Söderqvist Can Become the New Administrator

by

Many of you have already posted it in comments, and here is the news from ttela.se.

After the defection of the new administrator to succeed Lofalk, Saab has made a new proposal: Lars Soderqvist at Hökerberg & Söderqvist.

A little before 16 o’clock left the Saab and Victor Muller into a new draft of the administrator after Guy Lofalk to Vänersborg since Lars-Henrik Andersson dropped out of the mission. In the application, it is clear that Andersen did not drop out because he made a “change in the assessment of the preconditions for a successful reorganization.”

[Andersson]’s departure is not based on a pessimistic assessment of Saab. It also appears that Lars Soderqvist accepted the assignment.

On Hökerberg & Söderqvist’s website, it appears that Lars Soderqvist “has worked with financial issues since 1985 and specializes in business and civil matters in the financial field.”

Lars Soderqvist deals with insolvency matters as a bankruptcy trustee and administrator. He has handled the largest bankruptcy of all time, the Independent Group, and thus has experience in the management of larger companies.

As posted in comments, our favorite reporter from DI, Afroditi, caught up with Soderqvist on the phone in an interview. According to Soderqvist, he believes that the conditions of the new deal provide for a successful reconstruction.

“I have been informed and also given the opportunity to get confirmation from the parties involved on the preconditions for the plan. The confirmations have been of a nature that I have determined that the conditions for this will be successful, “says Lars Soderqvist. It goes without saying [that the plan will take hard work]. There is very much to handle, but also issues that are less complex.

As we know, the company must maintain proper cash flow during reorganization, and he added, “I’ve had that kind of confirmation on this to [be the case] financially, yes.” He added that Saab and Youngman will work to strengthen their liquidity for the hearing Monday. He wants to ensure that there is a sufficient plan to deal with the existing debts (salaries, taxes, etc.) before the hearing, adding “It is essential for my work,” but continued that he received confirmation that there will be more money in the account by Monday.

When asked if he might decide to drop the assignment, he remarked that he will work with what he’s given. “It was a good question,” he told DI. “I have not played as much insight into why the earlier defections have taken place. All I know is that Guy Lofalk not have read this latest plan… If I judge that there were conditions for reconstruction, then I obviously need to report it. But if I consider that the reconstruction has the potential to succeed, then I have no intention to step down during that time.”

23 thoughts on “Söderqvist Can Become the New Administrator”

  3. Lars-Henrik Andersson should be checked at first to see whether he want to take the job or not before the news release. Otherwise always has some negative impact because of dropping out…

  4. “If I judge that there were conditions for reconstruction, then I obviously need to report it. But if I consider that the reconstruction has the potential to succeed, then I have no intention to step down during that time. ”

    This is interesting. I’m not sure if this is a legal policy for reconstruction, or just Söderqvist’s take on the job. It seems that if an administrator feels that reconstruction cannot succeed given his assessment of the circumstances, then that administrator will or would step down. I wonder if this was the case with Guy Lofalk and Lars-Henrik Andersson – both didn’t believe that reconstruction could succeed?

    • To me, this the more important line:

      “I have been informed and also given the opportunity to get confirmation from the parties involved on the preconditions for the plan. The confirmations have been of a nature that I have determined that the conditions for this will be successful, “

      This is very encouraging to hear from the new administrator in this manner.

    • Lofalk and Söderqvist have both stated that Lofalk hasn´t all the information considering the new YM-Saab deal, so I don´t think he can tell wether it will work or not.
      As for Lars-Henrik Andersson, Victor says (and I have no reason not to believ him):

      “Saab CEO Victor Muller argues that the decision was (based on)entirely different facts. In a text message to TT, he describes that Lindahl’s office in Gothenburg ran over the Stockholm office as the Gothenburg thought they might (get) to take care of Saab’s (potential) bankruptcy and that it was more important than that Lars-Henrik Andersson would be the administrator.

      The same law firm can not both be in charge of reconstruction, and then also a possible bankruptcy.”

  6. In an updated article in ttela Muller provides a convoluted reason as to why LHA rejected the assignment. It had something to do with another office of the same firm (Lindahl) positioning themselves to manage a potential bankruptcy, and the same firm cannot manage both reconstruction and bankruptcy.

    http://ttela.se/ekonomi/saab/1.1467122-soderqvist-ny-rekonstruktor-nummer-tva

    Never mind the reason, now we want to see the money in the account, otherwise Soderqist will not have an assignment to work with anyway…

    • Ya I’m not even going to update the article to go into the details there. I don’t really care about conflicts of interest or why it happened. I just want this new guy to do his job.

      • Good editorial decision. No need to get involved in that type of discussion on the front page of SU.

        However, if this is even close to the truth, meaning that some sort of conflict of interest was the problem, that is a comfort in itself. It means that LHA did not take the decision because of problems with the assignment in itself.

  7. The best part of the interview:

    “”-Is it your assessment that there is funding to cope with a reconstruction?
    “I’ve had that kind of confirmation (that this will work) financially, yes.”

    According to Lars Soderqvist, until Monday (there will) have taken place various measures of “strengthening liquidity.”

    Some say that there must be money to (salaries) on Monday if the district court shall grant a further reorganization, how do you see it?
    “It’s a starting point for me – that all the debts that have arisen in the context of (previous) reconstruction is regulated,” says Lars Soderqvist.

    “It is essential for my work,” he continues.

    Have you received any signals about it yet, (if) it will be money in the account on Monday?
    “Yes, that’s the kind of confirmation I received.”

