Updated: Pay back or else…

Reuters reported yesterday that EIB wants Saab to repay the loan within 90 days.

But a source familiar with the negotiations said one of the terms was that the EIB wanted Saab to repay the money it had borrowed within 90 days of the sale and leaseback deal being carried out.

Thanks to WM in the comments section for the tip.

Other media are reporting similar stories, but do not touch on the specifics.

From TTela:

Do you understand why EIB poses these requirements?

– No, it is completely inexplicable. Unless they want Saab to declare bankruptcy, says Carlström.

Update: TTela now reports that EIB wants to terminate the loan.

– We are working with alternative solutions to solve this problem. We have 100 lawyers working with the EIB-question, says Lars Carlström.

143 thoughts on “Updated: Pay back or else…”

    • ..or you could find yourself a nice deal on a vehicle that has a chance of becoming both rare and sought after.

      There is an upside, either way.

      • indeed but the end of a fine engineering company… and with a bit of luck the end of the european union [i have my classics and they continue to serve me very well].

  1. Unbelievable, the EIB which should support the economy and companies in Europe, is (maybe!) now responsible for the end of a company with 3000+ jobs…

  2. If Saab will not make this I think Volvo will buy the factories at Trollhättan. It would be insane for Volvo not taking that chance.

      • Volvo want to grow from 400.000 cars tot 800.000 cars a year by 2020. And they are building new factories in China (at least 1, maybe 2 of 3) and Geely is investing $11 billion in Volvo for the following 5 years.

        So, yes Volvo has the ambition to grow.

    • I do not believe for a minute that the fat lady has sung yet.

      So far, there is no official word on what exactly EIB’s demands are. Nor do we know what VM has up his sleeve. It feels strange that he would give up now of all times.

      • Most likely he will participate in negotiations with the EIB, GM and maybe some representative for the Swedish government. It can’t be completely impossible to make the EIB change the demands to make the deal possible.
        We shall not back down yet.

  3. EIB is turning Antonov´s deal down, most likely (I guess) because EIB is an European bank,,and acts as other European banks would do, when a client company runs out of share holders equity, It is easy to calculate, that a company like SAAB with very high fixed costs, and producing less than 50% of its break-even volumes mustt per definition loose lots of money per month.

    European banks (incl EIB) must comply with all the legal rules which restricts all banking operations., and soon SAABs share capital will be consumed,

    So new share capital must probably also be issued, 2011, not only new loans.

  4. Forcing Saab to close is just absurd, outrageous and stupid. Particularly when there are viable options – e.g. Antonov, Chinese, slick products and technology waiting in the wings and enthusiasts around the world. I believe hardball is being played, but now is not the time you moronic politicians.

  5. i have a bad feeling. the crisis seems much deeper than we all think. if it was straightforward the plant would be up and running again by now. not enough finances available to pay the suppliers so they have stopped deliveries and normally will only restart after settlement of all open bills and under prepaymentconditions only. salesbudgets that are missed time and time again. a weak productportfolio that cannot generate enough sales to break even. He guys wake up, saab currently is a heavy loss making factory without any form of liquidity and nothing in the short term to turn things around. If it would produce nuts and bolts instead of automobiles it would have been declared bankrupt a long time ago. i am just guessing but in my opinion it is the swedish government now pulling the strings and there only interest could be to keep employment alive in the trolhattan area. it is not more than logic that the swedish automotivesector is envolved and if volvo with a chinese wallet could step in and use the saab plant it could solve their problem.
    my only hope now is that saab is still able to produce cars in 6 months time independant or under an umbrella from whoever, but every day chances are looking slimmer.
    keep hope alive…….

    • a weak productportfolio that cannot generate enough sales to break even.(…)it would produce nuts and bolts

      The point is that they are not producing nuts and bolt. Nuts and bolts would have been a weak product portfolio indeed, but the new 9-5 is quite unique and a very good product. The upcoming combi version will be quite attractive in some of Saab’s biggest markets and the 9-4x certainly won’t hurt sales in the US.

      Saab basically started from scratch a year ago. They had (and still have) a huge potential.

      It has been an uphill battle, but it is not the fault of the product.

