Morning Update – Work Continues
December 13, 2011 in News
Yesterday we faced a real rollercoaster: from the report that Saab would file for bankrupcy to the notice that Youngman would send money to pay taxes and wages. I can assure you that Victor is devoting every minute of his time to work things out. It is not done yet, the most crucial thing right now is that the money Youngman promised to send arrives at Saabs accounts. But since Rache Pang was that close to the events I think she has understood that Thursday is a serious deadline.
ttela.se give us a short update on how things look now:
Saab CEO and Chairman Victor Muller was yesterday in Stockholm where he met with National Debt Office.
– They sit in meetings now, said Unni Jerndal, CIO at National Debt Office at half past six yesterday evening.
And at least work with the National Debt Office shall according to sources at TTELA have gone well. But a crucial question seems to be on Chinese Youngman deliver on their promises or not. TTELA wrote about the negotiations last week, which found a possible ownership solution that also included a large bank in China. Among other things, it is about placing the technology and the development of a separate company that is half-owned by Youngman. This arrangement would have a better chance of getting a hearing from the various parties to approve a deal. The aim is still to solve for the EIB loan in the long run.
And the solution came so far in all instances that Youngman would make a transfer and pay wages. This has clearly not been implemented, and it is also not the first time the Chinese company has not fulfilled promises of money. When Monday came, there was no money to pay wages, which hardly inspired confidence in Saab and partners around the company.
But last night it was said that it aimed to the Chinese company would transfer money later in the day during the morning, with a view to the wages to be paid later on Wednesday. Otherwise also teaches Victor Muller and the Board of Swedish Automobile find that all deadlines have passed and there remains no alternative but to pull the string that triggers a bankruptcy.
The hope of Victor Muller and Saab is that the Chinese company will realize that there is a definite deadline for the entire Saab affair, and then to deliver on their promises. Otherwise, they lose the entire paragraph.
It is certainly up to the evidence on this issue today. When TTELA spoke with Saab’s communications director Eric Geers at 8:30 on Tuesday morning, has no information that any money was received from Youngman.
Is all depends on Youngman. If they send the money and Saab can pay taxes and wages there should be time to get the big deal done. Still, the fact that Youngman are still there shows how eager they are to pull this through.
For now, all we can do is wait for the confirmation that the money is in Saabs accounts. Then the next pieces can fall into place and work on a durable, final deal can be finalized.