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.

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steph95
Member

I agree, let”s give a chance to vm and his group. I just bought a new 9-5 2011 3 days ago, knowing what is going on and i décided to take the risk. This car is so great, That we should give Saab a chance to continue producing incredible cars

Niklas G
Guest

A big hug to you for doing the kind of investment I cannot yet afford doing, right when Saab needs it the most! =) For anyone buying one, I’m pretty sure it is a great investment no matter what happens next. In the worst possible catastrophe scenario, you’d suddenly be the owner of one of the most sought after collector’s items available on four wheels. But I really truly put all my hope to VM & guys managing to find the right collaborators in time, so that we all can tease the life out of all the Saab -haters out… Read more »

RS
Member

This is nothing like January 2010. Back then GM owned the company and was in the process of shutting it down for good, the last OG9-5 SC had just rolled off the line and everything was up in the air. Now VM and VA own the company, Saab has a great portfolio of cars and (just) need to get the financing sorted out. I’m seriously thinking about ordering a new 9-3 SC TTiD Griffin the way things are going. Lets start creating a backlog of orders SAAB has never seen in its history. Will sure help any negotiations that’s going… Read more »

lol
Member

EIB is a bank! Do anyone hère has already seen a bank taking risk?
VM and VA comented a few days ago they wanted to repay THE loan. ok,let’s go!
Nô problem there! We all know that SAAb needs more capital!Va is ready to enter/ chines e or whoever more? Ok
But please stop negativ coments hère! This company is going to succeed! I’ m convinced of that!
And I’m convinced because we have THE best people managing it!
VM knows better t han anybody to bring investors and he’s going to demonstrate it once again!

rune
Member

Do anyone hère has already seen a bank taking risk? Strictly speaking? Yes, isn’t that how this latest financial crisis started in the first place? But what has that got to do with Saab? Saab wants to sell some properties that up to now has been used as collateral to the Swedish government in exchange for a loan guarantee. In return they will reduce the risk for the government by borrowing less money from EIB. I still do not see why EIB should be concerned. If Saab collapses now, then the Swedish government pays. If instead EIB had said ‘yes’… Read more »

skn
Member

Ok folks – CJ confirms what I had thought – this is a “normal” set of actions by people acting “normally” within the banking industry. It’s also not a surprise to either VM or VA. There is so much negotiating and horse trading going on and we will never know all the details but suffice it to say if the banks stand to make money at reasonable risk by allowing this to proceed, they will. It’s also clear that VAs money is not going to be enough should the loan be called. It will be consumed by closing the debt.… Read more »

ante
Member

SU more negative than swedish media. Strange things do happen!

http://www.expressen.se/nyheter/1.2413750/jan-erik-berggren-om-saab-krisen-det-ar-aldrig-kort

jet black
Member

Hear hear!
Is this really Expressen?

ante
Member

Yep, usually good only for wrapping fish and flowers!

rune
Member

“If they sell the property then there is not much value left in Saab says Jan-Erik Berggren”. There is still the spare parts business which is worth quite a bit as I recall. They basically want to borrow less money and are carving out a similar amount in the collateral given to the Swedish state. “He [VM] is a master in finding investors” Well… VM has during the past year taken quite a beating in the Swedish media. Other investors have undoubtedly noticed the way Antonov has been treated. This weird little Swedish cocktail has less fizz in it thanks… Read more »

OddJob
Member

These are core questons for the parties around The Saab issue right now. The first sign of the government showing any whatsoever active interest and awakening was the rumour the other day that they had approached Volvo/geely. In the light of the EIB response that came afterwards this issue might be true. And in that case it may be good news – the government may have become aware of the seriousness of the situation even if it took them a couple of years.Up til now the government have been extremly pssive, only going by the book.Lat’s hope we finally have… Read more »

Olav
Member

Yes, that was really a big surprise! Read it a couple of hours ago and had to do it at least twice. 🙂

Mr Berggren keeping calm and carrying on – absolutely unbelievable!

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

Uddo
Member
jim
Member

Just want to say again, I’m not too worried. I think the auto industry is very active today. Saab’s profile is too high, their media identity too good for it not to attract relevant financial backers. The financial backers of various auto companies change from time to time. This may be one of those times. It is OK. Maserati changed hands many times and today’s Maseratis are better than ever! Saab has shown they make cars with a unique and attractive set of qualities (efficient performance… rigorous modern design… ). I agree this is not like the GM shutdown. This… Read more »

SpinM
Member

I can well understand why VM wants out of this EIB / goverment business. It seems their loan money is cursed. It has brought upon Saab clouds of vulturous journaists and slow moving beancounters who never understood the company nor do they care about it.

But Saab has proved many times before to be hard to kill. So I say: it isn’t over until it’s over. For what it’s worth, I still consider the next gen. 9-3 a prime candidate for my next car.

Nothing else to say about it other than: Long live Saab!

Tomas TL1000R
Member

Lie low and see in a few days, if you have the money buy a new Saab. I don´t want to be a part of this speculation. Have faith, I have.

lala
Member

Is this a joke?

Peter, Sweden
Member

Sure hope so 😀

ivo 71
Member

Russian humor

Ivo

Bravada from GMI
Member

As concerns the factual ramifications, I think CJ has laid it all clean above, do read his post! As concerns the future of Saab, I remain optimistic – despite all the negative press, they remain the industry’s darling and showing many more signs of life than any other “dying” automaker. As concerns what is being done, I am quite disappointed. It seems everybody is going reactive, waiting for another party to act and then hastily cobbling together another move in response to that. If all that the Swedish government came up with is ask Geely, they are very unimaginative. The… Read more »

Ebolie-21
Member

You are absolutely and factually right. It is for quite some time I can’t understand that they did not hire someone qualified to fill the position of investor relationship. I have closed contact to the financial community and there is nothing done. The same goes also for continous briefing of journalist. It is not enough when VM is appearing on US shows and then also in NYC on Bloomberg channel. Only continous factual information – in fact you are forced to bring quite ample information to the investors community when you are listed on the stock exchange which spyker is… Read more »

viggen
Member

Have Faith indeed, i also have..

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