One hurdle still to come before a Saab buyer is announced

UPDATED – thanks to SR in comments……

Ah, the things you overlook when things are busy….
We’re all eagerly awaiting some sort of announcement from Saab with regards to who their new owner might be.
By the way, I’m betting on it being Renco. I don’t like it, but that’s who I (still) think will win the day. More on that later….
But in my own haste and absence from writing here in the last few days, I overlooked one important thing that Saab have to tick off their list before they can enter the final stages of negotiations with their most likely party.
Saab are still awaiting approval from the courts in Vanersborg for their ‘composition’ proceedings an extension to their reconstruction application, which will give them to August 20 to get things tied up.
A ruling from the court is expected on Friday, so Saab could possibly be in a position to ink some signatures some time next week.
Via a news story at (thanks to ctm!) we can see that the only concern with this decision is a supplier who wasn’t happy about Saab being a little late paying the rent. They’ve said that as long as Saab are on time with the next payment, everything should be fine.

Saab also have to gain approval for their composition proceedings, which involve Saab gaining approval from creditors to slash the amount owed to them by 75% and prolong payment of this remaining amount for up to a year.
That’s a big bitter pill for any supplier to swallow and it will put them all under some sort of duress, but the Saab people will say that it’s better than the lesser amount they’d receive otherwise and with no future possibility of further contracts (if Saab were to go under).
Support is believed to be strong for this proceeding and GM, being Saab’s largest creditor, have approved the proposal. The news around town is that more than 50% of the proxies received so far have also approved, including the Swedish customs service, who were one of the shaky ones last week when composition proceedings began.

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