e24 on Saab’s EIB loan, coming this week!

We are now two days away from the board of the European Investment Bank gathering to make a decision on Saab’s loan. As you may know, this is an integral part of Koenigsegg’s purchase of Saab Automobile, being one of the conditions of their binding Share Purchase Agreement.
E24 has a good summary of the current situation, with some quotes from Eric Geers as well.
Here’s the Googletrans, slightly tidied up where possible by yours truly.
My thanks to Johan for the link.

On Wednesday comes the expected response from the Bank of the crucial loan of just over 4 billion (SEK) to Saab. And the automaker believes it will be a positive message. “Maybe we can finish the whole affair at the end of the month,” says Saab’s CIO Eric Geers……
The investors behind the Koenigsegg Group, including CEO Christian von Koenigsegg and the Norwegian Bard Eker, have themselves expressed that the EIB loan is a precondition for the deal to go through.
Saab’s own assessment is that the EIB’s reply will be positive.
– We assess the probability as fairly high that the bank will grant the loan, “says Eric Geers, Communications Director at Saab.
He is also hopeful that Koenigsegg Group, after all, will be able to complete the acquisition of Saab, and shortly.
– We have had very positive meetings with all parties involved. Everything rolls on as planned. Maybe we can finish the whole affair at the end of this month, said Eric Geers.
But even if the Bank gives a positive decision on Wednesday there are still several pieces of the puzzle before the deal can fall into place.
– The Board’s decision is actually an authorization to initiate detailed negotiations on the financial contracts. If it is so, then the detailed negotiations begin, “says Eva Srejber, Vice President of the EIB.
– The journey is not over, but the Board’s decision is obviously one of the most important milestones.
And the Bank will only loan conditional to the Swedish state-guaranteed loan. It remains also for the European Commission to assess whether the structure of government guarantee is in line with EU competition rules.
In the case of state guarantees, the Debt Office will make a recommendation to the Government, which in turn will take the decision itself.
Erik Sjulander, the Head of the Debt Office, has previously told the Norwegian press that the goal has been to the National Debt Office will be finished with its evaluation later than 21 October which is Wednesday.
– It’s basically the ambition that we have. Since we depend on a lot of information from the EIB in order to complete our work. They include the term of the loan, the repayment schedule looks like and the exact amount. Ultimately, we need the EU Commission’s decision, “says Erik Sjulander.
– But we are working of course the question remains, and so it looks good.
The waiting continues………this really is agony.

Comments are closed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.