EIB – SAABSUNITED

DI: Swedish Government is Willing to Help *UPDATE

October 7, 2011October 7, 2011 by Jeff

UPDATE: We now know the lens for which to view this story. It’s clear they’re trying to set Saab up on a route independent from current management. Read Tim’s newer post about this.

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File this under the “I’ll believe it when I see it” category, but according to DI.se, the Swedish Government is working to solve Saab’s debt situation with the EIB. That’s according to their source, Prime Minister Fredrik Reinfeldt’s former State Secretary Ulrika Schenström, now a consultant who’s working closely Saab administrator Guy Lofalk.

I am missing nationalism (The Swedish government is not like other governments)

July 9, 2011July 8, 2016 by Rune Moberg

Tompa asked me to post the following article from di.se:

I’m missing nationalism

He diqualifies the governments actions when it comes to Saab.

Head of the Automotive components group (FKG) Sven Åke Berglie also think that Minister of Enterprise Maud Olofsson shows uninterest and lacks skills of leadership.

It’s not time to point a finger at somebody

July 5, 2011July 5, 2011 by Red J

But the clear answers of Ms Anna Petre, Saabs PA officer, in an interview with the Swedish publication Resume, makes me feel sad.

….we knew we would get a dip in finances in April. The plan was to solve it by letting Vladimir Antonov purchase our property and lease it back. The government said “yes”, but the European Investment Bank said “no”…..

CLEPA: The Swedish government has failed the industry

June 23, 2011July 8, 2016 by Rune Moberg

In an interview with Swedish Television, Lars Holmqvist the CEO of CLEPA, points out the following:

Saab’s current situation could have been avoided with a more alert government
Germany supported their automobile industry
- 300 billion SEK in loans and grants
- 30 billion SEK in cash-for-clunker fees
Sweden: Nothing
The Swedish government is not interested in this type of industry. It is not an industry suited for the “future” they say.
He does not want to criticize the government or EIB for their handling of the Antonov question

EIB and Saab still talking

April 28, 2011April 28, 2011 by Red J

If we are to believe the last Post from Inside Saab, Saab delivered a counterproposal yesterday to the EIB which their management board will now consider.

Mr. Carlstrom said yesterday that they weren’t talking to the EIB any more as it was a waste of time, sorry but I do believe Mr. Wade more.

Updated: VM and JÅJ possibly heading to Hong Kong

April 28, 2011July 8, 2016 by Rune Moberg

di.se bumped into VM and JÅJ at the airport (English translation).

DI met Victor Muller and Jan Åke Jonsson at Arlanda airport (Stockholm) Wednesday evening, outside the check-in counter for Helsinki, possibly a transfer point for further east-bound travel. Both declined to comment on their journey.

It looks to me that DI are speculating about Saab’s existing connections with BAIC. Helsinki happens to be a major hub, so our team could be travelling to any number of destinations (and not necessarily even the same destination…).

Update: ttela.se reports (English translation) that Saab are meeting four potential partners in China. The goal is to license out parts of the technology developed for the Phoenix.

Thanks Tobias and Audun for the heads-up!

just-auto.com: Comment from EIB’s Eva Srejber

April 27, 2011July 8, 2016 by Rune Moberg

just-auto.com shares this comment received on e-mail from Eva Srejber:

We are not a liquidity provider. Liquidity financing must come from the company’s cash flow, commercial banks or other sources.

Which seems odd, because Saab’s original request was to cap the size of the loan. In return they asked the Swedish government to reduce the hold on the collateral Saab put up a year ago.

The original request reduced the risks involved while injecting fresh money into the running of Saab. It would most definitively qualify as “other sources”.

More news tomorrow?

April 26, 2011July 8, 2016 by Rune Moberg

Reuters reports (english translation) that Saab have called in all workers for an information meeting tomorrow 7am sharp.

TTela has provided a a nice summary (english translation). There is apparently a ‘plan B’ in the works. There is speculation they may be talking with a potential Chinese partner.

We are all playing the waiting game now. Hopefully this will be resolved shortly. There are many possibilities available with a little bit of ‘outside the box’ thinking. Now is a bad time to push party politics.

Thanks Caab93Aero and Audun.