Letter by Victor Muller
September 8, 2011 in Archive
At saabblog.net I came across a letter aimed at the German Saab customers and fans. After the break you find a quick English translation I did.
Dear Saab customers,
This morning we announced that Saab Automobile AB (Saab Automobile) filed for reorganization at the Vänersborg court. The following information shall explain to you, what this process means, why we took that step and what it means for you as a customer.
Why have we decided to file for reorganization?
Since we reached the agreement on long term financing with Pang Da and Youngman we put our focus on securing bridge financing, that shall be used for the period until the financing from our partners from China arrives. It is important that both Pang Da and Youngman fully support that reorganization. We came to the conclusion that the reorganization process gives us the time that is necessary time, creditor protection and stability of our business while we are securing short term funding that allows us to restart production.
The voluntary reorganization we filed for is a self administrated. legal process after Swedish law and is lead by a court chosen, independent administrator, who works in close cooperation with the management of Saab Automobile. As a part of the process Saab has created a reorganization plan, that secures its existence as a profitable, competitive and independent organization.
After the court decision the voluntary reorganization is done within 3 months. If necessary, the reorganization can be prolonged to a maximum of 12 months. We are optimistic that short term financing can be obtained within the reorganization period and negotiations with several parties are in full swing. The financing after the end of the reorganization period is secured by the binding agreements with Pang Da and Youngman as of the 4th of July 2011, as soon as the necessary approvals by officials are in place.
It is our aim to continue the day to day business regarding sales and service during the reorganization process. Our employees will furthermore concentrate on their jobs, process orders and supply you with parts and accessories.
We formally apologize for the uncertainty the current situation causes. We will continue to keep you informed at www.saab.com and hope for your important support during the reorganization and stabilization of our company.
CEO and Chairman Saab Automobile