The big investor could be a big European bank

Things are still progressing, and the fact that details of it are reaching the newspapers, means that reading the tea leaves is getting easier and more defined. =)

Today Di.se thinks that the great investor for the bridge loan could be a big European bank. Many may say that the European Banks have enough problems staying afloat, but maybe not.

After the jump you can find the Google version of the di.se article.

Major European bank could save Saab

There is a large European bank which Victor Muller is negotiating with about a bridging loan. Dagens Industry found out today.

On Tuesday told Peter Hallberg, CEO of Saab Dealers Association, that he had been told by Victor Muller that negotiations are under way with “a highly qualified and reputable financial institution” for a loan that could save Saab.

The agreement shall be in accordance with slips to be completed by the end of the week.

Now, sources of Dagens Industry say  it will be with a large European bank, and that the securities Victor Muller has to leave is probably shares in the British company Saab Great Britain Ltd., or so-called alternative assets.

Update from Jeff:

This was posted from Bloomberg news a few minutes ago:

Saab Automobile…is close to securing a loan of about 1 billion kronor (US$157 million) to pay overdue salaries and avert a looming bankruptcy, three people familiar with the matter said.

The loan would be provided by one of the five biggest European banks, said one of the people, who declined to be identified because the talks are private. The loan will likely be announced as early as tomorrow, the person said.

They also reached Gunilla Gustavs for comment.

“We’re working intensely to find financial solutions,” Gunilla Gustavs, a Saab spokeswoman, said by phone today, declining to comment further.

—–

Other posts on this:

jouni72
Member
5 years 30 days ago

then it is maybe European Investment Bank… 😉 Good news!

JST1981
Member
5 years 30 days ago

Very good news indeed. I can’t think of a bank that gives high risk loans at the moment. Maybe the money will be replaced by Chinese money later when this has been approved. Otherwise this would be an extraordinary bank. We could all be smarter by tomorrow.

TurboLamko
Member
5 years 30 days ago

That sounds a lot better now, but it needs to be done on friday…

ANA
Member
5 years 30 days ago

At the moment this is just speculation from DI, a newspaper that is good at printing unsubstantiated rumour on a daily basis. However if it is true then the champagne will be flowing this weekend! : )

JST1981
Member
5 years 30 days ago

let’s hope that the hangover will not be too hard to handle:-)

w3c validator
Guest
5 years 30 days ago

Yep, you are right – DI is just speculating and trying to put together untied ends of the rope.

Anyway – whom ever Saab is negotiating with should be someone working with financial things.. as I don’t think they are negotiating with a construction company or a food production company. And who are working with financial things in Europe – well – banks. So DI is showing a very high logical capacity here… (I hope you get the irony of this.. 🙂 )

ANA
Member
5 years 30 days ago

Either way it will be beer to commiserate or champagne to celebrate very soon.

rune
Member
5 years 30 days ago

Every time di.se reports good news about Saab, one of the trees in their garden dies. I do not recall di.se reporting good news without good cause before.

GrumpyGriffin
Member
5 years 30 days ago

Lets hope they own a forest somewhere!

Carlo A
Member
5 years 30 days ago

very strange indeed 🙂

fingers crossed

griffin up !!!

Andrew-V
Member
5 years 30 days ago

Yet it’s rumour only. Let official events to come in or any breaking news what will happen until friday.

SaabSouth
Member
5 years 30 days ago

Bla Bla Bla, yet another loan maybe someday – who cares! Saab needs money now not another maybe statement these are getting tiresome.

JST1981
Member
5 years 30 days ago
Well…I don’t think that possible investors and money lenders are queueing up in front of the Trollhättan factory as we discuss on here, fighting for the place to be first in line to negotiate with VM and to generously hand out Euro bills driven by the humanitarian ideal to save Saab. If there is a financial institution that is willing to give a loan to Saab and the conditions are allright for both parties this is incredible good news. Close to a miracle nowadays. Another loan won’t bring Saab back on track but it might secure survival and a restart… Read more »
JH
Member
5 years 30 days ago

My local newspaper has spoken to the CEO of Saab’s dealership organization, and he confirms that something is in the works and will/should be ready this week… 🙂

JST1981
Member
5 years 30 days ago

I’m sure Peter Hallberg wouldn’t have said that without being backed by serious information that there is something in progress

Sadim
Member
5 years 30 days ago

And what’s more he probably wouldn’t have called Tidningarnas Telegrambyrå without VM asking him to do so.

hans h
Member
5 years 30 days ago

Sadim, if you really think that everybody concerned about Saab does exactly what VM tells them to do, and only what VM tells them to do, then I must ask: Who told you to write what you just wrote?

