Darn this daylight savings change. The meeting has already begun.
You can listen to proceedings on Swedish radio here (thx Dippen)
The comments so far:
* According to news in Swedish media now, documents at the court reveals over 20 “active” interested buyers.
* Saabs debt to GM is bigger than noted in previous documents. Then it was said to be 6 billion SEK. Now it is said to be 9.6 billion SEK.
* There are some 1,300 creditors, but according to journalists only something like 10-20 are present at court this morning.
* From TT
Rolf Åbjörnsson, a lawyer representing Saab and Opel dealers, think that the whole process is very strange given that GM has settled most of the liabilities towards creditors.
– The question is what it is to be reconstructed when the liabilities are largely paid for. There is much that is odd about this. Maybe it is all about buying time and to put pressure on the Government,” he told TT.
He is in favor of a continuing reconstruction, despite earlier expressing criticism at the administrator Guy Lofalk.
– Whatever he says in there, I as a representative of the Saab dealers want the reconstruction to continue.
Hans Renman, representing three foreign and two Swedish suppliers, points out what an unusual reconstruction this is.
– I don’t know about a similar process where you get paid during the reconstruction. My clients are of course happy because they have been paid for basically everything, but they are also anxious about how Saab sees the future and therefore it should be interesting to hear the reconstruction plan.
Thanks to commenters who have posted so far.
…… the media interest is very large and reporters and photographers took up several rows. 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.
Live update from Dipper:
one creditor from Saab Sales – he asks for a creditor committee should be put in place
now a creditor from the swedish tax office (the gov)is asking: ” we want a creditor commite and the reconstruction should continue”
The union is asking to be part of the creditor committee
Paul Åkerlund from IF Metall will be part of it, Anette Hellgren also.
breaking news: Magna Styer wants a creditor committee also