SvD published a short interview with Guy Lofalk on why he wants to terminate reorganization. Here are some googly translated parts that I tried to tidy up a bit using my bit of Swedish. 😉
-Bridge financing of EUR 70 million from the Chinese prospective owners Youngman and Pang Da has not fallen in place as planned. Only small amounts of money have been received. But the deal has since failed to Youngman and Pang Da did not want to go through the holding company Swedish Automobile, but want to invest and become 100 percent owner of Saab Automobile. But there sits the owners of Swedish Automobile receive, says Guy Lofalk.
But according to a press release from Saab’s how it should get money from North Capital?
-I put a deadline at 14 o’clock yesterday, for the parties – that is the prospective buyers Youngman and Pang Da and current owner Swedish Automobile. When it was passed, none of the conditions I set were met. In the case of North Capital was the documentation and guarantees that it will fall due money is totally inadequate for reconstruction to continue. I have not seen any agreement to that effect.
Why do Chinese companies do not invest in the parent company Swedish Automobile?
-They must answer that. They have announced that it is that way.
The last question is the big one. Why do Youngman and Pang Da change their minds? Or is that mostly driven by Youngman? This is at least what I personally feel. They might see a chance to get more for less and as Lofalk showed up without Victor they made an offer… Speculation of course, but at least possible.
On to another interesting aspect:
Sources say that you went behind the backs of Muller. How about that?
-No, absolutely not, he has been aware of what I have done all the time, I went to Beijing early next week.
What did you do in Beijing?
-I had a meeting with the NDRC’s second general manager. There, I explained the precarious situation of Saab’s reorganization and financing of medium and long term. I stressed that the NDRC has to take a quick decision on the matter of granting a foreign investment. The complete meeting was attended by the Swedish Embassy.
To pick up Rune’s statement from comments, even if Victor knew what Lofalk it does not mean that he agreed on it. But what should he do? Lock up Lofalk in the closet? Even if that had been practical Victor could not do it so he turned to his already prepared backup plan: NSC. Don’t think that this contact was established just yesterday, like always Victor had prepared something for a worst case before it happened.