Auto Motor and Sport have conducted an interview with Christian von Koenigsegg about their withdrawal from the Saab purchase and their thoughts on where things stand right now.
All you Swedes should go here to read it in your native tongue. For those English speakers out there, here’s the Googletrans:
AMS: Why did you skip out of the Saab deal?
Christian: It was not that we do not believe in Saab, but the timing worked against the whole affair. In the business plan we originally counted on a purchase by the end of September. When we at the beginning of November was quite clear that a closure date was impossible to predict, we must think about the whole thing would work. When we are at the end of November, still did not know when the deal could go through the whole thing became untenable.
AMS: How much has the delay worsened the business plan?
Christian: As I see it, it is about approximately one billion in increased costs, because Saab has been unable to ramp up production before 2010 like the business plan advocates. When production was delayed it shifted the entire business plan. We look to the billion must come from somewhere, we might be interested in taking part of it, but also other parties who have an interest in Saab’s survival must also help.
AMS: How willing are Koenigsegg Group to take a financial risk?
Christian: Not overly. That was why we had to pull out. We can not with open eyes give full effect to a plan where we are already beginning to see the lack of resources and where most assets are already unlocked as collateral, we must believe in the deal to continue.
AMS: Why has the Saab affair gone so slowly?
Christian: Several parties seem to have misunderstood how urgent it was that made the process slow progress. Had all the parties really cared about Saab’s fate, it would have gone much faster.
AMS: Why is Saab divided into several small businesses?
Christian: This design of different companies are not created quickly to cut up Saab. It has its basis in the Debt Office called it early last fall, to easily visualize their collateral. Here, it was agreed that taxpayers should not risk a penny on Saab is continuing its activity, therefore must of course be the collateral generous to follow this philosophy. How much tax money at stake in the event of closure, one can predict just about, but probably it will be more than 1 per share. Now it seems that BAIC buy some parts of the Saab, and it can actually be positive, because it means money into Saab and maybe a small party to negotiate with the actual takeover of Saab for a proposed buyer.
AMS: How do you see the situation right now?
Christian: It is very sensitive, anything can happen. We have left behind us a ducat smorgasbord, with regard to contracts. Heavy lifting is done. However, all parties must of course take into account the delay of the plan, as I see it in every case. Some of those involved have now shown that they can actually move a little faster … and that’s positive for the process.
AMS: Is the Koenigsegg is still interested. Towel can be picked up again?
Christian: We assist in the background with the know how and the plan we have created. We have nevertheless not received any offer or proposal adjusted to compensate or correct for the delay. We still have the desire and are willing to do our bit to help. Our hearts for Saab are great.
AMS: Should Koenigsegg able to go out with a rights issue, to quickly get more money?
Christian: The time is available, namely that the deal should be completed before December 31, leaves no room for a new issue before then. We can not take money from external parties in the Koenigsegg Group, the current situation, then we do not know if we offered a takeover by the other parties. The only solution is fast enough to finance the gap are resolved by the parties involved, as we all know who they are today. Later you can look at many other solutions, where time is given.
My thanks to the guys at Auto Motor and Sport for the heads-up and the OK to translate the interview here.
CvK, we miss you, buddy.