      • Rune,

        What is funny about all this talk “quite unique” talk and “very good product” thing is that you never realize facts.. it has always been the talk about next years model will save the world, the SPORT Combi will save Saab, 9-4X will compete with the X3 , Q5 etc… Saab does not sell enough cars because they do not have a product portfolio attractive enough. Please realize that and don’t look in the stars a year ahead and AGAIN say the 9-5 SC will outnumber all competition. We have heard this stories since i don’t know when..

        I do however heart a different much more soft tone now… “quite” unique, “quite” attractive.. “won’t hurt sales”… i like that. Saab should never have aimed that high from the beginning. Competing with the three germans wiill never work.

      • Just in case someone (currently stuck in our spam folder due to past transgressions) did not get it:

        the new 9-5 is quite unique and a very good product.

        …that is a big understatement.

        as is this:

        the 9-4x certainly won’t hurt sales in the US

        Trolling and cherrypicking words is not welcome here. Maybe someone will approve your comments. Maybe not. I’m calling it a night. Tuesday will be our day I’m sure.

  6. I still don’t understand how SAAB went from fully funded for three years to less than a year later not paying people and needing another loan. Then the CEO that has been with the company for 25 plus years retires. The story will come out but maybe the EIB has seen some bad accounting, etc.

    • And Victor Muller kept saying that the lower sales number weren’t a problem. Bacause they lowered the break-even-point…

      • lowered break even by what? Get in a difficult situation with suppliers?
        What does the shareholder report state? SAAB needs trust and real transparency.

    • It probably was fairly well funded, up until the point where the suppliers started insisting on cash on delivery.

      That, combined with other unforseen expenditures (such as the 100 million+ owed to the Swedish government that Saab says they should not have to pay — currently on hold on some bank account pending the court’s decision) rocked the boat a little too much.

      We have known for a long time now that the big push would come with the arrival of the 9-4x and the 9-5 SC while waiting for the next 9-3.

      • OF course the suppliers start to ask for cash at delivery when they don’t even get paid for the net 90 bills they had from before. What can you expect? I don’t see how you can defend VM like you do.. he has lying the whole time, this lack of liquidity doesn’t fall from the sky.. it can be forseen long time in advance, don’t say anything else.

        The business plan was bs from the beginning and everybody knew that except from all Saab enthusiasts desperately hanging on to the pants of VM. Get a grip for christ sake…

        14Mkr in bonus for this… does he deserv that!?!?

  7. It is a complicated situation. I thought that the government and Sweden was the vouch for the loan to EIB. But of course the best should be if Saab could get one more financially strong owner and repay the loan to EIB and finish all cooperation with them.

  8. I would say keep calm. Who made the guarantees for the EIB loan?
    And what’s the real value of the Saab assets (Facilities, ..)?

    Swedish gov must be happy about such a situation – if it’s true..

  9. if one were a dealer principal linked to Saab what would you do… so many promises… should SU also close down indefinitely while this is worked out… after all we’re talking about an unconfirmed article… but the rumor mill continues to do more damage due to the total lack of clear reporting by Saab… so much for social media and keeping the customer updated…

  10. If SAAB were to file for bankruptcy, would it be possible for some entity to purchase the company as a whole (at a deep discount) or is it over and the assets have to be parted out?

  11. Yes, this seems to get from bad to worse. What the exact reasons are we cannot know yet, but it is all political, that seems given. While I understand that some of the security in the EIB loan was in the property (at least indirectly, through the NDO) and that the loan was supposedly only used to develop new technologies, if EIB is not happy with the new setup (in terms of changed security and use of funds) I guess they can do this – ask SAAB to return everything. Still I wonder if this is best use of assets and funds as the result is the demise of SAAB, and while the wounds already inflicted to SAAB are great, for survival there must be help from the Swedish state, but that won’t happen, I guess…
    Well my 2006 9-3 Aero SS will be a collectible, I will keep it well and enjoy on weekends…
    🙁

    • Swade now has his dreamjob @ Saab (and he desereves it…!), but that also means he can no longer speculate, just give his raw opinion, theorize etc…
      Now very much limited to the official company ‘news’….

    • Am keeping tabs on things the best I can. SU guys have done a fantastic job on this. I’ve really been out of the loop getting IS started and covering the stuff I’ve had to cover this week. As Trollblazer said below, my traditional role as a venting but occasionally well-informed writer has changed. I’m hoping and talking with people about being able to use IS as a base for communications about this stuff, but it’s such a delicate situation.

