Tag Archives: Industry Minister

Saab History To Swedish Government: Are You Listening?

Posted on 08. Jan, 2010 by .

19

Industry Minister Maud Olofsson
Sweden’s State Secretary Joran Hägglund
State Minister, Fredrik Reinfeldt
Social Minister, Social Party, Goran Hägglund
Finance minister, Anders Borg, Anders Borg
Hans Lindblad, State Secretary

REF: GM TO WIND DOWN SAAB

Dear Swedish Government;

It has come to our understanding that it is ultimately up to you to ensure that the bidders for Saab Automobile have a letter of authority granting them the critical European Investment Bank (EIB) loans.

We have also learned that you continually fail to provide such guarantees which may include the recent bids that came in last night to Deutsche Bank who are brokering this transaction for GM.

We are writing to you because we want to know why you repeatedly ignore the messages from GM as indicated in today’s press release? Furthermore, why do you believe it is morally, economically and socially acceptable to sit down and let a large global industry leader in your home country die while you pretend to help? Moreover, how can your ignore the voices from your country and continue on as their appointed leaders, by showing continued indifference towards your fellow constituents and Saab Automobile?

You are now in the spotlight around the world and we are watching your inaction, which continuously and systematically tears apart Saab Automobile.

What is your ultimate goal and objective? We have been trying to send you a messages all along but you seem unable to understand them. GM is serious, they will wind down Saab.

What more needs to be done, so that you understand that there is an urgent need for action? You have known about this for over a year and now are showing up in Detroit to provide more information this weekend?

We will not sit down and let Saab Automobile go quietly into the night.

We will continue to keep contacting you and keep the pressure on.

Signed,

Respectively,

Ryan Emge / Saab History

Continue Reading

Swedish Government Press Conference On Saab Automobile’s European Investment Bank Loan Guarantees

Posted on 16. Jun, 2009 by .

0

The Swedish Government’s Maud Olofsson will be involved in press conference today about the memorandum of understanding between the government and Saab about the loan guarantees from the European Investment bank.

The two pieces of important criteria for these loans were that A) the company keeps Saab in Sweden along with many of the jobs and B) the company be environmentally sustainable. Check, check.

Here is an excerpt from the Swedish Government’s website loosely translated. Click here at 8:15am (EST) or 2:15pm in Sweden for the live press conference on SVT’s website as there is no embed code as of this posting.

– It is good that questions for Saab are now clear. Says a message that the company’s employees, Trollhättan, Västra Götaland Region and the Government has been waiting for, “said Industry Minister Maud Olofsson.

The Memorandum of Understanding between the parties means that Riksgälden can now start negotiations with Saab and the incoming owner on condition of state credit guarantees for loans of the European Investment Bank (EIB), if the new owners wish. Guarantees relating to loans at the Bank for the implementation of projects aimed at developing safer and more environmentally friendly cars. Before a government decision can be taken to set out the guarantees necessary to the EIB loan limits and the European Commission approves terms for the issue of government credit guarantees.

Continue Reading

Sweden’s Maud Olofsson Interview On Start Of Her Vacation

Posted on 02. Jun, 2009 by .

0

As Sweden prepares for their summer-long vacations, SVT managed to interview the Swedish Government’s industry minister, Maud Olofsson during the beginning of her vacation on the topic of Saab Automobile.

Continue Reading

Sweden’s Maud Oloffson Indicates Fiat Still One Of Three Bidders For Saab Automobile AB

Posted on 28. May, 2009 by .

0

A few weeks after the Swedish Government’s Industry minister, Maud Olofsson indicated that Saab would be financially supported by the Swedish Government , now she indicates that Fiat is still one of the three bidders for Saab Automobile AB according to the Local.

While we know the Swedish Government spoke with Fiat back on the 5th of this month, I had the impression that Fiat was out of the running since they seemed more interested in GM Europe and Opel specifically.

If Fiat is still one of the bidders, would this mean that the remaining three bidders would be Geely/BAIC and/or Koenigsegg or would it one of the two prospective U.S. Investment firms such as Ripplewood or Renco?

