+ owed to the Swedish government that Saab says they should not have to pay — currently on hold on some bank account pending the court’s decision) rocked the boat a little too much.

We have known for a long time now that the big push would come with the arrival of the 9-4x and the 9-5 SC while waiting for the next 9-3.

Ruune
Member
OF course the suppliers start to ask for cash at delivery when they don’t even get paid for the net 90 bills they had from before. What can you expect? I don’t see how you can defend VM like you do.. he has lying the whole time, this lack of liquidity doesn’t fall from the sky.. it can be forseen long time in advance, don’t say anything else. The business plan was bs from the beginning and everybody knew that except from all Saab enthusiasts desperately hanging on to the pants of VM. Get a grip for christ sake… 14Mkr… Read more »
LarsG
Member

It is a complicated situation. I thought that the government and Sweden was the vouch for the loan to EIB. But of course the best should be if Saab could get one more financially strong owner and repay the loan to EIB and finish all cooperation with them.

OliverH
Member

I would say keep calm. Who made the guarantees for the EIB loan?
And what’s the real value of the Saab assets (Facilities, ..)?

Swedish gov must be happy about such a situation – if it’s true..

whoozy2002
Guest

if one were a dealer principal linked to Saab what would you do… so many promises… should SU also close down indefinitely while this is worked out… after all we’re talking about an unconfirmed article… but the rumor mill continues to do more damage due to the total lack of clear reporting by Saab… so much for social media and keeping the customer updated…

tmjr
Member

If SAAB were to file for bankruptcy, would it be possible for some entity to purchase the company as a whole (at a deep discount) or is it over and the assets have to be parted out?

theSandySaab
Member
Yes, this seems to get from bad to worse. What the exact reasons are we cannot know yet, but it is all political, that seems given. While I understand that some of the security in the EIB loan was in the property (at least indirectly, through the NDO) and that the loan was supposedly only used to develop new technologies, if EIB is not happy with the new setup (in terms of changed security and use of funds) I guess they can do this – ask SAAB to return everything. Still I wonder if this is best use of assets… Read more »
74StingSaab
Member

SWADE>>>>>>>where are you?<<<<<<<<
the natives are restless and need reassurance.

Trollblazer
Member

Swade now has his dreamjob @ Saab (and he desereves it…!), but that also means he can no longer speculate, just give his raw opinion, theorize etc…
Now very much limited to the official company ‘news’….

74StingSaab
Member

Yes, I know… just venting.

hans h
Member

I know the feeling.

Saab Up!

Swade
Member
Am keeping tabs on things the best I can. SU guys have done a fantastic job on this. I’ve really been out of the loop getting IS started and covering the stuff I’ve had to cover this week. As Trollblazer said below, my traditional role as a venting but occasionally well-informed writer has changed. I’m hoping and talking with people about being able to use IS as a base for communications about this stuff, but it’s such a delicate situation. What I can say from on the ground here in THN is that everyone who can right now is working… Read more »
Red J
Member

Swade,
not easy to keep calm in a 4 days weekend, where you feel that the patient is dying but the doctors have a day off.

Thank you for some reassuring words.

74StingSaab
Member

🙂 My Easter dinner is more settled now….

Audun
Member

Thank you Swade!
We´ll “Keep Calm and Carry On”. 🙂

Jos
Member

Thanks mate, I guess I knew that already, but I needed to hear it from the doctor himself, to feel better… 😉

turbokalle
Member

🙂 🙂 🙂
Now ordering my new 95 tomorrow feels even better!

Tomas TL1000R
Member

Great to hear both turbokalle (grats) and Swades positive mind.

saab93f
Member

Thanks Steven for a bit of a reality check once again 🙂

I promise to try to keep calm and carry on 🙂

OliverH
Member

As production capacities are not maxed out in europe at the other vendors who will be interested to buy the Saab facilities?
If this story is true and not misunderstood/ misread and the payback will be the case if a new investor buy Saab at all, than the swedish gov has to write the guarantees off. And they also have to pay for unemployment. That’s all the swedish gov wishs to be – not at all.

KarlR
Member

I spoke to one of the biggest SAAB dealer in Sweden the other day and they are really suffering and he said that they are considering to stop selling SAAB since it’s to much bad press for them. I think there are alot of dealers that will follow! 🙁

Chicago Swede
Member

This is too much to process with the lack of clear information to work with. I don’t know what to read or who to believe, even though SU has been an invaluable source through it all. And I am a longtime SAAB fan, can you imagine what a potential new car buyer would think? I really fear for SAAB and this situation, not to mention the damage from the PR about all of this. That alone could cripple any chance of a future in selling cars.