      What I can say from on the ground here in THN is that everyone who can right now is working their ass off.

      This whole situation feels somewhat reminiscent of the sale process and I’ll say again what I said then – there’s too much good stuff going on here and too many interested parties for this to not work out.

      Keep Calm and Carry On.

  12. As production capacities are not maxed out in europe at the other vendors who will be interested to buy the Saab facilities?
    If this story is true and not misunderstood/ misread and the payback will be the case if a new investor buy Saab at all, than the swedish gov has to write the guarantees off. And they also have to pay for unemployment. That’s all the swedish gov wishs to be – not at all.

  13. I spoke to one of the biggest SAAB dealer in Sweden the other day and they are really suffering and he said that they are considering to stop selling SAAB since it’s to much bad press for them. I think there are alot of dealers that will follow! 🙁

  14. This is too much to process with the lack of clear information to work with. I don’t know what to read or who to believe, even though SU has been an invaluable source through it all. And I am a longtime SAAB fan, can you imagine what a potential new car buyer would think? I really fear for SAAB and this situation, not to mention the damage from the PR about all of this. That alone could cripple any chance of a future in selling cars.

  15. Its all part of the decline of western civilization as we know it;
    Apollo moon missions; been there, done that..
    supersonic Concorde; gone
    Space Shuttle; almost over
    Saab; ….
    etc..

  16. Game theory at play once again.

    The suppliers got jittery and demanded less leaway with Saab, which in turn lead to the shrink of the liquidity.

    Now the Parts suppliers are worried they may ‘have to lay people off’. Well this could well turn into a situation where they will never have this customer again…

    Why is it people always gunning for mutually worst case secario? Human nature I guess.

  17. All:

    Here is a simple read from afar. Apologies for the length of the post.

    This is about collateral for loans, nothing more, unless you are tied emotionally – and we all are. If you want the collateral you pledged to be released, pay off the loan. If you don’t want to pay off the loan, the new lender must be “behind” or subordinate to the existing one if things go bad. Remember the idea of releasing the real estate? – that would entail the EIB giving up part of its collateral – not very sound lending and the EIB is simply a lender. The initial loan assumed excess collateral and the EIB won’t give it up due to risk. It seems obvious the EIB doesn’t want more risk by releasing collateral or increasing the amount of the loan. Given events of the last month, who can really blame them?

    Just like borrowing money on a home. If you want the first position, you have to pay off the existing lender via refinance. If you have excess collateral say, via amortization over years, a new loan would be behind the existing lender. In the US a “home equity” loan is a fancy name for a second mortgage. The current drama seems about who is in first position. The EIB is there and VA wants to be there…on at least part. Sounds like the EIB says ok, but “you must pay us off to be in the first position on any of our existing collateral”.

    It seems both EIB and VA want security/collateral. I assumed VA was to put in equity behind the bank but then someone (VM?) mentioned weeks ago they were refinancing the “restrictive” EIB out with conventional sources. If this were true, the EIB is happy – they are paid off, never to be heard from again. If most of the capitalization is to be in the form of debt, this becomes an issue if you don’t pay off EIB. You can’t borrow twice on the same collateral unless the new money is in second or subordinate position.

    Appears the EIB has attempted to accomodate by giving up some of their loan collateral by releasing the real estate – that is the good news BUT, in exchange for giving up the collateral, they want to be taken fully out in 90 days with a new lender who would then have all of the EIB collateral as security. I’m guessing here but if the remaining EIB loan isn’t paid off in 90 days, it will be in default and the loan would possible be called. Maybe the 90 day time frame is a bit short for a refinance and should be lengthened to 120-150 days, but the request itself is quite resonable and accomodative.

    If the new money “believes” in the collateral, put it in behind the EIB. Or, pay off the EIB. Problem here is, if you pay off the EIB, the new money isn’t for the company – it is simply trading one lender for another thus Saab gets less new cash for its needs aside from a break in interest or flexibility in how the loan proceeds can be drawn. It is complicated and quite simple at the same time. Who has the risk? Is there another lender out there?

    I could be wrong in parts here but this seems to be the challenge of late.

    Happy Easter, everyone!

