SaabsUnited.com

Many of you have already posted it in comments, and here is the news from ttela.se.

After the defection of the new administrator to succeed Lofalk, Saab has made a new proposal: Lars Soderqvist at Hökerberg & Söderqvist.

A little before 16 o’clock left the Saab and Victor Muller into a new draft of the administrator after Guy Lofalk to Vänersborg since Lars-Henrik Andersson dropped out of the mission. In the application, it is clear that Andersen did not drop out because he made a “change in the assessment of the preconditions for a successful reorganization.”

[Andersson]‘s departure is not based on a pessimistic assessment of Saab. It also appears that Lars Soderqvist accepted the assignment.

On Hökerberg & Söderqvist’s website, it appears that Lars Soderqvist “has worked with financial issues since 1985 and specializes in business and civil matters in the financial field.”

Lars Soderqvist deals with insolvency matters as a bankruptcy trustee and administrator. He has handled the largest bankruptcy of all time, the Independent Group, and thus has experience in the management of larger companies.

As posted in comments, our favorite reporter from DI, Afroditi, caught up with Soderqvist on the phone in an interview. According to Soderqvist, he believes that the conditions of the new deal provide for a successful reconstruction.

“I have been informed and also given the opportunity to get confirmation from the parties involved on the preconditions for the plan. The confirmations have been of a nature that I have determined that the conditions for this will be successful, “says Lars Soderqvist. It goes without saying [that the plan will take hard work]. There is very much to handle, but also issues that are less complex.

As we know, the company must maintain proper cash flow during reorganization, and he added, ”I’ve had that kind of confirmation on this to [be the case] financially, yes.” He added that Saab and Youngman will work to strengthen their liquidity for the hearing Monday. He wants to ensure that there is a sufficient plan to deal with the existing debts (salaries, taxes, etc.) before the hearing, adding ”It is essential for my work,” but continued that he received confirmation that there will be more money in the account by Monday.

When asked if he might decide to drop the assignment, he remarked that he will work with what he’s given. ”It was a good question,” he told DI. “I have not played as much insight into why the earlier defections have taken place. All I know is that Guy Lofalk not have read this latest plan… If I judge that there were conditions for reconstruction, then I obviously need to report it. But if I consider that the reconstruction has the potential to succeed, then I have no intention to step down during that time.”

The news spread now in the Swedish newswires: the newly appointed administrator Lars-Henrik Andersson called the district court in Vänersborg this morning and said that he is not available for the post. He gave no reason for his decision and we should refrain from reading too much in it.

Obviously Saab has to nominate a new administrator quickly (ttela.se):

To TT Nilsson explains that Saab has until 16 o’clock on how to nominate a new person.

- We will find a new person, we are working on this together with Guy Lofalk now, says Saab’s communications director Eric Geers.

We’ll update you as soon as we get more information.

Trollhättan, Sweden: The Saab 9-4X crossover and the Saab 9-5 Sedan have both earned a ‘Top Safety Pick’ for 2012, the highest rating for crashworthiness awarded by the Insurance Institute for Highway Safety (IIHS) in the United States for a consecutive year.

Earlier this year, the Saab 9-4X and the Saab 9-5 both earned a Top Safety Pick for 2011.

Lars-Henrik Andersson, that is the name of the new administrator appointed by the district court of Vänersborg to manage Saab during the reconstruction.

Official day for appointment is on the 19th of December

Lars-Henrik is part-owner and has worked at Lindahl’s office in Stockholm since 1994. His main field of work involves company purchases, funding and reconstruction. Lars-Henrik is also part of the competence-team for corporate finance, insolvency and reconstruction.

After two very turbulent days it is rather quiet on the news front. Most reporting is on the court hearing on monday we posted about last night, just di.se knows a bit more, according to their sources. For some reason I read that with a lot of cautioness…

Saab CEO Victor Muller’s new plan is almost complete, reports the Dagens Industri, which also reveals that Youngman totally committed to invest 10 billion crowns in Saab for five years. Already on Wednesday or Thursday is expected to pay money to enter.

Additionally they say that it’s now up to dicussions about gurantees Youngman needs to get, most likely in preferred shares. Nothing that has not been speculated on before so I’ll leave it up to you how much trust you want to put in it.

An interesting detail is in an article from sverigesradio.se. They claim that Saab will not ask for the replacement of Lofalk.

Saab chief Victor Muller has several times been openly critical of the administrator Guy Lofalk way to do his work. But Saab’s letter to the district court says no to Saab wants to Lofalk be replaced.
Previously, the request for a change have been discussed, but there has never been any formal request to the right

While I don’t think that Lofalk has been the right man for the job it may be good not to ask for a replacement now. Saab should not overdo it as the main goal is to continue reconstruction. Would be good if Saab and Lofalk could get to some kind of professional peace for the coming months to get this plan done. Fighting Lofalk would only cost energy that is needed in other places right now. So if he moves his mind and does his job let him be.

In the meantime we will keep an eye on developments. And try to bring on some saaby entertainment for you to kill the time until monday, when we will have Tim reporting life from the hearing.

kcaco

Today Saab applied for the court to hold an oral hearing on the reorganization matter. A small extension on the time was asked in order for all delegates to be able to make it to Sweden in time for the hearing. This was granted by the court. Foreign creditors will also be able to attend the hearing.

On Monday, December 19th at 13:00, the district court of Vänersborg will hold an oral hearing with Victor Muller & Rachel Pang. The court has also asked for a brief submission on extending the reorganization beyond the initial three months stipulated by law.

The basic plan to be presented to the court for Saab and Youngman is:
- An outline of the Youngman & Saab deal
- Funding of Saab within and after the reorganization
- the current status of the reorganization

The final and most crucial thing that Saab & Youngman will present is why this new deal will work when the previous ones have failed.

In an article at ttela.se Victor confirms that the first part of Youngman’s money has arrived and even mentions a sum:

Yes, this is a good sign. Youngman has brought over 3.4 million Euro to us, said Victor Muller to TTELA.

Saab’s CEO, Victor Muller, now confirm to TTELA that money has come in to your account from Youngman. This is a first installment of the funding promised by Youngman.

Of course this is not the full amount mentioned last night, it is not unlikely that those amounts are transferred in more than one transaction. But it is a start and indeed a good sign.

Our old friend Swade has good news on InsideSaab:

Saab confirms that the first payment of the funding, which was promised by Youngman, now has been transferred to Saab’s account. The efforts to secure the remaining funding, needed to pay salaries and continue the voluntary reorganization, continue and the work is moving progressively forward.