Tag Archives: Debt Office

Saab Automobile Being Split Into Five Divisions

Posted on 06. Dec, 2009 by .

0

Goteborg, Sweden’s post have just released a story that discusses the Swedish Debt office’s requirement for Saab Automobile to split up into five divisions, Powertrain, Parts, Property, Tools and Investering.

It is important to emphasize says Saab Automobile’s Eric Geers, that this was required by the Swedish Debt office as simply a requirement and not for a break-up of the company.

This process which has already been completed, has made it possible for the old Saab 9-5 tooling acquisition to be had with BAIC as recently reported. […]

Continue Reading

Saab Automobile Re-Hires Employees Back In Sweden

Posted on 23. Nov, 2009 by .

0

rehire.jpg

Photo Credit: TTELA / Jerry Lovberg

Trollhattan, Sweden’s TTELA reports that Saab Automobile continues to re-hire their employees that they layed off back in April.

Here is the piece below translated by google.

New times. Elin Karlsson has returned to a company that is no longer in American hands and slowly reach a green twig after the worst slump in its history – in the background is an advertising slogan for the new 9-5: an who says that ” A new era has begun “.
[…]

Continue Reading

The Remaining Pieces Of The Saab-Koenigsegg Sale

Posted on 26. Oct, 2009 by .

0

TTELA has recently published a good piece providing clarity for the remaining pieces of the Saab-Koenigsegg sale from GM following the EIB loan application approval last week.

Effectively, the EU Commission is the next step, then the Swedish Government needs to agree to this as a guarantor, then the BAIC deal needs to be complete and finally the GM sale and service agreement, finalized.

Here is the piece below, loosely translated by Google.

I can say yes to the EIB to lend 4.1 billion to Saab, but there is no money unless the Swedish government goes into the walls tier. Thus, there remain a few pieces of the puzzle.

Saab one step closer to goal
[…]

Continue Reading

Koenigsegg Group Hope For Completion in November

Posted on 22. Oct, 2009 by .

0

The Koenigsegg Group that is in the process of buying Saab from GM, hopes for this process to be wrapped up in November according to TTELA.

It looks like they will be waiting for the EU Commission as well as the Swedish Government, then the Koenigsegg Group & BAIC need to complete their deal, and then finally the sales process should be complete.

Koenigsegg hope for completion in November

Gothenburg CEO for Koenigsegg Group, Christian von Koenigsegg, was working at Saab’s office in Gothenburg where he was told about the EIB loan.

– It is an important milestone we have passed today, but many important milestones remain, and says he is well aware that the money not yet secured.

The money needs to fall into Saab’s account before the year end according to Koenigsegg.

– Timing is critical. There should be no more delays,” he says.

In addition to the news from the Debt Office and ultimately the government on state guarantees and the approval of the commission must Koenigsegg Group have clear agreement with the Chinese Beijing Auto, BAIC.

Negotiations with the former owner GM of Rights regarded as the most formal.

– We have found a way to break down. It is well emerged because we have negotiated a long time,” said Christian von Koenigsegg.

The new business plan will Saab be profitable at 100 000 cars sold. In addition, the company intends to cooperate with many different partners in the industry to be cost effective.

– We have a realistic view of where Saab is and how it should move forward,” said Christian von Koenigsegg to explain that the bank believes in the business plan.

To cope with that drive Saab to the company in 2012 is expected to be profitable on its own merits requires about 11 billion according to Koenigsegg. BAIC will contribute around three billion of the company becomes a minority owner of the Koenigsegg Group. But Beijing Auto’s interest based on that Saab may loan.

– All parties need to have everyone on board. I see before me that all processes will be completed on the same day, or almost. Probably in early November,” said Christian von Koenigsegg.

He does not want to go into the details of how the negotiations with BAIC go or if the Chinese company will be taking over the tools of the old 9-5. BAIC is interested in Saab’s technology.

An additional sponsor is not seeking Koenigsegg Group, owned by companies controlled by American businessman Augie K Fabel, Norwegian businessman Bard Eker and Christian von Koenigsegg.

Continue Reading

Sweden’s E24 On The EIB Loan Decision For Saab Tomorrow.

Posted on 21. Oct, 2009 by .

0

Sweden’s E24 have provided a nice piece on what we can “hopefully” expect tomorrow when the EIB meet to determine the fate of Saab Automobile’s loan.

It’s very positive, of course optimistic given that it is before the loan decision, but it’s nice to read.

On Wednesday board meeting of the European Investment Bank, EIB. And the agenda is the development loan of just over 4 billion to Saab.

The investors behind the Koenigsegg Group, including CEO Christian von Koenigsegg and the Norwegian Bard Eker, have themselves expressed that the EIB loan is a precondition for the deal to go through.

Saab’s own assessment is that the EIB’s reply will be positive.

– We assess the probability as fairly high that the bank grants the loan, “says Eric Geers, Communications Director at Saab.

He is also hopeful that Koenigsegg Group, after all, be able to complete the acquisition of Saab, and this shortly.

– We have had very positive meetings with all parties involved. Everything rolls on as planned. Maybe we can finish the whole affair at the end of this month, said Eric Geers.

But even if the Bank gives a positive decision on Wednesday is still several pieces of the puzzle before the deal can fall into place.

– The Board’s decision is actually an authorization to initiate detailed negotiations on the financial contracts. It is so, then the detailed negotiations begin, “says Eva Srejber, Vice President of the EIB.

