Update: A source close to SU says that Youngman are back in the race. The receivers are now back in touch with Youngman.
Several stakeholders are critical of the way the bankruptcy gets handled. TTela reports: “What are the receivers doing? That is the question posed by several stakeholders concerning Saab’s bankruptcy – Youngman’s advances are rejected, the Swedish stakeholders receives no feedback while Semcon could be getting their hands on some of the estate.”.
Fredrik Sidahl, CEO of FKG (An interest group for suppliers in Scandinavia), points out that the receivers were invited to visit Youngman’s facilities in China, but will not be represented today. “Every proposal for a complete solution should be carefully examined”. He notes that the receivers have not been in touch with neither himself nor any of his member companies.
Instead, among others, IF Metall (one of the unions) will meet with Youngman.
Lars Holmqvist, CEO of CLEPA, is also critical: “One can voice different opinion of Youngman, but they are the only ones truly familiar with the case after having spent half a year negotiating with the company. For other interested parties it would take months before a complete solution could be presented. There is no available time for that.”
“Youngman has a plan involving the next generation 9-3, producing a new Lotus in the Saab factory and access the Phoenix technology. They should be considered.”
On the contrary, the bankruptcy estate is running out of cash. “They are forced to divest assets in order to operate properly”.
Divesting assets makes it harder to reach a complete solution. Semcon seems to be getting closer to acquiring certain assets. Saab AB has also been mentioned having similar interests.
“There are assets that are interesting to many, but if these are divested what remains could be worth nill. And that could cause problems finding a solution that covers everything” says Darko Davidovic, General Counsel for IF Metall.
Saab AB’s spoke person Erik Magni says “We are interested in Saab’s engineers, through Combitech, which is something we have announced. That is all I know.”
CLEPA’s Lars Holmqvist thinks it starts smoldering [I have no idea how to translate “pyra” in this sentence — going with Google for now] with his member companies. “They have debts of 1.5 billion SEK. If Saab gets split up they will not be able to recover debts. They want the production to restart. I do not want to make threats, but many big suppliers are staffed with lawyers who they can assign to look into this matter.”
TTela has not been able to reach Semcon and the receivers about this – and other matters. The receiver yesterday called for a press conference on Saturday.