Trollblazer
Member

Its all part of the decline of western civilization as we know it;
Apollo moon missions; been there, done that..
supersonic Concorde; gone
Space Shuttle; almost over
Saab; ….
etc..

Katsura
Member

Game theory at play once again.

The suppliers got jittery and demanded less leaway with Saab, which in turn lead to the shrink of the liquidity.

Now the Parts suppliers are worried they may ‘have to lay people off’. Well this could well turn into a situation where they will never have this customer again…

Why is it people always gunning for mutually worst case secario? Human nature I guess.

CJ
Member
All: Here is a simple read from afar. Apologies for the length of the post. This is about collateral for loans, nothing more, unless you are tied emotionally – and we all are. If you want the collateral you pledged to be released, pay off the loan. If you don’t want to pay off the loan, the new lender must be “behind” or subordinate to the existing one if things go bad. Remember the idea of releasing the real estate? – that would entail the EIB giving up part of its collateral – not very sound lending and the EIB… Read more »
rune
Member

It is my understanding that the collateral belongs to the Swedish government. If the collateral gets reduced, it is their bacon on the line, right? (otherwise, why go through the dance with the government?)

Where is the downside for EIB if the loan defaults a year from now? (rather than immediately due to the new demands put in place)

LarsG
Member

I see CJ´s point. Most house buyer know that they have to set their house in pledge, but I do not understand why EIB care about it since it is up to the Swedish government to stand for the risk.

BoeBoe
Member

You forget something important.

If/When the a part of the collateral is released and sold to Antonov the EIB loan gets smaller. It will be 280 million instead of 400 million.

And Saab will only receive 100 million from Antonov. You also seem to forget that the EIB has nothing to do with collateral, when Saab can’t pay they will get the money from the Swedish government. So the risk for the EIB is pretty small.

CJ
Member
Boe Good points. I believe the EIB agreed to release the collateral. The EIB is indeed the bank/lender of record with all of the collateral backed up by a government guaranty. You see, Sweden only loses money to the extent the collateral doesn’t pay off the loan so they were never exposed to the full $400 million. The only way the guaranty is $400 million is if all of Saab is worth nothing, and we know that isn’t true. The government simply “credit enhanced” the assets. Now, if you start moving assets out of the collateral, things get a bit… Read more »
bjornorn
Member

European institutions have one interest and that is the german car industry.

Baracuda
Member

I think the best for all of us here, is stop speculating. Nobody knows whats going on behind the closed doors actually. So lets keep calm and wait Till tuesday. The guys at Saab will sort this problem out but its not as easy as they first thought. So lets enjoy the free easter weekend and the nice weather here in northern europe. Get your Saabs a little flight on some nice roads and try to wait for Victor an Co on tuesday.

Happy easter to all of you!

74StingSaab
Member

I have to agree….

Griffin UP everyone….

saab93f
Member

I agree.
Victor said in the Bloomberg interview that he needs to make sure that production stoppages will not occur again. Why would he have said that if he did not know that thing will get sorted out? I believe that he knows a lot more about the near future as well as plans to carry out in long term.

Keep calm and carry on 🙂 Happy Easter everyone!!

Bengt in Scania
Member

I agree, Baracuda. There are to much speculations right now. Not only here but in Swedish media and other.

Ragund
Member

Lars Carlström, spokesman for VA in Sweden, has confirmed the rumor about the requriemant to repay EIB in 90 days to the local newspaper in Trollhättan, ttela.

http://ttela.se/ekonomi/saab/1.1193557-eib-kraver-att-saab-sager-upp-hela-lanet

quote from LC; – Yes, it is entirely true. And the only explanation for such a requirement is that you want Saab to go bankrupt. (Translated from swedish with google.)

quickening
Member

Ugh

Olav
Member

Let’s keep calm and carry on and let the right stuff do the business. It won’t help the case if we, The Supporters, go down the same alley as the negaitive ones.

The fat lady hasn’t sung yet, and I bet she will shut up this time also.

VM, JAJ, VA and their teams will make it this time as well.

Cheers from Norway
-Olav-
Always on the longest road home when out there with my SAAB. Always!

74StingSaab
Member

I still plan on getting that Aero I have had my eyes on..(praying that dealers talk and make it work)

I have faith in Saab, it’s leaders, it’s employees….

Lars S
Member

+1
I’ll follow one of my golden rules: “Always listen to a Norwegian with a Saab”.