Sadim
Member
5 years 30 days ago

Well, since among Christians there is said to exist an Anti-Christ, I guess it must have been Anti-Saab himself 😉

Khrisdk
Member
5 years 30 days ago

So..you assume that Saab people are a Cult following the great Saab and high priest VM?

Boy, So wrong and yet so assured in your personal religion of anti Saab 😉

Sadim
Member
5 years 30 days ago

Khrisdk, I was joking. I am in no way anti SAAB. I support the brand and I nearly always support the underdog. BUT I am very critical of Muller and the way SAAB has been run the last 12-15 months.

As regards the cult issue, there is actually a slight culty fragrance to this site. But on the other hand – Why not?

Daniel G
Member
5 years 30 days ago

Sadim, you seem to be eager to lower your credibility even more 🙂 Do you really think people call TT, and not the other way around…

Sadim
Member
5 years 30 days ago

Of course they do. If TT want a statement they will go to the top – Muller or Geers. TT will never call around to all sorts of people and ask if they have any possible news about SAAB.

Khrisdk
Member
5 years 30 days ago

TT didn’t want a statement.
They wanted info that they could never get from the top
So they call around.

hans h
Member
5 years 30 days ago

Sadim, that dependson the organisation. Peter Hallberg is CEO of Saabs Retailer Organization nad it is perfectly normal to call someone at the top of that organisation if you are interested in their view.

So, who tells you to write what you do?

aki
Member
5 years 30 days ago

That is it!!! Good way to bridge the short term issue. To get a bank to do this these days they must have really good confidence in the business plan.

Belfast_Saab
Member
5 years 30 days ago

….And be charging high fees and seeking a strong security – Saab GB is one of the few remaining assets of value, we are playing very high stakes here, butnI think, I hope, I pray it will be worth it :~)

skwdenyer
Member
5 years 30 days ago
In fairness, surely Saab GB is only an ‘asset’ for as long as Saab is in business selling cars? Its value is inextricably linked to that of the brand. Sure, Saab GB owns some assets itself (at least one dealership, I believe), but those assets are likely to be small in comparison to the overall financing required. Furthermore, clearly the costs of obtaining and liquidating whatever collateral is there would be decidedly non-trivial. So, either Saab will sell Saab GB (perhaps to VA, just to bring that name up again!), or the potential lender has some faith in the business… Read more »
Pedro
Member
5 years 30 days ago

Real estate? 😉

Sadim
Member
5 years 30 days ago

Maybe it’s the Lithuanian Bank Snoras, or Latvijas Krājbanka? Both are close to Antonov.

GrumpyGriffin
Member
5 years 30 days ago

That’s a good thought, calling it a “bridging loan” could be a way of getting round the EIB’s problem with Antonov

w3c validator
Guest
5 years 30 days ago

As DI is speculating in a “big” European bank, I would say non of those two would fit in that category. Not compared to the really big banks that are present in Europe, such as RBS, DB or others I don’t even remember the name of right now.

v4ever
Guest
5 years 30 days ago
Can someone please give me a reason why this “big European bank” has waited so long to invest? The company now hasn’t built a car in months, Saab AB have said that they are concerned about the brand name leaving Sweden, there are creditors queuing round the block, the bank account has just been emptied by the DEA (if I read the ttela report on that correctly there was 90000euros only left in them.), the staff haven’t been paid again, there is an investigation on going into directors payments, GM have stopped production of the 9-4X after building nearly 500… Read more »
Khrisdk
Member
5 years 30 days ago

Just a couple of small corrections:

The investigations into directors payments and management bonuses has been finished by NDO.
They fund nothing wrong

The emptied bank accounts were the Swedish ones

You have all right to wait until you see the money in Saabs accounts. That ‘s also what the rest of us are doing

GrumpyGriffin
Member
5 years 30 days ago

It would be interesting to know just how much of Saab UK’s London property it owns, there could be quite a large lump of security in Saab City’s premises and other property owned by Saab UK, on the other hand it might all be mortgaged up to the hilt. Anyway it cannot be enough to secure the kind of money needed, if they manage 30 million Euro that would be a surprise.

