Saab reorganization news thread

[Golfhunter]

NDRC's approval on Friday ?

The theory is that Friday the Chinese government commission has released its verdict for Saab and its Chinese partners. I don't know if it will be possible . I think the latest developments involving for nothing Geely has caused confusion. This episode is now closed untimely manner by the official Geely spokesman said today that G. Lofalk was received only "polite."
But the result of this operation is that Youngman blocked everything and be tempted to drop Saab. The 70 million euros are still not arrived and at Saab they will have a healthy dose of diplomacy to remedy the situation before the end of the week.
However on the government side, the redemption of the loan from the EIB seems to be mentioned. It will then be a partial nationalization of Saab to the tune of 230 million euros.
Another stressful week for Victor Muller, employees and all of us watching for more events.

[nordwulf]

[FONT=Arial][FONT=Arial]According to several sources to P4 the West, including a high-ranking source at Saab, the Saab administrator Guy Lofalk act on behalf of the Finance Ministry to remove the Saab's CEO Victor Muller.One of the P4 West's sources said: "Saab has thus been Anders Borg as administrator".[/FONT]

P4 West can now reveal important details in the game behind the scenes of Saab's reconstruction.

According to several sources to P4 the West, including a high-ranking source at Saab, the Saab administrator Guy Lofalk act on behalf of the Finance Ministry to remove the Saab's CEO Victor Muller.

According to the sources of P4 West to Saab's administrator Guy Lofalk have traveled to China and with Chinese companies Pang Da and Youngman to take tilll back on its promises to invest money into Saab, which would explain why Saab did not receive the 70 million that Youngman was sitting Saab into account already around 25 September.

Guy Lofalk according to sources have told the Chinese to the European Investment Bank, EIB, will want to close their loans so that the State has guaranteed for the EIB loan will seek to get the pledges that have been in the Saab.

EIB loan is currently 2.2 billion.

Thus the state would take what is left of Saab, including spare movement Saab Parts and Saab Tools Saab's where all the tools available.

After Lofalk visit to China, he traveled to Stockholm for a visit to the National Debt Office. There, he says as P4 West's sources that the Chinese have not paid their money into Saab and that the former will tell the Bank to terminate the loan with Saab.

Lofalk then says that he has a new buyer in the form of Volvo's Chinese owners of Geely.

According to P4 West's sources, the background to Guy Lofalk action to be Prime Minister Fredrik Reinfeldt and Minister for Finance Anders Borg would have gone both Victor Muller and Vladimir Antonov.

A source says the P4 to the West: "Guy Lofalk have run their own songs along with Conservatives."

According to P4 West's sources has this been without knowledge of the Ministry is the ministry has always handled the Saab issue.

One of the P4 West's sources say that quote: "Saab has thus been Anders Borg as administrator".

Markus Sjöqvist, Press Secretary to Anders Borg, said he does not know anything about the issue.

- This I do not know anything about, it's the Ministry in charge of Saab's issues, says Sjöqvist to P4 West.

P4 The West has tried to reach Saab's CEO Victor Muller and Saab administrator Guy Lofalk without success.

Source: Lofalk har gått bakom ryggen på Saab - Nyheter P4 Väst | Sveriges Radio

[/FONT]

[Golfhunter]

Saab still has not received a vital bridge loan of 613 million yuan that was secured by Youngman, money considered key to its short-term survival.

The investment hinges on approval from the Chinese and Swedish governments and a green light from the European Investment Bank and Saab shareholder General Motors.

Asked on Wednesday whether the deal had been submitted to China's National Development and Reform Commission for approval, Pang said it had not.
"Youngman's Pang Qingnian is the one that is supposed to send the application to the NDRC," Pang said. "As far as I know, he is soliciting opinions among industry experts regarding the deal. They are not done with it yet."
Pangda had paid 45 million euros to Saab for a separate deal to purchase 2,000 cars but had not received any cars because of a production halt since April.

"As for the cash injection (into Saab), I can do that only after the government approves the deal," Pang said.
Asked about the prospects for winning approval, he said: "When it comes to Saab, I think if it's in China, the government wouldn't let it collapse."

Gaining Chinese government clearance could be difficult because Beijing follows a strict and price-sensitive policy when it comes to overseas acquisitions.

Failure to gain Beijing's approval on time torpedoed a deal Saab entered into with Chinese company Hawtai Motor Group in May, while Sichuan Tengzhong Heavy Industrial Machinery's bid to buy GM's Hummer brand in 2010 also fell through.