Audun
Member

+1 🙂

Ragund
Member

I have my loan offer from the bank, and the rest of the money I need in the bank account. Now I´m just waiting for SAAB to bring the cars to my local dealer. I have driven every environment friendly diesel on the Swedish market and SAAB 9-3 Griffin really stood out from the others so however it goes I´m probably owner to a brand new 9-3 SC this week or the next…

Procyon
Member

Lucky you. I still wait for SAAB dealers to finally start selling the cars in Russia, so I could order a brand new 9-3 sport sedan. That should probably happen in the end of May, if the company survives by that time, of course. Can’t imagine what car should I buy if SAAB cease to exist, I just browsed almost every car makers’ sites, and I don’t see myself as an owner of any other car than SAAB.

Ebolie-21
Member
I would like to bring in some light, the realty of Saab was a collatoral for the Swedish Government Agency and therefore for the EIB. If these are the facts it is only just that when you allow an operation such as sale and lease back then the Government Agency acting on behalf of EIB has no longer the collatoral and therefore demands payback as any other bank would do under such circumstances. Sale and lease back is the instrument to have more liquidity immediately on your books and thereforeyou have a better financial positions, because you get cash instead… Read more »
No 9
Member

Yes, your reasoning makes a lot of sense to me.
Banks don’t operate on feelings. Only rules.
Finger crossed
Griffen up!

theSandySaab
Member

Ok, so I was going to get the awaited new 9-3 in ’13, but if that does not happen, I will have to try to find my dream car now, either a Java Brown Vert with Sand top; or a 9-3 SC in Carbon Grey, only Aero will do…
Again, not looking forward to the fat lady singing….
But, just maybe there is someone who knows someone in the workings of the rich and powerful that could keep things going as per previous plan…
Still, I felt more sad a bit over a year ago, when the GM decided for dismantling…

Patrik B
Member

Last year was more about GM and it’s foul play. Now it is about Saab but we have all known that Saab was in deep shit after the poor sales the last 12 months.

After the decision from EIB I have more or less accepted that I will not be able to buy a Saab 9-5 Aero 2.0T SportCombi 2011 as there will never be any cars made.

So I have just started looking for a Saab 9-5 Aero SportSedan instead…

🙁

Tobias-A
Member

Feeling slightly pessimistic about the future of Saab but I sure hope that it will work out fine eventually

Saab Up!

Nissi
Member
More ugly facts: I tried to calculate SAABs monthly salary cost from Spykers annual report 2010, issued last month, but did not find any figures. . Lacking official figures I thus made following assumptions: SAAB has roughly 3 600 employees. Assuming the average monthly pay is 25 000 SEK, and adding 33% for employer charges (and employee benefits), these employee costs ads up to a monthly cost of roughly 120 million SEK. While you can postpone payments to suppliers, this is not possible to employyees and the fiscal autorities in Sweden. I guess roughly 50% of that sum, i e… Read more »
fvh
Guest

OK…So what’s the deal?? Is SAAB staying in business or not??? Will I be able to buy a 2011 SAAB 9.3 for a very good price if they are going out of business?? I really hope they stay in business…..seriously…I don’t really want to buy a BMW…Audi….or Volvo. Please advise….

74StingSaab
Member

No one knows yet… read a little bit and see, how can anyone advise anything now when there are still so many uncertain and unknown issues.

Thought you ditched the 2009 XWD Saab for the Honda Insight because of fuel economy,? Gas is heading for $5 / gallon and now you’re wanting to pick up another Saab at firesale pricing?

If you want a fun car, buy a Saab.
If you want a guarantee, buy a blender.

Momcat
Member

+1 😉

Chicago Swede
Member

You could always buy a YUGO if you want a really good price………………

74StingSaab
Member

@ Chicago Swede…. eh… why bother.

michaelb
Member

What the message of authorities is, seems quite clear. You can get short-term credit, but you have to organize long term equity, and not continue to remain so much leveraged. Their point is, find a valuable shareholder, that brings in substantial equity, or else… I think it is fair to say, that it represents the only way out for Saab to survive. With just tiny equity and liquidity as up to now, there is no future for Saab, as trust will not come back under those circumstances – not from clients, suppliers, creditors.

Lars S
Member

Time for VM to pick one of the Chinese he recently spoke about then. And he’d better do it fast.

