Reactions to Saab’s EIB loan

Jan-Ake Jonsson, via emailed Saab release:

“With our loan application now approved by the EIB another piece of the puzzle has fallen into place. We are also in the final stages of negotiations with Sweden’s National Debt Office and we expect confirmation from the EU Commission that Sweden’s state guarantee conforms with EU rules on state aid. It is a complicated process however we remain extremely confident that our plans are on track.”

Augie Fabela from Koenigsegg Group, via Bloomberg:

“This is one step, but it’s a milestone for us. Everybody is working for the same goal, the revival of Saab.”

The People’s Daily claims credit 🙂

The Swedish government said a no for the guarantee earlier, but after Saab negotiated with Beijing Automotive Industry Holdings two months ago, upon the important decision making time for EIB, the Swedish government agreed with the guarantee.

Anna Petrie, from Saab, via TTELA:

For Saab was told expected, but nonetheless it was a sigh of relief at the factory when the news came yesterday afternoon.
– We had probably our hunches, but it’s always nice to get the message, “says Anna Petre, responsible for regulatory contacts at Saab, and emphasizes the importance of EIB decision:
– This is the first step in the process, and this decision was a prerequisite for the other steps may be encountered, “she says.

Annette Hellgren and Paul Akerlund, Union Reps at Saab, via TTELA:

– It’s very gratifying and reassuring to have come one step closer. This was a very important piece, “says Annette Hellgren……
– This may well help to create a more positive image, hope Paul Akerlund, IF Metall Club President.

Joran Hagglund, via TTELA:

Joran Hagglund, State Secretary at the Ministry of Industry, nor was he surprised by the announcement from the Bank.
– That was not entirely unexpected. Saab’s time for the sake of it was an extremely important step. Without loans would of course have been completely driven, “he said.

And finally, a Googletrans of an article with Christian Von Koenigsegg.
Koenigsegg hope for completion in November
Gothenburg CEO for Koenigsegg Group, Christian von Koenigsegg, was working at Saab’s office in Gothenburg where he was told about the EIB loan.
– It is an important milestone we have passed today, but many important milestones remain, and says he is well aware that the money not yet secured.
The money needs to fall into Saab’s account before the year end according to Koenigsegg.
– Timing is critical. There should be no more delays,” he says.
In addition to the news from the Debt Office and ultimately the government on state guarantees and the approval of the commission must Koenigsegg Group have clear agreement with the Chinese Beijing Auto, BAIC.
Negotiations with the former owner GM of Rights regarded as the most formal.
– We have found a way to break down. It is well emerged because we have negotiated a long time,” said Christian von Koenigsegg.
The new business plan will Saab be profitable at 100 000 cars sold. In addition, the company intends to cooperate with many different partners in the industry to be cost effective.
– We have a sober view of where Saab is and how it should move forward,” said Christian von Koenigsegg to explain that the bank believes in the business plan.
To cope with that drive Saab to the company in 2012 is expected to be profitable on its own merits requires about 11 billion according to Koenigsegg. BAIC will contribute around three billion of the company becomes a minority owner of the Koenigsegg Group. But Beijing Auto’s interest based on that Saab may loan.
– All parties need to have everyone on board. I see before me that all processes will be completed on the same day, or almost. Probably in early November,” said Christian von Koenigsegg.
He does not want to go into the details of how the negotiations with BAIC go or if the Chinese company will be taking over the tools of the old 9-5. BAIC is interested in Saab’s technology.
An additional sponsor is not seeking Koenigsegg Group, owned by companies controlled by American businessman Augie K Fabel, Norwegian businessman Bard Eker and Christian von Koenigsegg.

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