skwdenyer
Member
5 years 30 days ago
gawdlplus: And speaking of timing, wasn’t it remarkable that two cars came down the production line yesterday? Its almost as if one of the loans that Muller has taken out was guaranteed on the basis that the line would be working on the 29th. “There you go, two cars came down the line, you can’t foreclose,” I did think something similar. And, to be honest, if he had enough bits and bobs around to do this, and if he was bright enough to negotiate a deal which allowed just 2 cars to be sufficient to count as “production” then I… Read more »
w3c validator
Guest
5 years 30 days ago
I understand you are worried – what I don’t understand is why you speculate so much on your own. No one of us have the “big picture” that is needed to understand everything of what is going on. Yes, GM have halted the current production of the 9-4x because MY-change – why then throw that into the rest of the current situation, when that is a stopped that is planned, and we don’t know all the details. For me – that is a good thing not to put in the big picture situation then. I am worried just as you,… Read more »
cakewalker
Member
5 years 30 days ago
Is it possible for any company to prove that … investment will show a profit ? Agree with all the follow-up comments about the 9-4X stop in production. It was mentioned in the same breath as the production stop at Trollhattan (along with another bunch of negative issues). Put into that context it’s clear the intention is to paint this as another negative issue facing Saab whereas it would appear to be nothing of the sort. If production doesn’t restart in mid-September as we’ve been told then it would be reasonable to consider a link to slow sales but drawing… Read more »
KarlR
Member
5 years 30 days ago

Gawdlpus, Fun to read what you write. 🙂

w3c validator
Guest
5 years 30 days ago

It’s fun because it’s like someon jumping around between clouds trying to put togehter something through intense speculations of different things.

cakewalker
Member
5 years 30 days ago

I like the image that analogy generates 🙂 Am I allowed to introduce roving Saab Gripens with FUD-seeking missiles into it?

welshwizard645
Member
5 years 30 days ago

I still want that 2012/2013 9-3 or 9-5 Aero 2.0T, the small subtle changes to the 9-3 have made it far more appealing and I want one…..

Belfast_Saab
Member
5 years 30 days ago

Of course VA owns a couple of European banks doesn’t he? Surely it must be one of his as he at least has motivations beyond pure finance (I think?) :/

w3c validator
Guest
5 years 30 days ago

VA owns banks – yes.

But this post is relating to DI.se and something that DI is saying. I do not know if DI would call any of VA’s banks for “big” in the European context.

Belfast_Saab
Member
5 years 30 days ago

I might disagree as most banks operating in Europe are actually American or Asian owned. The actual European- owned banks tend to be smaller, so VA’s could be amongst the larger ‘European’ banks IMHO? Just a thought, I struggle to see any other bank lending under the circumstances…..

Tim
Member
5 years 30 days ago

The top 10 of largest banks in the world is still dominated by European banks. BNP Paribas, Deutsche Bank, Credit Agricole, Barclays and RBS are just a few of the largest European banks.

Banks owned by VA are among the smaller “local” banks.

900 classic cab
Guest
5 years 30 days ago

Looking forward to ear some good news soon 🙂

900 classic cab
Guest
5 years 30 days ago

Obviously I mean hear 🙂

saabista63
Member
5 years 30 days ago

Scepticism is good thing, if you can afford it.
For SAAB, it is now or never – there were nine lives, and I think, it is number nine now.
Still, I think SAAB can make it – against all odds, that is!

Let’s hope the line is going to roll again.

katar1na
Member
5 years 30 days ago

For Frankfurt, I wish there will be cars striped with:

WE MOVED YOUR MIND. DIDN´ T WE?

🙂

Tripod
Member
5 years 30 days ago

😀

Martin T16s
Member
5 years 30 days ago

welshwizard645…. I hope you will come and place your order with me keeping the business Welsh and supporting a family run Saab dealer in these difficult times!

KarlR
Member
5 years 30 days ago

My dream today would be that they present a finance package and pay the salary! But also at the same time present a new CEO and a new CFO! Hope my dream will come true today!! 🙂

Allan B
Member
5 years 30 days ago
Every time my thoughts calcify with frustration and boredom over this story (imagine what it’s like for the workers), a new dramatic development stuns my senses. At the end of it all VM will certainly have emerged as compelling a character as Ferdinand Piech and John De Lorean in the annals of automotive history. But let’s hope, when all’s said and done, he ranks closer to the former 🙂 Whether or not the Saab brand survives, and I’m sure it will even if SWAN does not, the moment some number-crunching numpty decides to kill off Saab design and production in… Read more »
spacy
Guest
5 years 30 days ago

.
Re: Saab GB.

Saab GB were one of the original financiers/backers of the GM buy out, with 24million £’s if I remember rightly.

BoeBoe
Member
5 years 30 days ago

Indeed.

Spyker Cars bought Saab GB for £1 from GM and after that Saab GB gave/lend $24 to Spyker so they could pay for the purchase of Saab Automobile AB.

Belfast_Saab
Member
5 years 30 days ago

Hmm, so some value but at a level to pay a month’s salaries and a few bills, not really a bridging loan of the value we need to see……let’s see what news the week brings us.

