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European Investment Bank Says Loan Still Available For Saab Automobile
November 26th, 2009, 5:28pm by Ryan - 0 Comments
Joe Oliver, at Saab Automobile has indicated that the European Investment Bank say that the loan still applies for Saab should a new owner come in even though the Koenigsegg Group terminated their agreement to purchase Saab. as referenced on realtid.se
This is positive news especially with a company that may or may not even need extra money. A good incentive with most of the application legwork already done can only be a positive at this time and nice to know the loan was not unique to the Koenigsegg Group.
EIB’s decision to loan to Saab of 400 million still applies, says EIB Eva Srejber to Realtid.se. Koenigsegg-defection alters nothing – but a new analysis should be done.
Eva Srejber, vice president of the European Investment Bank and former relay Riksbank (99-07).
EIB loan agreed in late October, and is addressed to Saab and not to the Koenigsegg Group, explains Eva Srejber. Thus, it freezes not because of Koenigsegg Group on Tuesday announced the defection.
- The ownership change is not unusual for us, when we make such an analysis of the new owners, “says Eva Srejber, which since July 2007 is one of nine members of the European Investment Bank’s management team, and as such responsible for the Bank’s financing activities in Sweden.
- It was a loan to Saab, and the analysis was that Koenigsegg Group would enter the new owner.
But that now is not so alters not loan: a condition that the sports car manufacturer Saab will take is not in the loan agreement between the Bank and Saab Automotive AB.Will GM be able to count on the Bank-million?
- It depends, I can not say about the future ownership of Saab. But we will do a new analysis of the future ownership picture, when it clears.
Can conditions be changed?
- Yes, in light of the strength of the future ownership picture.For all EIB loans, there should be a “non-objection from the European Commission and the Government of the country the investment is made. In addition occurs. if there is a state guarantee, a state aid investigation, which ran in the European Commission after the Bank took its lending decisions. In the process, however, was not involved, the EIB, but it is a process between the Commission and the Government:
- Non-opposition to the loan per se is finished, because it is part of the treatment before it is entered into our board, “says Eva Srejber.
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