    Go Victor and Rachel (modern version of Romeo and Juliet, everyone tries to keep them apart) 😉

  8. I had to leave Saab sales (not by own will) due to lack of income. No anger but just deep regret if thing should be different. With all respect for VM and whole crew fighting for Saab (I met personal most of them), and many SU readers, many forgot very important fact. If Saab find solution and start to produce (deliver) cars again (it will take in best scenario another 3-4 month), who will sell them. Saab “Praetorians” (sales guys with Saab experience) more or less either left or was fired (see entry sentence).
    Real battle will start after producing cars to regain sales fig. That can and were capable only “old” Saab sales guys in many dealerships. When I left in region in charge many strong veterans in sales left also (some dealership just sink, some cut costs and fired all Saab involved staff).
    Message to VM and new administrator is you can write many scenarios but no one from top management mentioned how they will achieved those fig. needed for Saab to survive. Money dumped in marketing, new models can help but it will not regain trust from customers. Many of my friend that left had personal contact with customers and I can tell you some new faces will not so easy regain trust.
    It can sound like I am pessimist and it is not so, I had to move forward (new job I am doing without Saab smile on my face) and I really want that Saab bloom in future but I want to see some answers also how Saab mean to rebuilt ruined network (for GM dealers that kick out Saab from showrooms I do not care as they were never real Saab funs). Of course US dealers due to stock survive more or less (it is also question how long), but in Europe situation is quite worse. I get daily phone calls from my customers for parts. I would suggest SU to open some kind of “hot line” for part where asked parts not getting from Saab maybe some dealerships have and help each other.
    Loosing time in day and night, day by day who said or meant what is wasting energy (anyway no one from us can do really anything- sorry Swade but that time from “GM wars” can happened only once), Saab should start now to work on rebuilding network and calculating how much time and money they will need to regain dealers and best sales guys who can rather fast regain customers and their trust. When I see that kind of plan as part of “BIG DEAL” only than I will regain confidence that Saab has bright future. Do not forget you could have best product but without people who will represent them in Saab way it will be just another product without soul.
    Sorry for long one but I could not resist as for last few months I was quite. I apologize to anyone if felt in any way offended it was not my intention.

    • Thank you DRCRO, very balanced post.

      I agree in essence. Having said that, Saab needs changes top-down so finding plans on how to restore everything what once where is according to me not a good path going forward. Yes they will loose great values, you always do, but you can also find new ones that fits a plan better.

      I agree with you about “doing plans” however, doing nothing is the worst possible outcome and will eventually render a total failure.I am not the right person to say where to put the main focus, but it’s obvious that Saab needs to focus on some certain areas in the future in respect to its size and financial status. I agree that having a true Saab sales force is extremely important, but so is they guy that is suppose to train them. Aswell as the guy doing the dealer layout standards, aswell as the engineer. True for the assembly operator, the marketing director, the service guy in the paint shop.

      Genereally i would say where the customer sees a difference (also holds true from an engineering perspective. There is no need to do a overly complicated bus-architecture wich might be very innovative if the customer cant recognize its benefit other than problems with the radio, they will not accept that Saab was doing some “cool” engineering that eventually turned out to had some bugs).Hence, your argument about putting and restoring faith in the sales-force is very valid.

      A quite dramatic move, but to be honest the best would be if “everyone” was about to re-apply to their positions/jobs.Finding the best solutions on keeping the quality with less (this is the tricky parts, isn’t it =))

      A guy once said “it’s never too late to be what you might have been”.That said, i dont blame the Sales force, dealership, managment and so one.

      I also wish you good luck on finding new opportunities (if you haven’t already done that) and i hope you stay here at SU and keep an eye of the development….so that you can eventually go back to Saab =)

      Cheers!

      • Dear Lundin
        I have started to do another job. It is different as car connect business and I thought it will be release to do something different but to be honest it is not so. After 20 years in car industry I am daily missing that type of job. But family first and personal happiness second. However I would still like that some more reaction is coming from Saab and SU in consideration spare parts as having no new cars for sales can be bad for Saab but not having parts for current loyal customers can and will be in future disaster for Saab. I am quite aware that VM is fighting for life and having no time for other things but maybe we from SU can organize some kind of “trade market” with where concerne dealers can sent request for missing critical parts and other dealers if having them on stock can help (some kind of facebook for Saab). Dealers are loosing time and energy searching parts from one dealer to another as no central post is existing. That could speed up search and help to minor damage towards customers.
        BR

        • DTCRO, good idea about the trade mark.Doing a Saab facebook would be a tad overkill, but i get the idea. I like it, although it is a temporary solution. I have a couple of VPS (servers) with some GUI frameworks (grids and search fields) that could do the job.

          I have been working in IRIS and CAS-ceps quite a lot, doing warranty/part claims. Do you know if there exist any file format (from Saab tools in nyköping or at the dealer level) that specify what parts where they are located ?

          I thought dealer had no “extra” spare-parts but only those parts added on a accepted SCR/warranty claim ?

          But we could make it easier, not having to import any list at all. Only letting the dealer themselves add a “new part available”. Let them add the part number and name etc which becomes searchable.

          So, in your opinion, this is a good/needed tool ? The dealers would use it ? If so, i can do it.

          • All dealers have program (IRIS) from where they are ordering parts therefor they can (or we create standard sheet with empty fields like part number, phone, etc. If they can not get parts from Saab they just put it in kind of text message and put it on web. Other dealers if have those parts can offer and arrange transport. This is not firm thing but just ambulance for time being. Anyway quickest way should be promoting idea through SU as most of dealers are tracking daily. I can only urge some kind solidarity that thos eone who has parts are not trying to earn over situation. What is important it should be visible on SU and in some corner like advertise or so.

            • Got it.

              Ok,thanks. Will try to look at it over the weekend.Will do a form (with fields on relevant info) and a grid that list all requests. Mabey SU can do a link to this external website and spread the word.

              Good idea!

Comments are closed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close