Continue Reading

Saab Automobile’s 10 Prospective Buyers Will Be Reduced To 1-2 Within The Next Two Weeks

Posted on 03. May, 2009 by .

0

TTELA indicates that in two weeks, the 10 prospective buyers that have recently toured the Saab Automobile facilities in Sweden, will be reduced down to 1-2.

There is also more mentions of not only the next generation Saab 9-5, 9-4x, but also the next generation 9-3 as well.

Here is their piece below.

In 1-2 weeks, the 10 speculators will provide stakeholders a “bid” on Saab.

– The number should taper down to 1-2, says information director Eric Geers.

27 interested parties signed confidentiality agreements Saab. The ten hottest were invited to Trollhättan.

Spread over three weeks now Saab has had these ten stakeholders for a visit. They have had a deeper insight into the company, have seen the factory and have become acquainted with Saab’s new models.

So far, it is most concerned with Saab presented the company and its business plan.

Now the sales process into the next phase.

Now is the time for speculators to play his cards – to show how interested they are.

Next week should be those who are seriously interested to come in with a letter of intent, a kind of intent on how they would drive Saab also on the ports in the driver’s seat.

– We will meet next week and the aim is to taper it down so that we work on with 1-2 of them, “says Eric Geer, and continues:

– We can also assume that these stakeholders would like to meet government, and that even the government want to know what we have for candidates.
[…]

Continue Reading

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

Posted on 31. Mar, 2009 by .

0

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.

Continue Reading

Swedish Government To Saab Automobile: You Need A New Owner Before We Provide Financial Support

Posted on 24. Feb, 2009 by .

0

SVT covers Swedish Industry Minister Maud Olofsson’s visit to Saab Automobile’s facilities in Trollhättan, Sweden today.

During this visit, the Swedish Government has recently sent a message strong and clear to Saab Automobile AB, they need a new owner before any state financial support will be offered, as Reuters reports.

It also looks as though that Saab Automobile AB may have just three-months to find a buyer, beginning last Friday during the process of reconstruction.

I hope that Saab Automobile find their respective owner and fast!

STOCKHOLM (Reuters) – Sweden is not prepared to consider loan guarantees to General Motors’ (GM.N) Saab Automobile unit unless the carmaker finds a private investor to underwrite its business plan, the industry minister said on Monday.

Maud Olofsson told a news conference the government needed a private investor to answer for Saab’s turnaround and repeated the state should not own car makers.

“We need to know there is a secure ownership which takes responsibility for the business plan so that it (Saab) can show a profit in 2012, 2013,” Olofsson said in remarks broadcast live on public service radio.

At the weekend Swedish media quoted Saab’s CEO as saying rival carmakers were among potential investors in the company, which was granted protection from its creditors on Friday by a Swedish court.

Olofsson said since GM has declared it would cut its ties to Saab in a year, a new owner was a prerequisite for the government to believe the Swedish car brand had a future.

“Let us hope those who have contacted (Saab) are the kind of interested parties who are prepared to step in,” she said.

The government has welcomed a reorganization of Saab, but has said it believes its turnaround plan — in which it projects profitability in 2011 — is too optimistic. Saab estimates it made a loss of 3 billion crowns ($543 million) last year and expects a similar result this year.

GM has said it will fund some of Saab’s liquidity needs but that it will not keep the company beyond January next year.

Sweden’s government also said it was preparing to apply for 4 billion Swedish crowns from the European Globalization adjustment Fund to support Sweden’s south-western region, which is home to much of the country’s auto industry.

Continue Reading

Sweden’s SVT Reflects On GM Buying Saab In 1989

Posted on 23. Feb, 2009 by .

0

SVT has one again provided some truly excellent video footage. I understand that they have one of the best video archives in the world when it comes to Saab Automobile footage from the very beginning.

In this film, you can see coverage of when General Motors bought Saab Automobile in December of 1989.

They have even interviewed the Swedish Industry Minister at that time, Ivar Norgren (1988-1990) about the transaction at the time.

Very interesting material for all of us Saab History buffs.

Continue Reading



Production Concept