EIB replacement snippets

I’ve been looking around on the newswires a bit, there’s no real braking news but a few bits here and there that add some info to our picture.

From Bloomberg by Ola Kinnander:

Lars Carlstrom, a spokesman for Antonov, said the banker may report the EIB decision to the European Commission and will “weigh opportunities for legal action” against the bank and the Swedish government. “The EIB and the government have pretended for months to consider our application to let Antonov in. This charade has probably cost Saab a billion kronor,” he said by telephone.
Johanna Martin, spokeswoman for Swedish Industry Minister Maud Olofsson, said the government is not making a decision on Antonov until it hears from the EIB and Saab’s former owner General Motors Co. (GM)
Antonov’s investment in Saab would be in the form of working capital, letter of credit and shares, Carlstrom said. Antonov would cap his stake in Swedish Automobile at below 30 percent, Carlstrom said.
“We’re not aware of any suspicions against Antonov, so we really wish the EIB would explain its decision to bar him,” Eric Geers, a Saab spokesman, said today by phone. “We would love to have him as investor.”
Carlstrom said it “looks promising” that Saab will secure a commercial loan “within weeks” that will allow it to pay off the EIB, and pave the way for Antonov to invest in Saab.

Honestly I am not sure if a lawsuit would help but it may be worth a look. Anyway, it would surely take a few years until some court decision came. We’ve got more important tasks to handle right now.

From Reuters:

Carlstrom said the EIB was taking its cue from the Swedish government.
“The Swedish government has stopped us investing 100 million euros ($143.6 million) in Saab,” he said. “They are ready to risk 4,000 jobs.”
Antonov has not given up on Saab, however.
Carlstrom said Antonov still wanted to be an owner in Saab and was working on a way to repay the 217 million euros the carmaker already borrowed from the EIB in order to be able to take a stake in the Swedish car firm, owned by Dutch-listed Swedish Automobile .
He said Antonov hoped to present a deal “within a short time”, adding this was likely to be a few weeks.

A bit hot is that piece from Aftonbladet:

But according to Lars Carlstrom, representing the Russian financier in Sweden, has been through government contacts received confirmation from officials of the government that there is an agreement between Borg and the EIB’s senior management that does not accept Antonov. The government’s motives to be lack of interest in Swedish industry and political prestige.

It fuels the thought of conspiracy – I refused to believe in conspiracy but things are getting even stranger and stranger.

The EIB/Saab story is all around the newswires now but with not much info in addition to what we already know. The interesting point is that Saab, Antonov, NDO and Swegov claim that they have no indication why the EIB will never approve Antonov as an investor. Be it Russophobia or whatever else, I am not sure if we ever get to know the details. The important thing right now is that Antonov moved on to seek possibilities to get the EIB out of the way. In the long run this will be a good thing because Saab gets more freedom without having several parties that need to approve every move.

Another issue mentioned in the news is the unpaid wages (Bloomberg):

The union representing the unpaid workers said it was taking action to recover the money, a process that could lead it to request courts declare Saab bankrupt.
“If they don’t pay within 14 days or so, we will seek bankruptcy,” Unionen General Counsel Martin Wastfelt told Reuters.
He estimated it would take about a month for such a process.

I’d see that quite relaxed. It’s the duty of the union to act on behalf of their workers and to prepare for every possible scenario. But I am confident that the wages will be paid soon.

As Tim said last night, just wait and see. If you look at the time frame Carlström set for replacing the EIB by other sources and the time frame for the approval of the PangDa/Youngman deal it is quite likely that we will face lots of good news soon. Right now it is about keeping Saab alive until then. I’m afraid we have to see 2011 as another recovery year just like 2010. That’s bad because it costs a lot of money but Saab should be much stronger then. And as soon as production gets up again there will be cashflow again – that’s the key. It’s extremely tough right now but the light is there and a lot of good people are working extremely hard on making things happen.

Keep calm and carry on.

Tripod
Member
5 years 2 months ago
As Niklas G mentioned here: http://saabsunited.saabklubben.se/2011/07/ndo-rejects-eib-statement.html#comment-147351 it was reported in the media that one of the EIBs representatives, Ms. Srejber, said, in April, that the EIB was working on the request for changed ownership, i.e. VA as part-owner. Now the, oh so quiet, spokesperson, Pär Isaksson, says that the EIB said no to VA back in 2009, and that they communicated this to the Swedish agencies etc. We all know this. Is that an answer to the question about what the CEO of Clepa heard from the EIB chairman, early July? No, since we all already know about the message… Read more »
Grumpy
Member
5 years 2 months ago

Good comment Tripod.

I hope this tells the Swedish Government to get their collective a–es in gear and finally get proactive.

I want to see the PM and the Minister of Finance, Borg, wholeheartedly speaking out for Swedish industry. This silly business has gone too far and it is time people start doing the right things.

Belfast_Saab
Member
5 years 2 months ago
+1 There is a remarkable story in Saab which just continues to defy belief as each day unfolds…..I had thought as others here did that someday there was a great book to be written/movie to be made about the survival of Saan. Now though, it has become so complicated/convoluted/incredible that the movie would have to be ‘dumbed down’ for an audience to follow it let alone believ it could possibly have happened!! All paralleles with Rover, which is a popular journalistic shorthand here in the UK for ‘car company fails’ have now be truly surpassed…no-one fought this hard for Rover,… Read more »
Belfast_Saab
Member
5 years 2 months ago

Saab, not Saan !

M.A.
Member
5 years 2 months ago

Perhaps more than a movie they should do TV series, with different seasons. Something in between 24 and Lost.

RS
Member
5 years 2 months ago

And it could be called SAABgate…

lol
Member
5 years 2 months ago

SWAn share at +18% right now?! Any signal?

jond
Member
5 years 2 months ago

Buying pressure will be in anticipation of last night’s promise of good news.

Tim
Member
5 years 2 months ago

No… Just investors who might have read the “good news” announcement or hoping SWAN will go up again…

turbofever
Member
5 years 2 months ago

+19,46 now, lets hope for good news.

Donge
Member
5 years 2 months ago

Var är Janne Josefsson när man behöver han?!?!

Sadim
Member
5 years 2 months ago
But who in their right mind accept Lars Carlström’s word as the gospel. For the last 3-4 months he has been issuing wishful-thinking-pressreleases aimed att putting the government in a bad position. He will rarely mention his sources and is always full of “a solution is only days (weeks ot months) away” depending on the size of his “solution”. On June 27 he said “they” (whoever they are) would solve the salary problem and it would be fixed “within a few days”. OK Lars, it’s been a few days now. Where is the money? Why not call the Gemini Fund… Read more »
Khrisdk
Member
5 years 2 months ago

He probably did with full intention.
LC is ar P*in , and I think he is supposed to be.

Sadim
Member
5 years 2 months ago

Khrisdk….! 🙂 I am beginning to like you.. 😉 You are turning into a really nice and intelligent person.. 🙂 Or is it the same effect as beer has on ladies – they all become more attractive after a few Hof…

rune
Member
5 years 2 months ago

Not even the head of NDO knew that Antonov was barred.

This all started with NDO’s preliminary report and should have ended the same month when the final report was ready (aqcuitting Antonov).

Do you work for government or something?

Nate 9-3
Member
5 years 2 months ago

Full Disclosure: I have not yet even read the snippet – but the title is priceless.

Now on to the snippet!

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