    • It is my understanding that the collateral belongs to the Swedish government. If the collateral gets reduced, it is their bacon on the line, right? (otherwise, why go through the dance with the government?)

      Where is the downside for EIB if the loan defaults a year from now? (rather than immediately due to the new demands put in place)

      • I see CJ´s point. Most house buyer know that they have to set their house in pledge, but I do not understand why EIB care about it since it is up to the Swedish government to stand for the risk.

    • You forget something important.

      If/When the a part of the collateral is released and sold to Antonov the EIB loan gets smaller. It will be 280 million instead of 400 million.

      And Saab will only receive 100 million from Antonov. You also seem to forget that the EIB has nothing to do with collateral, when Saab can’t pay they will get the money from the Swedish government. So the risk for the EIB is pretty small.

      • Boe

        Good points. I believe the EIB agreed to release the collateral.

        The EIB is indeed the bank/lender of record with all of the collateral backed up by a government guaranty. You see, Sweden only loses money to the extent the collateral doesn’t pay off the loan so they were never exposed to the full $400 million. The only way the guaranty is $400 million is if all of Saab is worth nothing, and we know that isn’t true. The government simply “credit enhanced” the assets.

        Now, if you start moving assets out of the collateral, things get a bit muddy. If the Sweden government said they would allow the release and still back the full $400 million, this would be done. The EIB would be indifferent. So I’m guessing the Sweden government wanted their guarantee reduced by the amount of the modified loan.

  18. I think the best for all of us here, is stop speculating. Nobody knows whats going on behind the closed doors actually. So lets keep calm and wait Till tuesday. The guys at Saab will sort this problem out but its not as easy as they first thought. So lets enjoy the free easter weekend and the nice weather here in northern europe. Get your Saabs a little flight on some nice roads and try to wait for Victor an Co on tuesday.

    Happy easter to all of you!

    • I agree.
      Victor said in the Bloomberg interview that he needs to make sure that production stoppages will not occur again. Why would he have said that if he did not know that thing will get sorted out? I believe that he knows a lot more about the near future as well as plans to carry out in long term.

      Keep calm and carry on 🙂 Happy Easter everyone!!

  19. Let’s keep calm and carry on and let the right stuff do the business. It won’t help the case if we, The Supporters, go down the same alley as the negaitive ones.

    The fat lady hasn’t sung yet, and I bet she will shut up this time also.

    VM, JAJ, VA and their teams will make it this time as well.

    Cheers from Norway
    -Olav-
    Always on the longest road home when out there with my SAAB. Always!

  20. I have my loan offer from the bank, and the rest of the money I need in the bank account. Now I´m just waiting for SAAB to bring the cars to my local dealer. I have driven every environment friendly diesel on the Swedish market and SAAB 9-3 Griffin really stood out from the others so however it goes I´m probably owner to a brand new 9-3 SC this week or the next…

    • Lucky you. I still wait for SAAB dealers to finally start selling the cars in Russia, so I could order a brand new 9-3 sport sedan. That should probably happen in the end of May, if the company survives by that time, of course. Can’t imagine what car should I buy if SAAB cease to exist, I just browsed almost every car makers’ sites, and I don’t see myself as an owner of any other car than SAAB.

  21. I would like to bring in some light, the realty of Saab was a collatoral for the Swedish Government Agency and therefore for the EIB. If these are the facts it is only just that when you allow an operation such as sale and lease back then the Government Agency acting on behalf of EIB has no longer the collatoral and therefore demands payback as any other bank would do under such circumstances. Sale and lease back is the instrument to have more liquidity immediately on your books and thereforeyou have a better financial positions, because you get cash instead of immaterial positions. This enables you to pay your supplier and to resume your business much stronger. Hope this helps to carify the situation. Best Easter Greetings

    • Yes, your reasoning makes a lot of sense to me.
      Banks don’t operate on feelings. Only rules.
      Finger crossed
      Griffen up!

  22. Ok, so I was going to get the awaited new 9-3 in ’13, but if that does not happen, I will have to try to find my dream car now, either a Java Brown Vert with Sand top; or a 9-3 SC in Carbon Grey, only Aero will do…
    Again, not looking forward to the fat lady singing….
    But, just maybe there is someone who knows someone in the workings of the rich and powerful that could keep things going as per previous plan…
    Still, I felt more sad a bit over a year ago, when the GM decided for dismantling…

    • Last year was more about GM and it’s foul play. Now it is about Saab but we have all known that Saab was in deep shit after the poor sales the last 12 months.

