Also from TTela (english version), Valdemar Lönnroth has put together a fantastic article about Vladimir Antonov’s background. Some things you might have already read, and maybe even some new ones. Did you know CPP which Vladimir owns a major share of also owns Zagato? The list of automotive cousins keeps expanding for Saab.
Alrik Söderlind from Swedish car magazine Auto Motor & Sport sat down with Victor during lunch yesterday (English version). I hope to have a short opportunity as he did today. We were actually sitting together when he got called in to the office, and we both remarked to each other how absolutely glued to his phone Victor was. News is coming soon we all hope.
Alrik invited me to write a piece about SU for AMS, and I’m very excited to share the positive and exciting changes we have in store for the site with the greater Swedish auto fans.
The Riksgälden (Swedish NDO) has released a press statement on the loan approval. Of course we already know what it says, but here it is anyway in writing!
Debt Office intends releasing parts of Saab Security
The Debt Office on Tuesday completed the work to examine the financing solution that Saab Automobile AB presented.
An agreement in principle was clear on Sunday night. Saab has prepared a draft agreement on Monday and on Tuesday made minor adjustments in the contracts.
Now awaiting the Debt Office and Saab approval from the European Investment Bank, EIB.
In order to enable the financing solution designed, the Riksgälden is releasing parts of its collateral in the form of shares in Saab’s real estate. The aim is that Saab will be able to sell shares in order to thus obtain the liquidity of the company. The deal also requires the Bank’s approval.
The Office has previously taken the collateral for the entire loan facility of EUR 400 million Saab with the EIB. To date Saab has made use of 217 million.
The Debt Office intends to release a portion of the securities for the portion of the facility that Saab has not yet exercised. At the same time reduce Saab’s ability to borrow from the EIB, 400-280 million.
The examination shows that the funding solution satisfies the condition that the Government Debt Office and the latter, that is to say that Saab will get fair price for their property, to privacy issues related to the purchasing company and handled the payment of the deal going through a bank in Europe.
Taxpayers will continue to have adequate security for the guarantee to Saab, even after parts of the collateral placed. The reason is that Saab’s total borrowing facilities of the EIB is reduced accordingly.
Owners’ review of Vladimir Antonov handled separately and is governed by the agreements already exist between Saab and the Debt Office. Debt Office and the government should take its decision was in question. In addition, Bank and General Motors to make their own ownership trials.
The Debt Office’s work with the ownership assessment is not yet clear, since Vladimir Antonov is not yet available for meetings.