Antonov, Saab and their fans

Sigh.

Given the present situation, there are a number of problems I’d love to have in their stead.

Some of the comments left on SU the past couple of days are almost ecstatic. Most of you have seen them. Apparently a number of people told us that Antonov was a crook and Saab was better off without him.

First of all: An arrest does not guarantee a conviction in a court case. Antonov remains innocent until proven guilty.

With that out of the way, I am curious about what a worst case scenario would have been. We need to deploy the ‘what if?’-machine and go back in time.

Read moreAntonov, Saab and their fans

Fat Lady news snippets (What are GM and SweGov up to now?)

Top Gear on Friday featured an article about Saab’s current predicament. Saab now only days from disappearing?.

It mentions what we have heard elsewhere, that the Swedish Government say they will try persuading GM to allow Saab continued access to GM technology and parts.

That’s big of them. The Swedish Government has been fantastically unhelpful to Saab ever since its funding crisis started almost a year ago. It has turned down various foreign investors and chucked several administrative spokes in the wheels.

It might be too late now for it to make sympathetic noises.

— Paul Horrell, Top Gear

Read moreFat Lady news snippets (What are GM and SweGov up to now?)

Sales process snippets

TTela today features an interview with Anna Petre.

Two years ago, GM were skeptical towards Chinese ownership. Now there is going to be a negotiation that can go either way. I believe GM has good intentions for us, says Anna Petre.

Most urgent are guarantees for how the technology in the 9-3, 9-5 and 9-4x will be treated. GM owns the rights to those three models.

Read moreSales process snippets

Press release: Swedish Automobile Issues Subscription Notice Under GEM Facility

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it issued a subscription notice for 3 million shares under the current EUR 150 million equity facility between Swan and GEM Global Yield Fund Limited. The exact number of shares to be issued and the price thereof will depend on the pricing period which commences today.

In light of recent developments, North Street Capital, LP will not subscribe for 2.3 million shares in Swan and revoked its commitment to provide a loan of USD 60 million to Saab Automobile.

Press release: Swedish Automobile Signs MoU With Pang Da And Youngman For The Sale Of Saab Automobile And Saab GB

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces that it entered into a memorandum of understanding with Pang Da and Youngman for the sale and purchase of 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million.

Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties. The consideration of EUR 100 million will be paid in instalments. An important consideration for Swan to enter into the transaction is the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile.

The administrator in Saab Automobile’s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.

Request to terminate reconstruction withdrawn *Updated

The court issued a press release today stating that Guy Lofalk has withdrawn his petition to end the reconstruction phase. The scheduled meeting with the creditors October 31st 10am will be held.

“(…)Pang Da and Youngman will finance the reconstruction as well as the business plan.” writes Guy Lofalk. “(…)this must be looked into before making a decision to terminate the reconstruction”

From TimR:
Yesterday evening, news reached SU from a secure source that the sales price is supposed to be 100 million euros for 100% of the company. The request from Lofalk confirms this development.

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