BoeBoe
Member
5 years 30 days ago

Bloomberg:

Saab Automobile, the cash-starved Swedish carmaker, is close to securing a loan of about $157 million to pay overdue salaries and avert a looming bankruptcy, three people familiar with the matter said.
The loan would be provided by one of the five biggest European banks, said one of the people, who declined to be identified because the talks are private. The loan will likely be announced as early as tomorrow, the person said.

http://www.dailyherald.com/article/20110831/business/708319914/

Iiari
Member
5 years 30 days ago

Ouch, not nearly as much as I would hope… This is a bridging to the bridging, I would think. Certainly I’m praying this is not THE DEAL we all are hoping for…

Belfast_Saab
Member
5 years 30 days ago

Agreed, I’m sure this is just a step to keep things going while THE dealis being sorted in the background. All of this hinges on the larger Chinese deal progressing – who in Saab has time and availability to keep the epressure on that deal to ensure it doesn’t stall or delay while this (these) smaller ‘fixes’ are sorted out?

skwdenyer
Member
5 years 30 days ago
Perhaps not as much as you hoped, but a HUGE shot in the arm, if true. By my calculations, this amount – which is Kr 1bn, would pay off all of the suppliers and pay the wages, unless I’ve missed something? Now, I sincerely hope that Saab have persuaded all (or enough) suppliers that, if they really could get everything sorted by September (bills paid), then the suppliers would re-start supply. It would be logical – it would be the sort of thing one would throw into negotiations at the early stages. Not by any means does this mean that… Read more »
Greg Abbott
Member
5 years 30 days ago

Good news indeed. I hope it is announced tomorrow.

Iggy
Member
5 years 30 days ago

Sorry, but this is peanuts! This is nothing that SAAB needs today. In this case the agony will be continued! The workers will be payed for not working, the production will not be started, the dealers will not have anything to sell. All cards are now on Chinese getting the necessary aprovements in October. Which is, as far as I understand, far from being definite.
But this is a rumor like any other. Let’s wait for the official information.

Sadim
Member
5 years 30 days ago

Well the 6-month report will be made public in just over an hour, so we will soon know.

turbokalle
Member
5 years 30 days ago

Oh man! You better call Saab and tell them!

Sadim
Member
5 years 30 days ago

And tell them what?

Tripod
Member
5 years 30 days ago

“And tell them what?”

turbokalle’s comment was to Iggy, and not you, Sadim. Perhaps you should let Iggy reply.

It’s ridiculous reading people’s comments here there, left and right, about what Saab needs. As if the people at Saab doesn’t know. WTF is the matter; do please call Saab and tell them it’s not enough. Or wait and see.

Sadim
Member
5 years 30 days ago

Sorry. I guess I put my foot in it… 🙁

Iggy
Member
5 years 30 days ago
This is a reply to turbokalle (if the comment was on me): As I mentioned this is just one of the rumors and personally I hope it is not true. I gave my reasons why I think it would not be a good solution and I think that everybody can give their own opinion. We are all nervous waiting for the deal, but it is not a reason to attack people here, since, I think we all want good for SAAB. Tripod: As I said in the last sentence “wait for the official info” so we agree here! Also I… Read more »
w3c validator
Guest
5 years 30 days ago

Interesting.

Regarding previous comments here that it might be a VA-connected bank – well I think we can throw any like that behind us. VA’s banks are not among the five largest in Europe.

Sadim
Member
5 years 30 days ago

I agree, and just to show I can say one of my previous assumptions was wrong I will say: I wis wrang…. Sorry… I ws Wrung….. Sorry I wer Wring…… Ah sod it.. You all know what I mean..

Jeff
Member
5 years 30 days ago

You can do it Sadim! 🙂 Sometimes it’s a good idea not to make too many assumptions, eh?

Sadim
Member
5 years 30 days ago

🙂

w3c validator
Guest
5 years 30 days ago

Oh.. I know what you need to be able to say that.

You need a nice comfy ride in a 9-5 Aero to a nice restaurant, followed by a nice dinner and as a final touch – you just need a big hug!

THEN you will be able to say what you can’t say yet.. 😉

Belfast_Saab
Member
5 years 30 days ago

Actually amazing if this is correct – can’tr wait to see what the collateral was on that loan – Saab GB + what? =$157m – is VM or VA putting up non-Saab assets or personal guarantees?

KaiC
Member
5 years 30 days ago

So let`s pray the 1st Oct is the D day for Saab. Why should`t we cheers then 🙂 Keep calm and things cloud be better.

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