Things are still quiet from Saab, but there are a few things out there that are worth mentioning, even if they are not directly Saab related.
I think all of us remember that Geely had again after 2009 shown interest in taking over Saab (or just the best pieces, who knows) just a few weeks ago. WantChinaTimes report now that they are facing financial troubles:
The Chinese-language Capital Week, however, reported that Li and Geely Group have been stuck in a financial rut. Geely has reportedly started to contact private domestic and overseas equity funds, such as Carlyle and TPG, for fresh funding, in order to repay Goldman Sachs for high-yield bonds. Most of these private equity funds are cautious about the request, due to their concern over Geely’s ability to repay.
I’d most likely never go for a Volvo, still I hope that they can pull this through. We always said it is vital to have two automakers in Sweden to keep up the automotive cluster. So Volvo being alive and in Sweden is a good thing for Saab.
Talking about potential saviours, our friend Vladimir Antonov, or better, Snoras Bank seem to face some problems (from balticbusinessnews.com):
The bank operations which have been suspended after the appointment of temporary administrator will be renewed next Monday.
In its statement, the central bank says that “The analysis of information compiled for supervisory purposes revealed a poor quality of the assets of SNORAS Bank, and that the evaluation of assumed risk was inappropriate due to the lack of responsibility. The bank ignored the instructions of the Bank of Lithuania to reduce operational risks or treated these instructions formally.
There has been roumors about that for quite a while and it looks like there was some truth in it.