      After the decision from EIB I have more or less accepted that I will not be able to buy a Saab 9-5 Aero 2.0T SportCombi 2011 as there will never be any cars made.

      So I have just started looking for a Saab 9-5 Aero SportSedan instead…

      🙁

  23. More ugly facts:
    I tried to calculate SAABs monthly salary cost from Spykers annual report 2010, issued last month, but did not find any figures. .

    Lacking official figures I thus made following assumptions:
    SAAB has roughly 3 600 employees. Assuming the average monthly pay is 25 000 SEK, and adding 33% for employer charges (and employee benefits), these employee costs ads up to a monthly cost of roughly 120 million SEK.

    While you can postpone payments to suppliers, this is not possible to employyees and the fiscal autorities in Sweden. I guess roughly 50% of that sum, i e 60 million SEK must be paid next Tuesday or Wednesday, and the rest during next four weeks

    For a company with no production during last three weeks it is very tough to get cash. No production means no new deliveries, and thus no borrowing possibilities on produced vehicles under delivery to customers. I guess SAAB already borrows as much as possible on its customer invoices, so all incoming payments from customers generate very limited cash inflow for SAAB. Only new car deliveries can generate necessary cash.

    These figures makes the choices quite simple:
    Since EIBs position is known, and that EIB most likely will not solve SAABs liquidity crisis, it is now up to VM/VA to come up with a financial solution for SAAB within days or SAAB goes bust..

    No company survives monthly salary bleeding of 120 million SEK for more than a few weeks.

  24. OK…So what’s the deal?? Is SAAB staying in business or not??? Will I be able to buy a 2011 SAAB 9.3 for a very good price if they are going out of business?? I really hope they stay in business…..seriously…I don’t really want to buy a BMW…Audi….or Volvo. Please advise….

  25. What the message of authorities is, seems quite clear. You can get short-term credit, but you have to organize long term equity, and not continue to remain so much leveraged. Their point is, find a valuable shareholder, that brings in substantial equity, or else… I think it is fair to say, that it represents the only way out for Saab to survive. With just tiny equity and liquidity as up to now, there is no future for Saab, as trust will not come back under those circumstances – not from clients, suppliers, creditors.

      • Agree.Take up on the EIB “offer”,no matter how bad it is. The original text had “90 days to terminate the contract” while some newer articles states that the loan has to be re-payed within 90 days.I hope the first one is more correct and that Saab can negotiate some more days and also the sum and period when the payments neeeds to be done. Teminate the loan and get that long term-partner in, including Mr Antonov (i have to say i feel ashamed being a Swede because the way “we”/the media have treated Mr Antonov..i am so sorry Vladimir, i hope you understand the difference between a swede and the swedish media). VM talks bout picking the right one. I say pick one.Get it done.Lets being part of the transformation in getting sustainable vehicles out there (especially in China).

        We are many out there working w/o getting paid (but then,besides money, i have learnt so many things since the re-born in 2009 and how to work within the global automotive business that no eduction in the world could have given me the same learning curve. Nor any available “ordinary”-job). Having said that there are plenty of work for Saab to do but please don’t give up on this vision now!!

  26. Another Sob story :(……..LOL…Poor little SAAB…I wonder if BMW would consider buying them??? I’d rather them buy them than the Chinese….just saying…..maybe even GM. General Motors is doing well now….

  27. Saab has a good brand and good technology. The auto industry is expanding globally. There are many companies that have ready cash. Sometimes sovereign cash. I would think one of these companies would want an alliance with Saab, an ownership position, etc. It’s not terribly expensive for what you get.

  28. It’s kinda sad….Easter Sunday….Frohe Ostern. Weather is very dreary in Columbus Ohio….rain all weekend and more rain all week….I don’t know what to say….Thinking about a Summer/Autumn trip to Russia…St. Petersburg/Moscow…I was there in Sept 2004….beautiful….Loved St Petersburg….spent 2 days in the Hermitage….Great art collection….largest 17th century Dutch Collection outside the Netherlands….

