Saab Automobile AB’s Equity Has Been Restored, Balance Sheet Healthy After Debt Reduction Of 75%

Posted on 20. Jul, 2009 by Ryan in 2000-2009

This past week, Saab Automobile AB has officially adjusted their balance sheet in light of the court approved accord, reducing their debt by 75%.

According to TTELA who contacted Gunilla Gustavs at Saab, the balance sheet is now officially in “balance”.

Furthermore, Saab Automobile AB have met with their financial controller and equity has been restored for their newly independent company. This means that the last remaining item on the timeline has been checked off, so now we need to await the decision of Koenisegg’s official position to buy Saab Automobile from GM with support from the Swedish Government on the EIB loans.

Saab is back in balance

The balance sheet is restored in Saab Automobile AB. It emerged at the general meeting held last Friday.

- Actually, we are a healthy company now, “says Gunilla Gustavs the Saab Information to TT.

Saab, owned by General Motors, is still in a reconstruction, where the deadline expires August 20. During reconstruction, the company’s liabilities to creditors written down by 75 percent in a so-called chord.

The aim of reconstruction is that Saab, which is characterized by massive losses, will come on the legs again as an independent company.

- The process to sell the company continues, but we have no problem with the capital anymore, “says Gunilla Gustavs to TT.

Tags: financial controller, General Motors, Saab Automobile AB, Swedish Government on the EIB