Tag Archives: chief negotiator

Saab Automobile, Spyker & Swedish Government Surprised As To Why Talks Broke Down, GM Remains Silent

Posted on 18. Dec, 2009 by .

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group_saab

Photo Credit: Scanpix / Adam Ihse (From Left: Saab’s CEO Jan-Åke Jonsson, Enterprise and Energy Maud Olofsson (C) and Secretary of State Joran Hagglund (C)

Sweden’s E24 covers the Press Conference that took place out in front of the Saab Automobile factory today in Trollhättan, Sweden.

From the sounds of it, there appears to be some surprise by Saab Automobile, Spyker and the Swedish Government. I guess they are all surprised because GM just dumped this on them today without any prior notice, even though they actually had until December 31st.

No one is letting the reason out about why the talks broke down today at all. We need to know and the news media will get to the bottom of it.

Here’s the piece.

2009-12-18 | Posted 15:38 | Updated 17:25

“We are very disappointed by this decision. There are many of us that wear and tear in recent months. And we thought we were well under way,” says Saab Automobile Managing Director Jan-Ake Jonsson.

Saab Automobile Managing Director Jan-Ake Jonsson is both disappointed and surprised that GM so early here that has taken the decision to close Saab.

We are surprised that GM has the final decision to liquidate and close down. I think we had come a long way with Spyker Group. The Agreement with BAIC, we also strengthened our cash and would theoretically be able to operate properly for a while, “says managing director Jan-Ake Jonsson during the afternoon press conference.

– Now we await news from GM on how it sees this settlement. It is too early to say exactly what will happen. But there is no bankruptcy or liquidation, but a settlement that will take place in an orderly manner.

– We have a stock of cars and it is important that we get the revenue to pay our debts, “he says, too.

At the same time “says John Smith, chief negotiator for GM, the goal is to close down as soon as possible.

In place in Trollhättan is also Enterprise and Energy Maud Olofsson and press secretary Joran Hagglund. Earlier in the day, the government pursued talks with Saab’s leadership, the union and the municipality.

As late as this morning was sitting government, GM and Spyker in the negotiations in Stockholm. There was also this morning as Maud Olofsson was told that GM intends to close Saab.

– But we were already indications of the night, “she said during the press conference.

Both Jan-Ake Jonsson and Olofsson says that it is possible that certain activities within the Saab could possibly survive in Trollhättan.

– We have many assets, not least the staff expertise, “said Jan-Ake Jonsson.

Maud Olofsson also fits that target specific criticism of Saab owners of GM.

– It seems that the GM’s side could have done more for Saab over all these years. And you should not forget the GM’s responsibility in this. They must show responsibility for their employees. How it is done may be a discussion about the negotiations with union representatives, “she says.

While she can not see how the government could have acted differently.

– We have worked to strengthen the research side. We have invested in infrastructure and helped with training. Our role is to create a climate that allows automakers that want to be here. We have also assured us that the Employment Service have enough resources and given additional resources to higher education, to vocational training and to the municipality.

Saab’s closure will not only affect Saab’s approximately 3 500 employees. According to a study Growth Board has previously done, as many as 8 000 jobs in Västra Götaland disappear when Saab closure.

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European Investment Bank Decides On Koenigsegg Group Loan For Future Eco Products On October 21st

Posted on 29. Sep, 2009 by .

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The European Investment Bank decides on the Koenigsegg Loan on October 21st according to E24. This loan application, if granted, will provide Saab Automobile the money for future environmentally friendly technologies in future products.

In my dialogue with the EIB, this date is still on schedule, and realize that the decision will dictate the future direction for Saab Automobile’s products, moving forward.

The big issue with this loan is that it still needs the Swedish Government’s approval for it as a guarantor, then it goes to the European Commission to be signed off on and finally to the EIB. That entire process needs to take place by October 21st. That’s a lot of paperwork shuffling for some big bureaucracies, so I wish them all luck with this loan being fast tracked by then.

Here’s the article by E24 below.

European Investment Bank, EIB, has since Koenigsegg Group submitted a loan application for 400 million euros worked to evaluate it. About three weeks, on October 21, the EIB should take a decision – yes or no.

But this applies only if further detailed negotiations. This means that Koenigsegg Group and Saab may have to wait for the money for next year.

