A press release from the court states that Saab has until October 27th 1pm to make a statement concerning the filing made by the reconstruction administrator Guy Lofalk.
The court will then try to make a ruling prior to the creditors’ meeting on October 31st.
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Looks like the Chinese may end up owning SAAB for a next to nothing payment.
… and Guy Lofalks message to the court why it is impossible to continue SAAB´s reconstruction is here
Did you read the former post on this site?
I´ve never seen Lofalk´s detailed letter (in Swedish) to the court (the letter is now clickable at the end of the SAAB-story in DI).
This letter is of course one of the key facts in the case the court will decide on (until what is said in it is proven wrong by other parties)
It would be good to see a translation of the letter to see whether it has any merit and if it could be overturned.
I have read it; it’s at the district court, but I don’t have time now to translate it. But it boils down to that there isn’t enough “working capital” during the reconstruction, capital that should have come via the bridge loan, caused by different opinions about obligations related to the deal about the bridge loan, even if there have been transfers of smaller amounts of money, it’s not enough. He also says that it now has become known that the Chinese companies want to invest in Saab and not via SWAN.
So, in summary, according to Mr. Lofalk (and with my quick translations) not enough capital for the reconstruction period, and disagreements about the “reconstruction plan” between the involved parties (i.e. the Chinese investors and SWAN). That has also implications for the time plan, according to Mr. Lofalk. He doesn’t think that there is enough time, given the financial situation for the companies (i.e. Saab x 3; AB, Powertrain, and Tools), to find another solution.
He says that he will now let it be up to the shareholders, creditors and potential investors to find the best solution, since he can no longer maintain the reconstruction [of the companies].
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Well, it seems like SWAN has some time to respond to this.