– The journey is not over, but the Board’s decision is obviously one of the most important milestones.

And the Bank will only loan conditional to the Swedish state-guaranteed loan. It remains also for the European Commission to assess whether the structure of government guarantee is in line with EU competition rules.

In the case of state guarantees, the Debt Office is making a recommendation to the Government which in turn take the decision itself.

Erik Sjulander, Head of Debt Office, has previously told the Norwegian press that the goal has been to the National Debt Office will be finished with its evaluation later than 21 October which is thus on Wednesday.

– It’s basically the ambition that we have. Since we depend on a lot of information from the EIB in order to complete our work. They include the term of the loan, the repayment schedule looks like and the exact amount. Ultimately, we need the EU Commission’s decision, “says Erik Sjulander.

– But we are working of course the question remains, and so it looks good.

EU Commission’s basic rule is that you must not give support to companies in financial crisis. Enterprises must be deemed viable.

While Saab has delivered year after year loss figures and last week presented the automaker’s sales figures which were really bad. In September, sales plummeted almost 62 percent compared with a year earlier. That compares with Volvo as sales grew by over 8 percent.

But the latest shock figures will at least not affect SNDO decisions in a decisive way.

– When we look at the business plan we look at the big picture – and to hear, of course, how Saab is now, but the business we are looking at is, after all, primarily forward looking, “says Erik Sjulander.

Continue Reading

Christian Von Koenigsegg Interviewed About Rumors

Posted on 29. Sep, 2009 by .

0

cvk.jpg

Photo Credit: Saab History

Christian Von Koenigsegg
, CEO of Koenigsegg Group, denies rumors of trouble in the investor group that plans on taking over Saab Automobile from GM.

Here is a report from e24 & SVD, posted today about his interview with them.

Koenigsegg Group CEO Christian von Koenigsegg denies rumor of trouble in the investor group to take over Saab Automobile from GM. But the protracted affair is starting to weigh CEO: “It is a great sacrifice of time, money, resources and brand,” he told and SvD reporter.

It is evident that the enthusiastic entrepreneurs behind Koenigsegg Group no longer manage to keep the positive noises upstairs. This weekend went Norwegian businessman and owner of the Koenigsegg Group, Bard Eker, out of the Norwegian media and talked about an ongoing ownership split in the group who would threaten the whole affair.

But according to Christian von Koenigsegg, who talked with BÃ¥rd Eker, said he was misquoted in the newspapers.

– Any fraction of ownership, we have certainly not within the Koenigsegg Group.

Bard Eker said that “if everything is in place on Wednesday, we are out.” But was it he or the newspapers who said it was on Wednesday as the end date? We do not know from what we heard from Christian von Koenigsegg.

– What we’ve noticed with this deal is that it is very media intense and arouses great interest. We can not go out and talk about the details on a daily basis. We need to focus on our business, “he says and believes that it leaves room for speculation and misunderstanding,” he says.

There are still a number of parallel processes running. Among other things, is it important loan of just over 4 billion grant from the European Investment Bank, EIB, in about three weeks. First, however the Swedish Government must provide a loan guarantee to the EIB.

– Both the Bank and the Debt Office may always have information from us and Saab what happens and we respond to their questions when they request more information.

Although there are many milestones left you can see them in the Koenigsegg Group as more formal today. Christian von Koenigsegg stresses that all parties involved have the same goal to bring together the deal to the end of October or early November.

He, who previously failed so hopeful and positive, but sounds more embarrassed today but did not evaluate the Koenigsegg Group will pull out.

– I would not say. But since it is so here that the conditions have to be sufficiently interesting for us to want to do the deal. It is a great sacrifice of time, money, resources and brand, “he says, but points out that they still have come a long way in the affair, and that conditions are” reasonable “.

Have conditions changed lately?

– I would not say either, but it is a negotiation between different parties and everyone will agree. It is a process that requires many resources, he says, adding that they are on the track.

The loans that Saab needs EIB is mainly intended for new environmental technology. Without going into details about the environmental technology company will develop, “says Christian von Koenigsegg that environmental engineering is an important part of the business group has presented and for the evaluation of EIB.

Koenigsegg Group has signed a letter of intent with Beijing Automotive Industry Holdings, BAIC, with the plan that they will go in as a minority owner of the Koenigsegg Group to cover up the missing part of the capital need. But how much BAIC will take is still unclear.

– We have not gone out with a precise percentage. It is important to note that they are minority shareholders. They can not control in any way the Koenigsegg Group, but they are a partner with us, “said Christian von Koenigsegg that either do not want to respond to the BAIC has covered up the 3 billion according to estimates previously missing.

– The 3 billion missing does not come from us. We said we saw an opening in the business plan which was around 30 percent and we saw the need for multiple parties to resolve it. And the parties were GM, Koenigsegg Group and the government – but the government declined, and then we found its third partner in the BAIC.

Continue Reading

Swedish Government Set To Begin Talks on Saab Loan Guarantees

Posted on 11. Jun, 2009 by .

0

The Swedish Government is set to begin talks on Saab loan guarantees according to Reuters.

STOCKHOLM, June 11 (Reuters) – The Swedish government said on Thursday it had authorized the debt office to begin talks with General Motors unit Saab on state loan guarantees.

“The decision means that the Debt Office can initiate negotiations with Saab, EIB and the coming owner, once one is revealed, about terms for state guarantees,” the government said in a statement.

Continue Reading




Production Concept