TTELA Indicates That Over 50% Of Saab Automobile’s Creditors Have Accepted The Debt Reduction Of 75%

Posted on 20. May, 2009 by in 2000-2009

Trollhattan, Sweden’s TTELA now reports that Saab Automobile’s creditors, over 50% of the 600 creditors that I provided a brief list earlier, have approved that their Saab Automobile’s debts to them, get reduced by as much as 75%!.

Here is the piece again loosely translated from Google translate.

Saab supports shrinking liabilities for piecework hearing June 17

A majority of Trollhättan Saab Automobile creditors agree to forgive 75 percent of their debts. But not the government, which is the second largest creditor.

It becomes a chord negotiating for Saab’s part. It decided alderman Cecilia Tisell on Vänersborgs District Court this afternoon.

More than half of Saab Automobile’s creditors have said yes to Saab chords proposal. This means that over 300 creditors supports Saab.

Quarter four left because Guy Lofalk applied for piecework bargaining Vänersborgs to district court. And now it is thus clear that there will be a negotiation, which will take place June 17.

Of about 600 creditors have more than half expressed support for Saab – among them the largest creditor GM. Now celebrating Saab of support from creditors.

Things begin for Saab’s road.

– We are very glad for the support we have received. It continues to flow into proxies in which the creditors say yes, “says Gunilla Gustavs at Saab Information.

The government is also more positive than it was after receiving information about the remaining speculators.

– So far it looks very positively charged. As it looks now, the question of a long-term owners resolved and then we can have serious discussions on State guarantee for an EIB loan, says Jöran Hägglund, State Secretary at the Industry Ministry, told TT.

Important piece of the puzzle

Together with a new owner who has the capital to meet that cover Saab waited capital over the next few years to be a debt write-down as one of the most important pieces of the puzzle for the company to survive.

On Wednesday Vänersborgs district court decided that Saab may be a green light for a piecework bargaining.

The proposal Saab shrink its current debt mountain of 10.5 billion by 75 percent. And get a year to pay.

Already, more than half of the approximately 600 creditors said yes. But the Swedish government.

– We consider ourselves not to have received the information about a new owner needed to put us behind chords proposal, “says Mats Hagelin on Skatteverket that the state action.

It was Tomas Eneroth, Social Democrats’ economic policy spokesperson, to go through the roof.

– The cost of a bankruptcy is much greater than the government claims. A majority of the private creditors have not needed more information to take their responsibility to avoid a bankruptcy, “he says.

348 million

Saab’s debts to the State amounted to 348 million, according to Saab’s debt list.

– Should we say yes to a chord in this position we will do it blank, without knowing whether a new owner has the option to run the company profitably. We can not do when it comes to taxpayers’ money, “says Mats Hagelin.

To enforce the chord requires approval from 75 percent in the number of creditors and 75 percent of the debt amount. The second requirement is already met, with General Motors, which has more than 90 percent of the claims, has agreed to write-down.

The June 17 meet creditors for the crucial hearing.
– Our attitude may have changed then, “says Mats Hagelin.

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