Decision Week

On Sunday we got to report about a new deal that was negotiated in Stockholm between SWAN, Youngman and, as a new partner, a bank in China. Honestly I had expected more positive news yesterday but obviously not everything running smoothly.

There have already been reports that GM is not fond of that new plan, but if we listen carefully to James Cain we learn that no decision has been made on that new proposal. Actually he said that it has not been worked on. I’d believe that they are just not finished yet because such a plan may be a lot to read. So hold your horses about that one, James will surely inform us when they are done. Still, I hope it will be soon as time is running out.

Some may see that bank in China as a placeholder for Youngman, who may want to buy those shares in a few years time. May be true, and this is how those deals are often done. It should be ok for GM if the bank is in until GM’s license agreements run out. As I already said yesterday, the fact that then bank is above the 20% barrier should not matter because it is not a competitor, just a strategic investor.

Pang Da stated yesterday that they are not out of the game. I wonder why they were not included in the plan that surfaced on the weekend but maybe they could be the party in the game who can help to get all involved parties below those 20 % hurdle. Just a thought.

Other news stated that Guy Lofalk is about to end the reconstruction. Well, this may be nessesary if no money comes into Saab. Youngman is dedicated to inject enough cash to continue reconstruction and pay the wages but I can imagine that they wait for a positive sign from GM. They don’t want to sink even more money into Saab without seeing a chance to get the deal through. I don’t know if the NDRC told them to stop or if they are just cautious.

Either way – we need the plan to be approved by GM so that Youngman will inject the funding and reconstruction can continue. And it is needed now, not in a few weeks. Everybody has to be aware of that.

The other thing is the critics that arise when it comes to Lofalk. I’ve had my say on this, I’ll leave it here. Just: please Mr. Lofalk, pull yourself together, do your job and help to find a solution.

Dagens Nyheter on the new proposal from YMPD

Dagens Nyheter has posted a short article on what they think the new proposal from YMPD for GM is. As you can see, they are still trying to reach a 100% ownership of Saab, but now Youngman would be the minority owner.

I’m not sure if this will make GM move from the NO to a YES, but I also don’t think that YMPD has made this proposition without knowing GM’s real reasons for the NO.

We are now in a similar situation as in December 2009, we have a GM not willing to sell, and a new owner with very interesting plans for our beloved brand. I’m only hoping that this time the new owner really has the money needed to make Saab flourish.

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Saab postpones the meeting with the creditors

It seems like they are at least talking to each other and trying to get a positive solution for Saab. But at the same time it looks like till Christmas to find a solution.

Saab sets the meeting with creditors
Saab would meet with its creditors now on Tuesday was the plan.
The meeting is now set, the company announced today.
– First, we want to sort it out with GM, says information director Eric Geers said.

Related
The idea was to Saab Automobile would meet with creditors on November 22 to present a scheme of arrangement. The meeting has now been thrust forward, but no new date is exposed.

– We must find a structure that suits everyone, including GM. That’s the case, said Geers to TT.

Negotiations between the parties continues, according to Geer.

– Yes, there are intense negotiations. It is 100 percent focused on all sides, we also have a dialogue with GM, said Geers to TT.

Would not the deal be in port before, Geers hope to announce something more concrete before the Saab meets the district court to discuss an extension of the reconstruction. Due date for this is December 21.

Source: ttela.se

Ny Teknik on building Saabs without GM licenses

Ny Teknik have an interesting article on how Saab could produce cars without being bothered by GM:

GM can not stop Saab, or the person who buys the company from building a new generation cars. All the basic technology is controlled by Saab. Thus opens the way for Chinese Youngman and Pang Da.

The next generation of Saab cars are based on Phoenix, a kind of basic drawing and basic design that can be used for a number of new car models. It is controlled by Saab, unlike today’s cars, which GM owns a large part of the technology.

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H1 financial report talks about GM

I know we are about to set a new record on posts per day, but I feel like having to talk about this, as most of the people when reading the financial report seems to only concentrate on the losses of €(201.5) million.

On pages 21-22 on Chapter 16. the report talks about related partner transactions. And it illustrates very well how much money Saab gets or pays to certain third parties for services delivered or obtained from those.

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A Possible Route For Antonov’s Entry – Through GM

Update: According to svd.se, Vladimir Antonov will give a press briefing about the situation tomorrow morning, June 30.

I put this as an update to Rune’s post earlier, but it got so big I figured I’d just give it a new post.

According to Dagens Industri, Antonov will take ownership of GM convertible (lost in translation: redeemable preference?) shares. The value of this is reported to be 2.3 billion SEK (about €248 million), but GM is offering Antonov a substantial discount– between 800 and 900 million SEK (€86-97 million).

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Reuters Article: Antonov wants in again *UPDATE*

As a follow up to the information about setting up a Swedish division of his Latvian bank Latvijas Krajbanka in Stockholm, Vladimir Antonov was interviewed by Reuters today and said he wants to get back into the Spyker group (as in the one that owns Saab, not the car division that he bought a month ago). Article after the break.

*UPDATE*: There’s a new opening on Spyker’s Supervisory Board as of Monday, food for thought.

SPYKER CARS N.V. ANNOUNCES CHANGE IN SUPERVISORY BOARD

Zeewolde, The Netherlands, 21 March 2011 – Today Spyker Cars N.V. (Spyker) announces the resignation of Mr. Pieter Heerema with immediate effect as member of the Supervisory Board of Spyker for personal reasons.

The Management and Supervisory Board thank Mr. Heerema for his contribution and anticipate that a new member will be proposed for appointment by Spyker’s shareholders’ meeting in the foreseeable future.

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