Clarification and rumors
June 23, 2011 in News
Just to clarify some things: Salaries are delayed at this point, not cancelled. Important distinction.
Some rumors say that there might be a development around lunch-time which is about 2-3 hours away…
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Jos said on June 23, 2011
Good, let’ s wait and see
Dang-it, I needed to get some work done today, that’ll be hard.
Poor F5 button.
ante said on June 23, 2011
Maud Olofsson as responsible minister of the swedish government will hold a press conference at 13:30 today!
ante said on June 23, 2011
According to aftonbladet.se
turbokalle said on June 23, 2011
Damn! I can`t see anything good coming out of her speeking about Saab! Will she do the windmill thing again?!
Hans H said on June 23, 2011
You mean irresponsible minister?
I remember reading a few days ago about som good news coming our way. Now, I am sure that not paying wages is not good news. But could there be something lurking behind all this?
I am keeping calm and carrying on. (But my F5 i suffering)
Tobbe said on June 23, 2011
If Maud should do something right at the conference, she should tell the press that the goverment will not stand in the way for Mr. Antonov. Maybe that could speed upp things with EIB(Slowest bank on earth)…
But I dont think she will.. Damn Swedish govement.. help Saab or you will have to pay other fees if the company goes under…
Saab are right now making great products!
OliverH said on June 23, 2011
She has to show what they have in place (unemployment stuff,..) as she told in the past.
turbokalle said on June 23, 2011
Mabye i`m just going mad, but I feel strangely optimistic
Honestly!!!
ryanonsrc said on June 23, 2011
Well, I live in California in the USA and it is 1:25 AM … (Incidentally, I’ve got to get up early so I can take my 9-3 in for an A/C issue, which is hopefully minor).
So yeah, I will have to catch the latest developments after I get up …
Carlo A said on June 23, 2011
She will probaly say that the Government has arranged some form of income-support for the employees … I do not expect much more ….
my opinion is that it is always better paying to keep the people at work, rather that paying to keep them at home …. but she is the “expert” …
ante said on June 23, 2011
She will tell that the government will support trollhättan if the worst is to happen. She will also summarize what the gov has done for Saab to legitimize herself! She will tell that running a company is the sole responsibility of the leadership and owners NOT of the government! She will say that swegov is keeping itself updated on the situation and maybe that she remain hopeful!
Remember where you heard it first
Carlo A said on June 23, 2011
Sad …..
Tripod said on June 23, 2011
“Remember where you heard it first”
Sad, but true. I couldn’t have said it better; that is what we are going hear and see today.
TurboLover said on June 23, 2011
Spot on ante!! :-/
Carlo A said on June 23, 2011
sure let us check him out …. if he is wrong he will buy a beer to everyone …. jokes apart, fingers crossed …. what a sad midsummer….
jorhems said on June 23, 2011
Just hope that they (as they have done int the past) can get this sorted out. Such a shame that the press is so eager in just telling how bad things are. Personally I´m just negotiating to buy a new 9-3 TTiD ,and I want it really bad, so keep your fingers crossed!
M.A. said on June 23, 2011
This damn tunnel is too long, when are we going to see the light at the end of it??
Ben112 said on June 23, 2011
Time to repeat Till72′s favourite Churchill quote: “If you’re going through hell, keep going!”
TimR said on June 23, 2011
+1
till72 said on June 24, 2011
What else could you do? Never, never, never give up!
Tripod said on June 23, 2011
As I understand it, from some news papers, the “office-workers” payments were supposed to arrive on Monday, so as you say, at this point it seems like there are going to be delayed payments. As for the other workers, as I understand it, they were supposed to get their salaries today, in this case they are delayed.
UWb said on June 23, 2011
Each month SAAB has to put out about 175 mSEK (almost 19 m€) in salaries and taxes. With two months of non-production, very small amounts of money has come into the company. I think the key to this is the Hemfosa deal, even though this will only cover for less than two months of salary.
My personal opinion is that the Pang Da resources are mainly locked for material purchase (for their cars), so this is not 45 m€ into the company to be used for whatever needed reason.
Still hoping for the best, but the hope is declining by the minute. Ultimatelly this might put pressure on different parties to move in order to get the new resources into SAAB (and by that I mean mainly EIB, the NDRC will not move faster because of this).
nickX said on June 23, 2011
As I understood it, Pang Da paid the cars up front, so Saab can start production again. Apparently, 45 mio€ was not enough for that. Maybe Pang Da could buy another 2,000 cars. If production doesn’s start soon, already paid 45 mio will be just gone for them
mr_ebbot said on June 23, 2011
The best solution would probably be if Pang Da insted put forward a loan of 4 billion SEK. Then Saab could get rid of EIB start production and get it going.
No more haggling and down to buissness….
But that is just a dream. The situation is indeed very very bad.
turbokalle said on June 23, 2011
The PangDa money is apparently earmarked for those cars. They have not been spent. (?)
nickX said on June 23, 2011
I don’t think so. the payment – and even the whole deal – wouldn’t have made any sense, if Saab were not allowed to use the money for production start. (?)
nickX said on June 23, 2011
Pang Da will never receive any car, as long as Saab is not able to start production again. That’s why I cant’ imagine the money being still there…
Bengan said on June 23, 2011
According to an interview in Aftonbladet (Swedish newspaper) with Lars Carlström, Antonov is still optimistic even at this stage!
AeroM said on June 23, 2011
I think the property deal is sealed. The transaction is just not yet finished. *very optimistic*
Jasper said on June 23, 2011
I expect nothing positive or productive from MO.
I am sure she is coming with her shovel (and you can make of that comment what you will).
Nissi said on June 23, 2011
Thee property deal seems not to be on the map today. Such a deal must be approved by other creditors to SAAB, and so far not even an application has been sent in for such approvals.
Cerulean said on June 23, 2011
Swade has put this link from an interview with Eric Geers onto Inside Saab. Sheds a little bit more light onto the situation (assuming Google translate is correct)
michaelb said on June 23, 2011
In an acute liquidity crisis the smallest mistake gets amplified a few thousand times. There is no doubt that the current leadership is in a downward spirale making one big mistake after the other. They definitely lack business expertise in a big way and, if they do not turn around here immediately, will soon pay a heavy price, the loss of all of their capital invested and their business reputation foreever. Don’t believe it is the government which will be primarily blamed, I fear things will be more complicated, once all the details come out.
What is important not regarding the persons, but the survival of the brand is to avoid bankruptcy. I still do not see why at this point in time factoring (credit by shareholders based on future car sales) should not work, as well as insisting on the property leaseback deal. Key will be to pay salaries as well as an improved offer to suppliers. To execute that, an interim CEO must be nominated, that has credibility in the automobile world and comes from the outside. She/he should take up responsibilty just to deal with suppliers, unions/staff and financial management, not regarding any longer-term strategic decisions. VM should, if such a person is nominated, immediately step down as CEO in order to get back minimum credibility.
For the longer term, looking for a new ownership is the only option, as the current ownership is discredited to run business. That will take 2-3 months at a minimum, with all the due diligence. For this process VM (and VA) will be key, and their interest will be to look for a solid long-term solution. By that way they can get out with a blue eye in terms of reputation and not a mountain of losses and in the case of VM a lot of personal debt.
In such a situation, the ego should make way to naked material personal interests.
zippy said on June 24, 2011
I reckon Eric Geers could be a good CEO and if he doesnt want the job I nominate Steven Wade.
Saab Up!