      • Sorry, small talk is always cool BUT, now does not seem to be the time to talk about vacations when Saab employees are worrying about making house payments, kids healthcare, ect….

        • You know it’s bad when a steady influence like you starts to crack.
          PS- Either Jeff’s silence is ominous or he’s actually trying enjoy the holiday.

          • I’m watching 😉 Let’s just say that all this chatter is not going to save Saab. There’s nothing we can do right now to impact the decision by the EIB one way or another. Watching Victor check his phone every 30 seconds for a decision made me realize one thing– even the most powerful at the moment, are powerless. All we have right now is faith, that a positive decision will be reached. I’m not very religious at all, but I think we all need to believe in the power of resurrection for Saab on this Easter holiday, no matter what our faith is.

            I understand how heated everyone is. I get the feelings of doom and gloom. Just try to remember what kept Saab alive when everyone else thought it should die– we believed that Saab had a reason to exist. We, the Saab faithful need to trust the management, and in turn they need to be open and honest with us. We need to operate on the basis of Saab getting a financial lifeline, as has been said, they have a strong business model and everyone will make more money if they’re given the chance to build cars. That EIB collateral is worth a hell of a lot more with Saab as an ongoing business. And for Saab to make sure it can sustain itself in the long run…

            Once a decision is made public, the employees, staff, engineers, and customers all deserve a truthful assessment of where Saab is and how in the hell they plan on sustaining themselves through these next lean months. The business model Saab built was based on customer behavior for a healthy company. Sadly, car buyers don’t trust that Saab will be in business much longer. Most customers are taking a wait and see approach to sales, but when Saab’s business model depends on future sales and the customer is waiting to see if those sales take off, production goals will never be achieved if they continue down this path. There’s got to be a dramatic attitude change and behavioral change right from the top, there has to be some tangible shift that we can all see in the company to make everyone believe that there’s a new seriousness at the company. I could sense that change from my first hand witnessing of Victor at the NYIAS, that he knows this to be true. Now we just need to watch and see how he goes out and convinces others he’s serious about turning Saab around.

            I have faith.

        • Welcome…..We all have a stake in Saab as Saab owners but the real people who are to be hurt are the guys and gals who install engines, seats, bagdes ect.

          We should not sit and cry about not getting the Independence Edition 9-3 or a 9-5 Combi. People at Saab have big fears and wonder how to pay bills. Nearly three years of upset stomachs and worried looks in each others eyes at the dinner table means so much more than having to “suffer” and buy a Audi, or BMW because Saab is no longer around.

          It’s Easter….take some time and think of those who are really begging for a miracle to be found in one of those Easter eggs.

          • From a latter post from you, I do know that you are talking from a first person experience. That’s why I feel a little bit awkward when I read your comment.

            We, those with the less problems after a possible Saab closure, are the ones crying out loud about our suffering.

            Makes me feel a little bit like an idiot. 🙁

          • @ Red J, You know making anyone feel bad is not my intention. I just wanted to let people know our problems are minor compared to who’s livelihood is on the chopping block.

            No need to feel bad, we’re all emotional about this and that my friends is not a bad thing.

          • @74,
            You do not make me feel bad.
            From time to time is good to feel like an idiot, I’m not the most important thing in the world 😉

  29. Keep calm and carry on. How about a little confidence? Situation was impossible a year ago. We still have Saab. VM & team will solve this. No other choise. Keep up the good spirit here and do not spread the bad word around.

    First of all – the product is great and also the team is best it could be. The result has to be good.

  30. Sure, that’s a good strategy: put your head in the sand when danger approaches. Awesome. 😉

    What the EIB decision says is that there’s MUCH more to this than we’re being told, and no amount of happy talk here, or elsewhere, is going to change that.

    • No, but if we, the supportes tell the worst fears, where ia the spirit? This site is often used by bigger media for facts. I do not put my head in the sand, but why tell the world of your biggest fears?
      It is that kind buzz that creates some if the uncertenties, and some of us has blaned the media for making all those bad assumption, shouldn’t we keep the spirit going.

      It worked out fine a year ago, why not do the same. At some point we go out of spinn aroubd here, and one way to get down again is to stop feeding he fears.

      Let us belive in saab by giving support.

