Additional Details On Saab’s Reconstruction Process

Posted on 30. Mar, 2009 by in 2000-2009

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Photo Credits: TTELA / Caption: Guy Lofalk, Appointed Attorney on Saab’s Reconstruction Team

Trollhattan, Sweden’s own TTELA has recently provided some interesting material this past weekend covering the Saab Reconstruction team’s Guy Lofalk, the state appointed attorney that is acting as administrator for Saab Automobile.

There are also more details as to the four areas of reconstruction, the 1) The Process, 2) De-integrating from GM, 3) Producing Information for Potential Buyers and 4) Restructuring so that the company is strong when it has completed the process.

Almost exactly one week from now on April 6th, we’ll hear a complete update on the reconstruction process which could not come any sooner.

Here is the piece below loosely translated thanks to google.

“An inspiring challenge,” said attorney Guy Lofalk to sit as administrator at Saab, in what in many ways is a unique reorganization in American history. If he succeeds remains to be seen. What speaks against is that the automobile is in deep crisis. But while pointing Guy Lofalk that a buyer for Saab, a company that is newly renovated, with reconstruction. “If you buy a Saab to get a lot of money. Moreover, it is very affordable in the context of money, “he says.

TROLLHÄTTAN Shaping of Saab that operates four complex processes simultaneously.

But he is aware of GM’s full support. And he is open to a non-car finally able to act as buyers.

TTELA have met Saab administrator Guy Lofalk.

It was February 20 which Guy Lofalk presented as Saab’s administrator – and in a flash was rikskänd.

He was still somewhat lunda prepared for what awaited him.

– This reconstruction is quite unique. First of its size, but also because it affects so many people and has a political tone.

The reconstruction work Guy Lofalk closely with CEO Jan Ã…ke Jonsson, Stephen Taylor, an international expert on the reconstructions, and Martin Brindley, production and vehicle specialist.

In practice, there are four processes that should be run in parallel.

* The reorganization process.

* Decoupling Saab from GM.

* To produce material for potential buyers.

* Restructuring, so that the company is strong when you go from the reconstruction.

– It is incredibly demanding. The processes are in each other and each of them had been enough.
How long do you have on you? It has been said that money is sufficient for the summer.

– To be completely straight, I do not want to answer it. I am also about to buyers how to upload their hearing.

– But we do not have money forever, and the harder you run the process, the higher the margins you.

But being in the case to May 20 (when else must apply for an extension of the reconstruction) is not realistic?

– No, it is not.

What makes a good owner like?

– Capital Stark, of course, with a clear idea of how Saab will look in the future.

Need it be a car?

– It need not be a car manufacturer. However, you need to have a cooperation with other car manufacturers such as platforms and purchasing.

Given Saab’s history withGM: Could it be an advantage if it is not a car?

– It is actually a point.

According to Guy Lofalk has sales process has reached a good bit. Those who expressed interest received a 2-page teaser with basic facts about the Saab.

Now the next phase, which focus on the highest ranked of the stakeholders, and provide them with a deeper material. Deutsche Bank has been engaged.

– I would not go in so exactly how many they are, but we have a 10-tal good stakeholders.

In parallel work on that “cut” Saab from GM. Guy Lofalk sighs its complexity.

– It’s about creating a Saab that is more self-sufficient and take their own decisions, above all, but still purchases services.

Is there a risk that GM could prevent a sale?

– I have met with GM Europe’s top management. Their very clear message is that they do not intend to put to any problems. They want a solution.

Who owns the patents?

– It is a mixture, and much is gathered in a GM company. What we will do is to license out all the technology that Saab need. Then is not it done in an afternoon.

Next up is the creditors’ meeting April 6, when Guy Lofalk and Jan Ã…ke Jonsson presents a preliminary reorganization plan to the creditors.

It is the creditors’ chance to be heard before the court decides on an extension of the reconstruction.

– There are many creditors’ meetings, which are in full agreement, but in one of these major reorganization can probably count on many different views will appear.

How common is it that a reorganization is terminated after the creditors’ meeting?

– I have not been the case. But it may well occur.

Short-term working Guy Lofalks team to adjust the cost for the decrease in production volume. Varslet of 750 services is the clearest example. If it will be followed by further measures would not speculate Guy Lofalk in.

Long-term aim is to make Saab attractive to a buyer. For in the end it is still there as are necessary for its reconstruction to succeed.

The question is whether it will make it?

– Yes, I really hope. Because Saab has many qualities. Then although we know that the motor industry has fallen like a stone, and that Saab does not have the best starting position.

Then he takes on försäljarmössan and pointing to the positive side of the Saab is under reconstruction: for a buyer, the heavy lifting with the cost to adapt the company to be already done.

– The buyer of Saab may be a lot of money. Then you must be smart and have the stamina, so you are positioned right in the back.

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