Zhejiang Geely Holding Group Co., which bought Volvo Car Corp. in 2010, denied reports last week that it was interested in Saab.
Beijing Automotive Industry Holding Corp., which is developing some new models based on old Saab platforms, does not want to get involved in the restructuring of the 60-year-old Swedish brand, Chairman Xu Heyi said this week.

[Abarth]

Do you get the feeling that the Chinese will let SAAB go under and then pick up the company for pennies on the dollar, move everything to China and restart the company. They really don't need the distribution of products outside their own boundaries, thus not having to deal with all the problems that exist for Swedish Car NV?

[nordwulf]

Source: TTELA

- Saab has received the first installment

TROLLHÄTTAN Chinese Youngman is on Wednesday has paid about 100 million to Saab Automobile.
That said newspaper Dagens Industri, DI, late that evening. Thus, wages for October is paid to the employees. [Updated 23:44]

Payment shall be made on Wednesday and is a small part of the 640 million Chinese people who would put up with the bridge financing in anticipation of the total investment of 2.2 billion together with Pang Da.

But the Saab would neither say bu or BA on the data in the DI:

- Right now, I can neither confirm nor deny this, says Gunilla Gustavs at Saab's information department.
The security for money shall be a license to Saab's new base at 9-3 model. Youngman may now take advantage of a defined part of the technology, writes DI.

The 100 million is welcome when the government wage guarantee expires on October 21. The money will be enough until the Chinese authorities are ready to trial in November.

DI also say that there is now a new plan to save Saab, according to TT, and that Victor Muller - Saab CEO - during the meetings that took place in Stockholm made it clear to the Chinese that Saab does not need 640 million, but well 100 million to pay salaries.
If this says Ms Gustav to TT:

- We met with Pang Da and Youngman as late as on Tuesday and everything is proceeding according to plan. The cooperation continues and there is no problem with it.

[nordwulf]

Youngman pumping money into Saab

Published: Wednesday 12 October at 22:54
Chinese Youngman has paid about 100 million to Saab Automobile, according to Dagens Industri.

Payment shall be made on Wednesday and is a small part of the 640 million Chinese people who would put up with the bridge financing, in anticipation of the total investment of 2.2 billion together with Pang Da.

The security for money was a license to Saab's new base at 9-3 model. Youngman may now take advantage of a defined part of the technology, writes DI.

The 100 million is welcome when the government wage guarantee expires on October 21. The money will be enough until the Chinese authorities are ready with the trials in November.

Source: http://sverigesradio.se/sida/artikel...rtikel=4744578

[nordwulf]

20 October 2011

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has received a commitment from North Street Capital, LP (North Street) on the funding of Swan and Saab Automobile AB (Saab Automobile).

The offer consists of the following transactions:

• Subscription to 2,386,635 ordinary shares in the capital of Swan at a price of USD 4.19 per share for the purpose of funding the working capital of Swan, Saab Automobile and Saab Great Britain Ltd. The shares to be issued will be paid in full by Friday October 21, 2011.
• Procurement of a loan to Saab Automobile in the amount of USD 60 million to be collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO. This loan is subject to further documentation. The object of the parties is to finalize documentation no later than Monday October 24, 2011 with subsequent funding within two days thereof.

Swan intends to accept this offer because it has doubts that the bridge funding of Youngman and Pang Da, of which a partial payment has been received, shall be paid in full on 22 October 2011. Immediate availability of funding is necessary to continue the reorganization process of Saab Automobile.

[nordwulf]

This is pretty surprising and good news. US$60 million should last a while until they get the definite approval from China.

Saab UP!

[nordwulf]

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) announces it has been informed that the administrator of the reorganization, Mr. Guy Lofalk, will apply for termination of the voluntary reorganization of Saab Automobile AB (Saab Automobile) and two subsidiaries at the Swedish court in Vänersborg.

In spite of the funding commitment of North Street Capital LP which was published earlier today, the administrator who leads the reorganization, Mr. Guy Lofalk, will file an application at the Swedish court to terminate the reorganization process. Saab Automobile shall contest this application and request for continuation of the voluntary reorganization process.

Simultaneously, Saab Automobile shall apply at the court for replacement of Mr. Lofalk as administrator.

Source: Saab press release

[Shazam]

Seems this guy has it out for Saab... what gives?