  31. There’s a dark side in this story since fall 2009… there’s something strange beside…

    Victor, Vladimir… COME ON !!!!! Keep on fighting !

    Nulla tenaci Invia Est Via !!!

  32. Relax
    Nobody will hear any reliable news until tuesday at the earliest. Go out and enjoy the sun or a drive in your favourite Saab. That’s about the best any of us can do.

    What we have at the moment is part of the normal blamegame, mixed up with some sensible banking rules and precautions.
    All of this is something that can be fixed with a little (actually a lot of) talent and hard work.
    It has been done before and it is possible again.

    But we will not be informed except by rumors and limited info from the involved parties in the press.
    in my opinion Lars Carlström talks too much to the press, just like the EIB people talks too much.
    They do not give any complete information and should just not comment on ongoing negotiations or deals until they are settled.

    Of course there is much more to this than we are told.
    We are a bunch of enthusiast, not a company with serious monetary interests.
    Neither is our livelyhood dependant on the info, as opposed to the people at the factory and the people at the suppliers.

    And being the ever optimist I think you need to hear this:

    • Agree, Khrisdk! I will enjoy the nice weather here in Scania and looking forward to a official statement next week.

      My 5 Saabs (atleast 3 of them) will work even if the Saab plant is temporary closed.

  33. Hey guys….Lets talk about track record here.

    Who has been refusing to give up in his quest to save saab, despite bad press, low sale numbers and a bulling swedish government – YES, its Vladimir Antonov. He has rebuilt more than 10 companies successfully! Who is better at borrow money than a guy that own a few successfull banks.
    Who has been negotiating over 100 of contracts, managed to get his friends to invest money in his business ventures, buildt up car companies from scratch while nailing every media event he takes part in – Victor Muller.
    Who has kept saab alive for 20 years under GM ownership, on tight budgets, made amazing prototypes and created a streamlined world class production center. – Saabs management and its loyal workforce.
    ————
    I think this EIB mess, will be resolved…. and maybe there will be more opportunities for Saab with less EIB money and more Antonov investments. When Jasons Saabs will be rolling out,
    this situation will be long forgotten.

  34. It’s not looking bright anymore 🙁

    I’ve been a die-hard SAAB freak since 1996 and drove only SAABs since that. I was at SAVE SAAB support gathering in Finland and was interviewed by the Finnish national TV company. Back then I really believed SAAB would survive. But now it’s happening all over again. I’m afraid that I don’t have much of a belief left anymore 🙁 Next week I had to order myself a brand new company car. My company cars have always been SAABs but now I find it very hard to convince the ones who are deciding about those company cars. So I’m afraid I have to choose Audi A4 2.0 TiD because it’s almost impossible to have 9-3 1.9 TTiD. SAAB’s reputation has really gone ashtray because of all these economical “gimmicks”. And I’m pretty sure it’ll affect on the sales if they’ll rise (well, I hope they will) once again.

    However, I’ll hope for the best and fear for the worst…

  35. Right now I feel exactly how I felt one year and some months ago when everything seemed doomed; quietly and carefully optimistic.
    I’m hoping something still less openly reported on is about to hit the fan in the beginning of next week. Be it some unknown investor or some magic trick coming from VM, VA or Berine E 🙂
    Last time we, the Saab fans, could actually do something to help things go the righht way. This time it seems we should already have done something; buying a new Saab. I’m ordering mine the day after tomorrow.

  36. Could all the naysayers on this comment section PLEASE stop spreading their negativity?
    If we, the loyal Saab enthusiast community, start losing faith, how can we expect anyone else to believe in Saab?
    As Khrisdk correctly pointed out, we don’t have any complete and reliable information, and we probabaly won’t get any until Tuesday, so we just have to keep biting our fingernails until then.
    Remember Victor Mullers tenacity when he bought the company from GM, remember his hard work during the last months. Do you see him giving all that up so easily? I don’t!

    • This is a very serious situation. Saab need “somebody” to bring enough money to repay the loan from EIB, to recapitalize the business so that they can pay wages and their suppliers and then there must be enough money to take (at least) a 1 billion SEK loss for this year.

      This is what we are facing right now; the alternatives are probably fatal for Saab…

      So I wouldn’t say that we are naysayers; we are just being worried and slowly preparing our minds of what might happen.

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