I think this is symptomatic as to why this whole drama is like a slow torture.
Every time we get some good news about the Saab transaction, like some positivity about the EIB loans, out comes Joran Hagglund to pour some cold water on things.
Now, in addition to everything else, they want a more rock solid guarantee that Beijing Automotive are committed to the deal.
From sydsvenskan.se via Googletrans:
Swedish Government breathe some optimism about Saab’s chances of getting EIB loans, but Koenigsegg Group must develop closer ties with Chinese BAIC that not everything will fall.
GOTHENBURG. Joran Hagglund, State Secretary at the Ministry of Industry, has in recent days have not received any feedback from the European Investment Bank (EIB) on how to make themselves available for Saab Automobile loan of over four billion.
Should the EIB leaning toward saying no require immediate information, he believes.
– A ‘no’ means any kind of change. If they say yes, it is nothing strange, “he said.
TT: Do you expect a yes?
– You have a loan application and a process to properly granted and we have not counted on anything else. Then we have our process of negotiating government guarantees, “he says.
Joran Hagglund notes that Saab’s business plan is better since it has been a private investor. He then aimed at the Saab’s potential new owners Koenigsegg Group has signed a letter of intent, known as a MOU with the Chinese Beijing Auto, BAIC, which will inject the money missing.
But it takes more.
– The fact that there is an MOU with a Chinese investor is not enough. There must be more ready agreement that shows that money really will [be forthcoming].
Before that, the government will not go to the commission and make a so-called notification formally launch the Commission’s evaluation. Without authorization from there, no loan money is paid. A clear agreement with BAIC is essential also for the State to be able to provide the necessary loan guarantees.
Saab may have to wait months for money. Even if the loan is granted.
It’s not necessarily a bad thing. Extra information is good. But it’d help if there were a once-and-for-all list of boxes that need to be ticked for this transaction to get over the line.
I’m sure Koenigsegg Group have got such a checklist and the dripfeed is for news purposes only, but it sure is hard to watch.