Bad news first: 99 employees sacked from Lear. As notified in May, 99 employees are now let go from Lear. Lear is the supplier of seats to Saab.
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Other news services are picking up rumors that Saab are in the process of receiving a bridge loan from a major European bank.
Saab near loan to avoid bankruptcy reports Financial Post:
With the new financing Saab aims to pay suppliers and then restart production in a few weeks, the people said.
No official comment from Saab yet.
Thanks Stefan H and John for the tip
Is there a way us Saab enthusiasts here in the U.S. can purchase shares in Saab? In the big picture I know it’s not much but as a lover of Saab’s I’d like to help in any way I could.
The owner of SAAB SWAN, former Spyker – is traded on the Dutch stock market. I’m sure there are possibilities to buy the share from the U.S. However – to support the company with new money you need to participate in a new share issue to the public, which I don’t think is planned at the moment.
Yeah! I bought 100 shares last weekend. (I’m in the US) You can do it from the Euronext Stock Market website. My grandpa is a stock broker, so he just bought the shares and I paid him back, but it looks easy to buy shares straight from the site.
here’s a link –
http://www.euronext.com/trader/summarizedmarket/stocks-2593-EN-NL0009816248.html?selectedMep=2
I guess we will hear something later today after the stock market has closed (17:30 NL time)…
During SOC11 I was fortunate enough to speak to someone who spoke to VM and this seems to be the culmination of the good news he was not allowed to annouce yet.
Here’s hoping that line will be moving soon!
Griffen up.
Really hoping for good news, but as has been said in thread below this one, thisis a small amount of money, will not be enough for suppliers and staff, there must be bigger news coming?…
Small amount of money? Says who?
if we’re talikng about the $157m – hopefuly we’re talking much bigger than that….
Does Lear still have wnough staff to start the production or will that be a problem?
Doubtful. But I also doubt they’ll have difficulty re-hiring if necessary.
They will close their factory in Trollhättan, so it will at least be more difficult to deliver parts to Saab.
Done some quick maths – if it’s ‘only’ a billion dollars, I reckon that’s enough to pay off suplliers debts and pay staff for two months. Could just be a lifeline to get production rolling again, start seling cars and get some money coming in before the Chinese cavalry arrives. But it will be very tight because the suppliers will want to have cash on delivery frm now on. Hopefully, an announcment is only hours away…… up Saab!-
I thought it was 1bn Kroner that was being talked-about, not $1bn! If we exclude the debt to EIB (long-term) and GM (preference shares, so a debt of SWAN not of Saab), what are Saab’s total debts to suppliers etc. right now?
It’s 1 Billon Swedish Kronor. That is 109 million euro (or $157,5 million)
I guess it depends what division they are from but this shouldn’t affect Lear much. According to Lear’s website “92,500 Employees at 200 facilities in 35 Countries.”
This is the division in Trollhättan.
http://ttela.se/ekonomi/naringsliv/1.1343703-just-nu-99-uppsagda-fran-lear
So Lear closes shop in Trollhättan…
Hopefully this can be reversed shortly if Saab gt back up on their feet again…..
Looking at what Lear has done before, the decision to close their facilities close to Autoeuropa wasn’t reversed and Autoeuropa is running quite well, capacity-wise, with the new MPVs… Lear can supply from elsewhere in their portfolio of factories.
Sorry folks, the excitement is getting to me – I meant Swedish kroner, not dollars!
Hope its enough to start the factory! The rest is just a bonus!!
We need the bonus – ‘cos if production restarts it’s gotta stay. Can’t afford another false start like we had just to impress our Chinese visitors! Up Saab
A little bird just told me: Announcment tonight or tomorrow.
We`re fine!
I hope you are right! 🙂
Great …. no need for sleeping pills tonite! The fat lady is leavig the room.
Meaning lots of money or just some money?? 😉
Don’t be so greedy – enough is what we need right now. with much more to follow later
Ha, no, not greedy, anything is better than nothing if it gives us a few more days/weeks.
If true, next July I shall come to the SAAB Festival in Trollhattan and, if you are there, I shall buy you 50 beers ….
I want to see you go back happy !!!
Carlo A, have you seen the price of beer in Sweden. You may have to leave your Saab behind to pay your bar tab. 🙂
Pedro, Will be harder to do jit then!
True.
Sorry to say, but if confirmed the news I consider a simple patch. I see too much joy for a bridge loan, which will cost much money in interest and therefore will further expand the immense debt of Saab. We reserve the joy and champagne when you start to run the factory or from a powerful partner such as Antonov.
“I see too much joy for a bridge loan …”
You do? True that it may cost a lot of interest, given the situation. But, as for the joy, if there is a deal about a bridge loan, given the severity of the present situation, that the unions may go to court … Well, if this can be avoided, then surely that must be a good thing. Start of production is something completely different; we are talking survival at the moment.
I think this bridge loan was to have been asked months ago to avoid the serious situation in Saab. As I’ve written several times I think this is a mismanagement on the part of Victor Muller and his team, who have been overwhelmed by the situation and have failed to prevent it. For a company that manufactures cars for over 5 months without factory is very bad card for any future investor.
19h24 CET and still nothing on SWAN’s website…
Well… I’m off to a Hatebreed show 😀
Sounds like a much healtier interest than Saab at the moment 😉 Enjoy \m/
I will wander off tro the rehearsal room and vent a little on the Boogies.
\m/ \m/
Spanish hardocre band form Barcelona (forgot their name) played – pretty good
Portuguese band called Reality Slap were awful…
Portuguese thrash abnd Switchtense were awesone!
And Hatebreed brought the house down…
Now doing 500KM in a single day between company locations and then going to a metal/hardocre show, at the age of 35….. Well, one starts to feel the side-effects after a certain age LOL 😉
Nice \m/ \m/
Good I only got to go to the rehearsal room.. at age 47 your itinerary would probably have killed me 🙂
The last G3 concert almost did.
LOL 😀
Buying shares actually might help Saab. If the market value is too low, Pang Da and Youngman might not be willing to pay their 245 million for their piece of the cake. So keeping the value up might be a good thing to do if you want to help Saab. Buying a new Saab would even be better…
I can’t afford a new Saab, but could certainly afford to buy some shares in the company if there was a relatively simple way for small investors in the U.S. to do so. There are probably quite a few Saab fans in the U.S. in a similar position. (Then again the last auto company I owned shares in was American Motors, and things didn’t work out so well for them…)
2natw had in link to a tradersite for US in his post, see the 3rd post of this tread.
Thanks, I had missed that. I registered on the site and added 100 shares of SWAN to my online portfolio there, but I don’t see a way to actually pay for the shares and consummate the transaction. (Nothing popped up, nothing obvious on the screen.) Have never tried to do this type of thing directly online before, what am I missing here?