No Announcements Today (but they’re working their asses off)

In an article from ttela.se, we’re hearing that the Swedish Debt Office, Marja Lång is going to make some sort of announcement today (the government met in some sort of meeting today). Serious efforts are being made to solve short and long term financing. They’re working behind the scenes together with Saab, “lawyers, loan experts, and communication officers.” Lång says, “If Plan A is taking too long to get hear Plan B or Plan C, that’s all I can say.”

Saab  wouldn’t comment on the ongoing process but didn’t want to contradict what the National Debt Office said. Assuming that Vladimir Antonov’s entry which the Debt Office estimated will “take weeks” is Plan A, then that means it pertains to external financing. TTELA wrote in yesterday’s Journal of the American Foundation, GEM as Saab and parent company Spyker Cars NV has had contracts with the capital-to-equity, which is mentioned as an option in the financial statements. A small question mark were the conditions for the funds. As for the China Track for new partners or capital TTELA could tell you about yesterday, it seems unlikely that there is something that could be presented tomorrow – even if the agreement Saab came up with the Chinese BAIC during the crisis in 2009 which concerned the sale of the old 9 -5-tool went very quickly.

Automotive Component Group CEO Svenåke Berglie stated that this is between five and ten vendors who made their views known to him about problems, but that he did not know if there are more, and says that it’ll be about more than 30 million.

Di.se expands on the possibilities that may come today. Basically, they’re saying that Saab is trying to release some of the collateral pledged against state-guaranteed loans (€400 million Swedish-guaranteed EIB loan) to meet unpaid supplier bills and return to production ASAP– Saab would use the collateral for new loans to cover its liquidity needs. The value of the collateral pledged is well above the amount of the EIB loan, so releasing some of it right away would allow them to take out new loans and pump money into Saab’s coffers in order to pay off the suppliers who are demanding shorter repayment terms. Basically, Saab is just trying to take the fastest route to liquidity they can take and then continue working behind the scenes to figure out the best financing terms. Their priority is getting production back up and eliminating this mess. More articles and translations after the break.

Read moreNo Announcements Today (but they’re working their asses off)

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