Saab waiting on the EU

I know most of you are probably quite aware of Saab’s current situation and the process they’re facing.
Nevertheless, TTELA’s Magnus Nordberg has (another) excellent article outlining the situation facing Saab now.
Since the EIB said yes we are now focussing our attention on the remaining pieces of the puzzle in this process. And especially one of them: How long will the EU Commission take on deciding whether to accept the matter?
Time is something that is scarce for Saab. Partly because their money won’t last forever, but also because each day of low production is a bit of a lost day.
– We have no real cause for concern, but we are still very keen to get started with what we have in the pipeline”, says the information manager Eric Geers.
But before the Saab is through the loan process, the State must provide the loan guarantee required by the EIB. And the guarantee must in turn be approved by the European Commission, to ensure that it does not violate state aid rules.
Commission splits time frame?
the Ministry of Industry submitted a notification nearly three weeks ago, but no one seems to now know how long the Commission needs to come to a decision.
– Their position is perhaps nothing that concerns us, but it’s timing that feels a bit unsure,” says Paul Akerlund on Saab IF Metall club.
For the same view, Christian von Koenigsegg.
– Timing is critical. There should be no more delays,” he says.
Saab’s goal to have everything ready by late October or early November will not hold if the Commission needs the two months that was rumored.
TTELA searched yesterday, Jonathan Todd at the European Commission’s press department to clarify the issue, but the written response from Brussels made us not much wiser.
“The commission deals with the notification it received. It is too early to make any further comment.”
On the other hand, there is much to process with the Debt Office of the loan guarantee is near an end. The Debt Office has constantly worked to October 21.
– We will be reporting to the government, but when it becomes, I can not say today. Our intention is not to delay this, “says Erik Sjulander, Administrator of the National Debt Office.
GM’s lawyers in the City
In parallel with the loan process is also under final negotiations with Beijing Automotive, as well as the GM for all the service that must be set up at Saab and GM are separated.
– We sit there day and night now. This week and perhaps into the next, we have no through them one by one. It is not that we are not negotiated before, but now flies GM in their lawyers, “says Saab’s General Counsel Kristina Geer.
A little above the head of Saab, new owner Koenigsegg Group also agreed with Beijing Automotive, which is expected to inject billions of dollars and get a minority stake.
How far the negotiations have reached is unclear.
Both Geers’ in the same article!!!
The takeaways from this are that the EU has had the facts about the Saab guarantees for a few weeks already. They could take us long as two months from when they received those details to provide their decision, but hopefully it’ll come sooner.
Saab and Koenigsegg Group will be ready to close this deal pretty quickly after the EU and the Debt Office give their tick.
As you might have read in today’s ‘reaction’ article, CVK and the other KG players are in the Saab offices in Pixbo and it’s all hands at the wheel as they tie this baby up.

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