– The Board may, in October to give its approval for continuation of detailed negotiations on financial contracts, but I can not say how long it takes before any loan can be paid. It can take months, says Eva Srejber, Vice President of the EIB.

Just over two weeks ago signed the Beijing Automotive, BAIC, a letter of intent with the Koenigsegg Group to become minority shareholders and go in with a capital.

That an agreement between the companies are not likely to be clear about three weeks is not crucial for the Bank’s approval. Eva Srejber says that much can happen after 21 October and that the bank may choose to say no to a loan at a later stage.

– If Koenigsegg Group agrees to our demands, the process will go faster.

But while the EIB and the Koenigsegg Group for a dialogue on the possible loan of three other ongoing processes in parallel. The commission must give its “no objection”, which means it has no objection to the loan, and the government, the Commission and the borrower must agree on whether the state guarantee in line with state aid rules.

In addition, the National Debt Office along with the government agreeing with Koenigsegg Group on the terms of this guarantee.

Secretary of State Joran Hagglund (C), which is the government’s chief negotiator in the deal, saying that there are constant updates due to changing demands from the EIB and the Government.

– There is much work left to do and we need to be agreed on several important points before we take a decision. But I can not say how the business plan has been revised.

According to Joran Hagglund, the business plan, stress tested on many occasions, which means that you are testing it under different economic conditions. But he would not respond to what stress tests have shown.

The EIB, which demands that any loan will contribute to better environmental development and security. Currently watching the EIB in the business plan and the bank makes a thorough review. And the government believes it is important that Saab can be competitive in a number of markets in order to display the loan guarantees.

– Our starting point is that we will be ready with our work and can agree with the Koenigsegg until the Bank takes its decisions in three weeks.

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Maud Olofsson In D.C. To Discuss Saab Automobile With Ron Bloom At U.S. Treasury

Posted on 31. Mar, 2009 by .

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Photo Credit: Saab History

TTELA reports that Sweden’s Industry Minister Maud Olofsson, is in Washington, D.C. today to discuss Saab Automobile AB with Ron Bloom, of the U.S. Treasury Department.

I applaud Maud Olofsson for initiating this dialog with Mr. Bloom at the U.S. Treasury Department.

Published March 31, 2009 Updated March 31, 2009

Maud talking Saab in the U.S.

TROLLHÄTTAN On Monday will be Saab’s survival plan up to the evidence in Vänersborgs District Court.

And Industry Minister Maud Olofsson (C) is in Washington to talk about GM’s sale of Saab.

Industry Minister Maud Olofsson (C) is in Washington to talk about GM’s sale of Saab.

I wanted to assure them that Saab’s sales process may actually be completed, that if there are buyers who are interested, the harder this regard Obama talked about do not have the effect that it only closes down and does not consider that there is a sales process, “says Olofsson.

President Barack Obama on Monday made it clear to the American automobile industry that their actions so far are not enough. While he made clear that the automotive industry should not be allowed to go up in smoke, he was also very clear that funding by the taxpayer can not last very long.

GM was up to the end of May to develop a sustainable business plan.

Olofsson met on Tuesday, Ron Bloom, U.S. Treasury Department’s chief negotiator with the automotive industry. She stated to TT that she made it clear to Bloom that she hopes that the tightening of being had not “put obstacles in the way” for GM’s sale of Saab.

That GM was up to the end of May – is it good or bad for Saab process?

– It gives us these 60 days to continue working on a possible purchase of Saab, respond Olofsson.

For nearly six weeks, the Saab Automobile reorganization going on. A relief in the first months was to Saab lax wage in the state wage entered. County Administrative Board of Västra Götaland has SHELL OUT 217 million, including social security contributions.

Olofsson is aware of the risks in the event of a bankruptcy:

– There is a risk that wage goes to nothing and that we may pay the bill.

If reorganization is successful, it is money to be paid back.

On Monday, the creditors’ meeting held in the town hall in Vänersborg. Work on the reorganization plan has been made by a lawyer Guy Lofalk and Saab’s CEO Jan Ã…ke Jonsson.

The determination of the work may continue to have Vänersborgs District Court. Up to three judges to participate. Alderman Tisell Cecilia is one of them.

– There must be a fundamental business concept. The proposal must be serious and not unrealistic. It is important which creditors have comments, she said to TT.
If reconstruction is Saab which ends with their debts and it would then be few other ways than a bankruptcy.

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