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Administrator press-conference February 28th

February 28, 2012 in News

In about 10 minutes the weekly telephone press-conference with the bankruptcy administrators is about to start. A “show” that has come to be regarded among some people in the press as the “no comment show”. Some feel it pointless that the administrators even bother to do this since they in general have nothing to reveal, others are grateful that they at least show their faces and talk to the media and fans which are craving for any kind of information… Considering how many peoples lives and the important decisions they have to make within the close future which could affect their whole lives, any kind of information and dialogue is a good one!

Last night BW pulled out of the deal, this morning Youngman confirmed that they had placed a bid and are staying in the race to win. Other parities remain silent… comparing this situation with 2009 where there were almost none or very few interested parties in Saab I still feel a lot of confidence that this situation could turn out nicely for Saab regardless of who wins the deal. Of course there are parties I prefer over others since I feel that they have the better means to succeed but in the end the only thing important is that people get their jobs back and that we can continue to drive those amazing cars…

Here are the statements that were made during the short press-conference that lasted about 20 minutes:
- Bergqvist: The deadline to place a bid of interest passed yesterday, this deadline was for the interested parties to reveal what exactly they wanted to buy
- Bergqvist: We have received a number of these bids
- Bergqvist: We will now evaluate these bids and potentially have meetings with the parties to place questions and clear out issues. This situation is very complex…

- Bergqvist: We’re not allowed to state how many bids that we have received however there are a number of bids that counteract each other
- Bergqvist: The bids are placed by both international and domestic parties…

- Bergqvist: What we are aiming for is a complete solution and with that we are saying that the factory and production capacity should be sold as one entity (with capacity they are talking about production-tools etc)

- Bergqvist: Every bid that has been received is serious and well motivated and is subject to further discussion.

- Bergqvist: When the administration of the bankruptcy started Saab’s register was empty and there is a big factory which costs huge amounts to maintain. It is like painting a piece of art just to keep the financing working for that and I feel that we have done a good job on that point.

- Peotoux: On questions regarding the time line, we can not comment…

22 responses to Administrator press-conference February 28th

  1. I wish Brightwell had hung in there. :/

  2. *Sigh* seems like nothing new today…

    • I dissagree. Surely the bids are irrevocable. So anyone who has made a serious bid to acquire SAAB as a whole (if any of the parties have done that), should have talked to GM prior and know their position.

      Nobody will place a bid, then talk to GM, get told to p.ss off by GM only then to be stuck with an irrevocable bid and a comapny they cannot restart.

      That’s precicely why BW pulled out and didn’t place their bid. If anyone did place a bid for the whole of SAAB, they have already sorted out the GM issue. If the GM issue is unsoveable, then nobody in their right mind will have placed a bid for all of SAAB (oh well, maybe Youngman because I think they’re crazy anyway)

      IMHO

      • One can only hope…

      • Some of the bidders are not interested in resuming production of Saab cars, they just want the factory to produce something else.

        • Don’t get me wrong, I have no doubt that bids were placed by parties that are NOT interested in restarting SAAB and therefore have no need to talk to GM.
          All I’m saying is that IF bids were placed for all of SAAB, then these people sorted out the GM issue prior to placing a bid.
          So the crucial question is : were any of the bids (forget Youngman) for all of SAAB ? I’m reading factory and tools but that doesn’t sound reassuring to me if it doesn’t include brand, licences and parts.

          • I also hope that means the other parties interested in buying & restarting Saab are aware of GM’s position as far as licensing is concerned. Though it makes me think maybe not since Brightwell seems to have only found out recently about the noncommittal response. Who knows though. It only makes sense to find out if they’re planning on going forward with the current lineup. Otherwise… why bother?

  3. Seems like another couple of weeks waiting, unless the admns are way ahead of where they say they are.

  4. Interesting that there is a serious domestic party bid too.

    • - Volvo, which aims to pick up the equipment and wander off… Potentially to send the equipment to China. No more Saab.
      - BAIC together with that Swedish electric car company previously converting Saabs to electric use, Panasonic with batteries, Fouriertransform (State owned investment company created during the crisis 2008 focusing on ) was involved as well?. I assume no more Saabs, at least as we know it.
      - Semcon (Swedish consultancy company) wanting to pick up some of the pieces… No more Saab.

  5. I just agree with TimR that we must be glad the administrators still shoot for a party that will buy the whole company and has a strategy to restart building cars in Trollhättan.
    That will best happen without any use of GM licensees while we do know that GM never will accept anything anymore ( they have their own hands full with their own big problems).
    So just let this happen soon.

  6. Looks like the administrators will take sometime to evaluate the bids received before an announcement is made on the outcome of this lengthy exercise. It will be useful if they can at least disclose the names of the valid bids received. We know YM is one which should be taken as a serious bidder with perhaps a solution and a view to make Saab a success.

  7. Having my hopes up :)

  8. I read an opinion somewhere from one of the Koenigsegg bid related associates that there are lots of “exiting possibilities for SAAB” but they need to go through a bankruptcy process first to be viable. Is this known to be an active European interest?

  9. Found an article on BMW here:
    http://www.ftd.de/unternehmen/industrie/:bessere-auslastung-bmw-produktion-soll-schwankungen-abfedern/60103832.html

    It is from September, 2011, and essentially says that BMW’s assemblies are presently at 110% capacity, that they want to become more flexible regarding volatile demand, which means they plan to assemble Minis and FWD compact BMWs at one assembly, and that while Mini’s heart is British, and will remain so, the assembly of the Mini Countryman at Magna in Graz shows that not all assembly must remain in the UK.

    Hope we are not in for a bad surprise when we must learn that BMW just wants another assembly plant for expaning their Mini/BMW FWD range.

    • Thyl,
      IMHO, this could be one part of the whole picture. BMW uses the factory to be more flexible and produce FWD cars. At the same time in the same factory SAAB branded cars could still be produced.

      • Absolutely. Could. If it really made sense. There is one point that I find really disturbing. And that is the clash of two competing platforms, i.e. the BMW FWD platform, and Phoenix. Into both platforms, lots of money was invested already, and both have an inherent value of probably several hundred million USD/Euro.

        But Phoenix will only be of any value to BMW if they intend to get into direct product competition with Audi and Volvo in the bigger car segments. Given the rumor that BMW will make a bid, that appeared somewhat plausible. However, now, with the additional information that BMW _needs_ additional capacity, the situation looks different, and BMW might have that different reason for making their bid.

        If they are not interested in Phoenix, what will happen? Will their bid be too low? Will they still prevail, only to sell the platform to whoever comes along, including the engineering department?

        Hitherto, all development and research is done in Munich, iirc. That was a rather successful approach.

  10. - Bergqvist: What we are aiming for is a complete solution and with that we are saying that the factory and production capacity should be sold as one entity (with capacity they are talking about production-tools etc)

    He is not saying anymore that they are going to sell to those who will start production again. Just saying they do not want to some bits here, others there. Doesn’t look good to me!

    • I read that statement with the same thought in mind. While that statement could include a restarted Saab we hope for, it could also mean selling a turnkey automotive production facility to another automaker or supplier.

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