74StingSaab
Member

or GM (kidding folks)

lundin
Member
Agree.Take up on the EIB “offer”,no matter how bad it is. The original text had “90 days to terminate the contract” while some newer articles states that the loan has to be re-payed within 90 days.I hope the first one is more correct and that Saab can negotiate some more days and also the sum and period when the payments neeeds to be done. Teminate the loan and get that long term-partner in, including Mr Antonov (i have to say i feel ashamed being a Swede because the way “we”/the media have treated Mr Antonov..i am so sorry Vladimir, i… Read more »
fvh
Guest

Another Sob story :(……..LOL…Poor little SAAB…I wonder if BMW would consider buying them??? I’d rather them buy them than the Chinese….just saying…..maybe even GM. General Motors is doing well now….

Lars S
Member

What VM was talking about was a Chinese partner, not selling Saab to the Chinese. There’s a difference.

Chicago Swede
Member

Greetings CMH,

Another Sob story…….please, I am so tired of seeing that especially when it has been such a challenging 2 months for SAAB. Could you maybe have a little respect for the weary?

74StingSaab
Member

+1

jim
Member

Saab has a good brand and good technology. The auto industry is expanding globally. There are many companies that have ready cash. Sometimes sovereign cash. I would think one of these companies would want an alliance with Saab, an ownership position, etc. It’s not terribly expensive for what you get.

fvh
Guest

Agree Jim…….maybe BMW-SAAB partnership….Yeah….I really like SAAB…..Hope they stick around….

paddan
Member

I am certain we won’t be seeing the end of Saab but this is frustrating.

Lars S
Member

+1
(Golden rule #2: Always listen to someone who calls himself “The Toad” in any language).

Jasper
Guest
Jasper

Agree. There is too much that would be lost on many fronts.

fvh
Guest

It’s kinda sad….Easter Sunday….Frohe Ostern. Weather is very dreary in Columbus Ohio….rain all weekend and more rain all week….I don’t know what to say….Thinking about a Summer/Autumn trip to Russia…St. Petersburg/Moscow…I was there in Sept 2004….beautiful….Loved St Petersburg….spent 2 days in the Hermitage….Great art collection….largest 17th century Dutch Collection outside the Netherlands….

74StingSaab
Member

WTF, save that chatter for facebook.

ugh!

74StingSaab
Member

Sorry, small talk is always cool BUT, now does not seem to be the time to talk about vacations when Saab employees are worrying about making house payments, kids healthcare, ect….

Mr. Negative
Member

You know it’s bad when a steady influence like you starts to crack.
PS- Either Jeff’s silence is ominous or he’s actually trying enjoy the holiday.

Jeff
Member
I’m watching 😉 Let’s just say that all this chatter is not going to save Saab. There’s nothing we can do right now to impact the decision by the EIB one way or another. Watching Victor check his phone every 30 seconds for a decision made me realize one thing– even the most powerful at the moment, are powerless. All we have right now is faith, that a positive decision will be reached. I’m not very religious at all, but I think we all need to believe in the power of resurrection for Saab on this Easter holiday, no matter… Read more »
sala or bust
Guest

Thank you

74StingSaab
Member
Welcome…..We all have a stake in Saab as Saab owners but the real people who are to be hurt are the guys and gals who install engines, seats, bagdes ect. We should not sit and cry about not getting the Independence Edition 9-3 or a 9-5 Combi. People at Saab have big fears and wonder how to pay bills. Nearly three years of upset stomachs and worried looks in each others eyes at the dinner table means so much more than having to “suffer” and buy a Audi, or BMW because Saab is no longer around. It’s Easter….take some time… Read more »
No 9
Member

I concur.

Red J
Member

From a latter post from you, I do know that you are talking from a first person experience. That’s why I feel a little bit awkward when I read your comment.

We, those with the less problems after a possible Saab closure, are the ones crying out loud about our suffering.

Makes me feel a little bit like an idiot. 🙁

74StingSaab
Member

@ Red J, You know making anyone feel bad is not my intention. I just wanted to let people know our problems are minor compared to who’s livelihood is on the chopping block.

No need to feel bad, we’re all emotional about this and that my friends is not a bad thing.

Red J
Member

@74,
You do not make me feel bad.
From time to time is good to feel like an idiot, I’m not the most important thing in the world 😉

Chicago Swede
Member

And your trip to Russia is important because…………….

MarkoA
Member

Keep calm and carry on. How about a little confidence? Situation was impossible a year ago. We still have Saab. VM & team will solve this. No other choise. Keep up the good spirit here and do not spread the bad word around.

First of all – the product is great and also the team is best it could be. The result has to be good.

