The meeting held in Vanersborg to fill Saab’s creditors in as to their reconstruction progress and decide on their immediate future has come and gone – and apparently Saab have the green light to continue.
Whilst 1300 creditors were initially invited to attend, most had been paid and only a few dozen turned up. There was probably more media personnel in attendance, to be honest.
The creditors that turned up asked for a creditors committee to be formed. I don’t know the exact purpose of such a group, but I imagine it will be to keep creditors informed as to Saab progress as they continue their reconstruction efforts.
By all accounts, it sounds as though the creditors in attendance were quite positive about Saab’s future and willing to support their continued efforts.
Saab also lodged a reconstruction plan with the court and you can view it (in Swedish) here as a pdf file.
If any of you Swedes can summarise the document for us, it would be much appreciated.
One thing I was able to glean from it is some immediate production planning:
There’s also a mention there of what looks like a ‘breakeven’ point at around 130,000 vehicles and a plan to sell around 150,000 vehicles by 2011. Remember, here, that Saab’s best ever sales for a year happened just a couple of years ago, with around 135,000 vehicles being sold, so this plan is reasonably ambitious.
Then there’s this forward planning:
That first lot looks like it’s production in Sweden and the second lot is vehicles that will be developed in Sweden.
It looks like the immediate future is concerned with the 9-3, 9-5 and 9-4x and the lack of a 9-1 in that planning might be disappointing to some, but existence is more important in this situation, I guess, and if the 9-3 is proposed to be smaller, then that might go a long way to satiating the desire for a throw-around Saab.
All in all, it’s been a great morning in Sweden for news, then.
Here’s to the future!!
The latest summary from TTELA:
The reconstruction can continue
Vänersborgs District Court announced BY TWELVE time to Saab’s reorganization will continue, but only until the May 20. A creditors’ committee is appointed, and this included the representatives of the creditors are General Motors, IAC Sweden, Tax and a staff included.
The media interest was very high and reporters and photographers took up several rows from the floor in Vänersborgs kommunhus when the creditors’ meeting took place during Monday morning. The representative of the creditors took up a handful of rows with ten seats on each. The massive influx of over 1 300 creditors did not happen.
President of the Court of Cecilia Tisell started to go through what is applicable to today’s meeting. That creditors may request that a creditor committee is appointed. Creditors can also make a requirement that it be terminated, if they do not believe in the new reorganization plan.
When the creditors’ meeting was closed after just one hours, none of the creditors’ representatives demanded that the reconstruction would cease. In contrast, the number who felt that a creditors’ committee should be formed.
The administrator Guy Lofalk explained that there are several stakeholders who want to invest in Saab. The next step is now a long presentation of the company for these stakeholders.
Saab introduced its timetable, which the company intends to request an extension on the construction of three months when the time expires May 20. Saab will also require negotiation chords which calls for creditors write down the debt by about 75 percent. Such thinking Saab to June 17.
GM has promised to write-down of debt, and that Saab will get access to the necessary tools to build the new cars.
Saab Jan Åke Jonsson’s main argument for Saab to be alive is that there are several new models which in principle is clear. With them he thinks Saab before 2013 can reach volumes of 130 000 cars a year.
Marcus Nyman, CEO of IAC Sweden, a major subcontractor to the automotive industry, was one of the creditors who gave the reorganization continued its support. He believes in Saab’s plan:
– That I have been able to see the operational and financial here today it is an extremely positive plan. With a new owner can take this further and create a profitable Saab and a profitable sub-clusters, “he says.
– Saab is an extremely important customer for IAC. We are dependent on their future employment and activities in Sweden. It is important for the region and the whole of Sweden that Saab is on the market.
– We support the further reconstruction to one hundred percent.
While he expressed concern about what happens to the tools to build the new models of General Motors’s insolvency.
IAC, which has done away with many of the staff because of the current crisis, still has a claim on the Saab in the multi-millions as Marcus Nyman. Although GM has said that it paid the majority of providers who had claims on the Saab before reconstruction.
– We have not received the full amount from GM that was said from the beginning, “he says.
What do you think of that it looks as if GM treats subcontractors different?
– It may be GM answer. It can be an administrative error that has occurred. He understands the requirement of chords, but hope to avoid.
– We hope that GM solves the remaining claim. Otherwise, it will be difficult for us to take such a blow, “he says.