Jan Åke Jonsson Says Saab Automobile Need Funding Now

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

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TTELA reports that Saab Automobile needs money, quickly because they are currently in-between owners GM & Koenigsegg and funding for existing operations is running out.

Furthermore, the European Investment Bank loans apparently won’t be able to be granted until September 22nd, unless they can make an earlier board meeting with the EIB in late July. Those EIB loans also, cannot be used for existing operations, only future product and innovations.

Here’s the article below, loosely translated by Google Translate.

Saab must have money – quickly

Saab Automobile could produce and sell more cars today, but it lacks money.

– We could go up in output relative to the orders we have, “says Saab-Jan Ã…ke Jonsson to the Göteborgs-Posten online.

Now Saab is trying speed up the process surrounding the loan of approximately SEK 4.6 billion by the European Investment Bank (EIB), to try to get the money earlier.

There have otherwise talked about a possible payment after September 22. Only then would the EIB’s Board of Directors to take decisions. In August has been no board meeting and the July meeting, we do not have time to fully consider Saab’s loan application.

– We work with the EIB to see if we can not move the decision until July. We have not excluded it. We do not have the opportunity to adapt our operations because the money is insufficient, “said Jonsson.

Today mounted only one hundred cars a day in Trollhättan, a very low production. Without money contributions, it will remain there.

The EIB process is also the state an important negotiating partner. EIB require government guarantees and the conditions of those negotiating with Saab Riksgälden on.

But Saab are also discussing with the state of so-called rescue loan to get supplements in the short term. The State has previously allocated five billion kronor for the temporary loan to the Swedish automotive industry, but has not yet received some of these.

– We have discussed it, but not received a hearing so far, “Jonsson said the GP.

From the old owner, GM, expected no new money and in the short term, nor from the expected take over by Koenigsegg Group.

State Jöran Hägglund (C) are lukewarm the Saab’s desire for quick money. He points instead to the new ownership constellation, with the Koenigsegg Group and the old GM.

– They must find a solution in the region for short-term financing. The State can not go in with, “says Hagglund.

You can not help with any money from transitional short-term loans?

– No, the framework says that the money can not be used for that purpose.

He also says that he know that Saab is keen to deal with EIB process as soon as possible. But some new phases may not Hägglund promised.

– Now it is in principle, impossible to do this in July.

He clarifies that this is a process of negotiation with the EIB, then it must be negotiated with Riksgälden of government guarantees for the loan and finally, the EU Commission approve the terms.
There is no chance that you are ready before September?

– We have said that it is reasonable to aim for some time in September, responding Hägglund.

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    […] http://www.saabhistory.com/2009/06/30/jan-ake-jonsson-says-saab-automobile-need-funding-now/TTELA reports that Saab Automobile needs money, quickly because they are currently in-between owners GM & Koenigsegg and funding for existing operations is running out. Furthermore, the European Investment Bank loans apparently won’t be … […]

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