Earlier today, the Swedish press opened the day with some sensational headlines and stories about Saab failing, even Saab going bankrupt within 5 days of the EIB pulling a specific trigger on their loan to Saab.
All of this was based on words from Vladimir Antonov, the Russian investor with close links to Spyker Cars and Victor Muller.
I addressed these first articles (specifically, the one from DI.se) earlier today. The primary response was to ask Mr Antonov a simple question – Why?
It seems we have some fuller text coming out now, via E24 and SvD. The context seems to have become a bit clearer, too. I don’t know if he’s given these quotes as a follow up, in a bid to calm the waves caused earlier today, or if DI.se and DN.se just chose to ignore the context. Either way, this is a little more reassuring.
It should be mentioned, too, that many people in comments chose to read the situation this way. It’s reassuring to see.
Russian financier Vladimir Antonov think that Saab Automobile’s sales target this year is “too optimistic”, and that Saab may need an extra buffer.
– If the goal is not reached, it would be nice for the Saab at 50-70 million euros (about 450-600 million) as an extra pillow to lean on. The money we are prepared to bear if we are permitted by the Bank, “he said.
No risk of the Saab shed their miljardlån from the EIB, he believes that there is now.
– The EIB has a great security and great interest for Saab loan. Why should they withdraw it? At the moment everything works well, “said Vladimir Antonov said.
However, he wants to put pressure on the Bank to allow him as a financier, which he argues that the bank does not do. His lawyers have not even had to arrange a meeting.
– Towards the end of the year there is a risk that Saab needs a financial partner and it is not easy to find one. But we want because we see Saab as a good investment, “he says.
…….TT: What would happen if the Bank withdrew the loan?
– In theory, this Saab would go bankrupt in a few days. But it will never happen. There is no reason for it. I see no risk that the Swedish state would have to go in and take over the loan, “said Vladimir Antonov.
There’s more at the SvD link and I’d encourage you to Googletrans it and read it through.
I think it’s fair to say this puts Antonov’s quotes from earlier in a much more informed context.
I still think the potential for damage is bigger than it needs to be, but I don’t know anything of what Antonov knows. The man has his reasons and these deeper articles seem to bear that out (and thanks to TT for putting the new articles out there and SvD and E24 for picking it up).