Tag Archives: Investment Bank Loan

Swedish National Debt Office Submits Final Approval For State Guarantee Of European Investment Bank Loan

Posted on 12. Feb, 2010 by .

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The Swedish Government’s Maud Olofsson and Bo Lundgren held a press conference today at 3:20pm in Sweden about the Saab Spyker EIB loan Guarantee.

They indicated that the final review of the Swedish National Debt Office has been completed and submitted to the EIB, now we await the decision from the European Investment Bank.

The response from the EIB is expected either today or Monday, February 15th, when the Spyker Saab sale is expected to close.

For more information about this conference and for a video recap, please visit this link.

Here’s a recap from Sweden’s E24 News covering the press conference that was over 20 minutes long.

The Debt Office has given its final approval of the State guarantee for Saab’s loan from the European Investment Bank for 400 million euros. The Debt Office also believes that the business plan is “reasonable”.

– We are the projects and ensures that makes us a greener vehicle fleet, “said Maud Olofsson, during the press conference.

– Then it’s up to Spyker and GM to make up for the deal. But we have sufficient collateral to provide these guarantees, “she says.

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Saab Automobile European Investment Bank Loan Process

Posted on 13. Aug, 2009 by .

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Saab Automobile’s progress in the European Investment Bank loan has been covered on Sweden’s E24 website as of late.

“We do not have lower standards than a traditional bank. Historically, it has rather been on the contrary, “says Eva Srejber, Deputy Head of the EIB, which will assess the Saab’s application for a loan of just over 4 billion.

Yesterday, the investors behind Koenigsegg Group data to the Bank on the new Saab could look like after an acquisition.

The information includes an income statement, balance sheet, new financial plan forecasts of future revenue and a stress test.

It is the same information presented to, among other government representative Jöran Hägglund at yesterday’s meeting with Koenigsegg consortium. In order to EIB will approve the loan required that the State enters as the guarantor.

But there is no extra break the bank to process the application for loans to finance research and development projects in order to produce more environmentally friendly cars.

– We want our money back and we do not have lower standards than a traditional bank. Historically, it has rather been the opposite. The fact that a company receives a loan of us have been perceived as a quality of other banks, “says Eva Srejber, Deputy Head of the EIB, which will be on the assessment of loan applications.

And now, they more or less secret investors behind Koenigsegg Group nagelfaras.

– Of course, we will review everything very carefully. It is the company itself, which must have a long-term survivability. We in the EIB pipeline, and the bank’s board, must consider that it is likely that the company can pay back the loan, “says Eva Srejber.

EIB own transport economists to examine the application from an economic and financial perspective.

– We are considering including in the balance sheet strength, future income projections pm, any deposits and guarantees. We have political objectives, but within the policy objectives, we work as the bank any time.

But if the government / Riksgälden decides to guarantee the loan, then it is well, no doubt that you grant it?

– Bank’s staff and management will always do their own assessment. But the bank is owned by the 27 member countries, and representatives of national governments on the Board. It is unlikely that Riksgälden and EIB come to different conclusions. Both have an interest in the loan is repaid.

How strict is the assessment as to the projects you accept?

– It may be a variety of things that makes a car less negative environmental impact. It may be the tires, weight or shape of the car or the entire drive system, engine or fuel. We can also finance development projects to produce cars that are safer, to reduce the accident rate.

But all the research goes well the idea is that you should develop safer and more environmentally friendly cars. It sounds like you can imagine that underpin all research in a car?

– You are right that most car conducting a research with a focus on reducing environmental impacts. And it has to do with the future requirements that cars must meet. It is our engineers to evaluate which projects we can accept, “says Eva Srejber.

But even if the Bank approves the loan application, are financing problems are not solved for Koenigsegg Group.

The company may only fund half the project cost with loans from the EIB.

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

Posted on 16. Jun, 2009 by .

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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.

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Saab Automobile AB Applies For European Investment Bank Loan, Not GM

Posted on 17. Feb, 2009 by .

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The jury was out for a while as to why General Motors did not apply for the other loan to the European Investment Bank for $600 Million, now we know why. SVT reports and TTELA in my conversation today, I have now learned that the Swedish Industry Minister, Maud Olofsson just indicated that Saab Automobile AB themselves, actually just applied for the loan to the European Investment Bank for the $600 Million! Take a look at the video above for all you that are familiar with the Swedish language.

This is really good news, because now it appears that the game of chicken may be coming to an end because the Swedish Government as I mentioned earlier did not want to fork up their share of the other $400 million until GM came through with the EIB loan for $600. Now that the Saab Automobile have applied for it directly, perhaps the Swedish Government, once the plan is released later tonight, will come through with their financial support as well knowing that it won’t go to Detroit afterall?

It looks like Saab Automobile AB has the chance of actually acquiring the total of $1 Billion dollars in loans afterall by all accounts at this time. I am getting optimistic, now all we wait for are the details in that business plan to be submitted at 6pm, EST to the U.S. Treasury.

In addition to the video above, I do have a translated copy of what transpired that helps confirm this breaking news:

GM: Saab to be reconstructed

Saab will set the payments already in a few days, experiencing Report. The reason is that Saab owners GM is preparing a reorganization of the Saab. A decision by GM’s board may already tonight.

The reorganization means that an adviser called in to help the company back on its feet and protect the Saab from the claimant up to nine months. A notification to the district court may be submitted already in a few days.

-In particular, you can then review the activities, says the administrator Rolf Åbjörnsson to SVT.

-You can also cut off around 75 percent of the debts, continues Åbjörnsson.

-A rescue loan, as promised by the government, is extremely significant because it could finance the reconstruction, says the administrator Rolf Åbjörnsson.

Industry Minister Maud Olofsson said that politicians should not take the responsibility that must be demanded from the owner GM.

-It should be clear that GM is trying to leave Saab, said Industry Minister Maud Olofsson to SVT’s News on Tuesday evening.

This is underlined by the Saab itself, not GM, submitted a loan application for support from the European Investment Bank.

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