Ralph
Member

+1

sala or bust
Guest

If the all the bad stuff comes from SU, then close comments! Why try to beat the swedish media?

mike saunders
Member

Sure, that’s a good strategy: put your head in the sand when danger approaches. Awesome. 😉

What the EIB decision says is that there’s MUCH more to this than we’re being told, and no amount of happy talk here, or elsewhere, is going to change that.

sala or bust
Guest
No, but if we, the supportes tell the worst fears, where ia the spirit? This site is often used by bigger media for facts. I do not put my head in the sand, but why tell the world of your biggest fears? It is that kind buzz that creates some if the uncertenties, and some of us has blaned the media for making all those bad assumption, shouldn’t we keep the spirit going. It worked out fine a year ago, why not do the same. At some point we go out of spinn aroubd here, and one way to get… Read more »
Luca S.
Member

There’s a dark side in this story since fall 2009… there’s something strange beside…

Victor, Vladimir… COME ON !!!!! Keep on fighting !

Nulla tenaci Invia Est Via !!!

Khrisdk
Member
Relax Nobody will hear any reliable news until tuesday at the earliest. Go out and enjoy the sun or a drive in your favourite Saab. That’s about the best any of us can do. What we have at the moment is part of the normal blamegame, mixed up with some sensible banking rules and precautions. All of this is something that can be fixed with a little (actually a lot of) talent and hard work. It has been done before and it is possible again. But we will not be informed except by rumors and limited info from the involved… Read more »
Bengt in Scania
Member

Agree, Khrisdk! I will enjoy the nice weather here in Scania and looking forward to a official statement next week.

My 5 Saabs (atleast 3 of them) will work even if the Saab plant is temporary closed.

Joe___
Member

These EIB guys don’t seem to like Vladimir man cause they bail out when he want’s in.

saaburban
Member
Hey guys….Lets talk about track record here. Who has been refusing to give up in his quest to save saab, despite bad press, low sale numbers and a bulling swedish government – YES, its Vladimir Antonov. He has rebuilt more than 10 companies successfully! Who is better at borrow money than a guy that own a few successfull banks. Who has been negotiating over 100 of contracts, managed to get his friends to invest money in his business ventures, buildt up car companies from scratch while nailing every media event he takes part in – Victor Muller. Who has kept… Read more »
Lars S
Member

+1
I liked this post so much that I even won’t try to come up with a silly, humorous ending to this comment.

Patrik B
Member

Encouraging post!

And I think that you are right when you say that Saab would be better off without the loan (with 10 % interest rate) from EIB.

Sensonic
Member
It’s not looking bright anymore 🙁 I’ve been a die-hard SAAB freak since 1996 and drove only SAABs since that. I was at SAVE SAAB support gathering in Finland and was interviewed by the Finnish national TV company. Back then I really believed SAAB would survive. But now it’s happening all over again. I’m afraid that I don’t have much of a belief left anymore 🙁 Next week I had to order myself a brand new company car. My company cars have always been SAABs but now I find it very hard to convince the ones who are deciding about… Read more »
turbokalle
Member

Right now I feel exactly how I felt one year and some months ago when everything seemed doomed; quietly and carefully optimistic.
I’m hoping something still less openly reported on is about to hit the fan in the beginning of next week. Be it some unknown investor or some magic trick coming from VM, VA or Berine E 🙂
Last time we, the Saab fans, could actually do something to help things go the righht way. This time it seems we should already have done something; buying a new Saab. I’m ordering mine the day after tomorrow.

Troels, Denmark
Member

respect! 🙂

74StingSaab
Member

+1, I’m still going forward on buying another Saab.

Nissi
Member

The SAAB BLAMEGAME is going wild on Swedish Television tonight, with too much talk and threats, and in my opinion thats not good negotiating manners with government authorities

You can listen to the statements in the TV-links on the summary page below (I hope)
A summary of the SAAB situation in Swedish TV .

jet black
Member

Could all the naysayers on this comment section PLEASE stop spreading their negativity?
If we, the loyal Saab enthusiast community, start losing faith, how can we expect anyone else to believe in Saab?
As Khrisdk correctly pointed out, we don’t have any complete and reliable information, and we probabaly won’t get any until Tuesday, so we just have to keep biting our fingernails until then.
Remember Victor Mullers tenacity when he bought the company from GM, remember his hard work during the last months. Do you see him giving all that up so easily? I don’t!

Patrik B
Member

This is a very serious situation. Saab need “somebody” to bring enough money to repay the loan from EIB, to recapitalize the business so that they can pay wages and their suppliers and then there must be enough money to take (at least) a 1 billion SEK loss for this year.

This is what we are facing right now; the alternatives are probably fatal for Saab…

So I wouldn’t say that we are naysayers; we are just being worried and slowly preparing our minds of what might happen.

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