Tag Archives: Mark Bishop

Saab History Year In Review – 2009

Posted on 31. Dec, 2009 by .



Saab History marks it’s third full year since its launch in the fall of 2006. This year was quite unlike any that Saab has had over its lifetime including the past twenty years under GM ownership.

I have decided that unlike previous years writing a review about the happenings about Saab History specifically, it seemed more appropriate and timely to cover Saab’s own history over the course of the year.

Below is a month-by-month summary I have provided which will be updated based on the events over the course of the next three days.



At the first of the year we understood that GM was was strategically reviewing the Saab brand and gave Saab 3-months to find a buyer. If no buyer was found and a deal secured, GM would keep Saab running until December 31st, 2009, then wind the company down.

Following this news, speculation grew rapidly on what company could be the new buyer for Saab Automobile ranging from Fiat, TATA, BMW to Porsche, all stating that they are not interested in buying the company.

As dialogue rapidly continued about the sale of Saab, we heard from Saab and representatives from the Swedish Government attending the 2009 North American International Auto Show about the status of Saab. Saab Automobile’s own, Jan-Ake Jonsson stated “that in order for his company to be successful, it needed to become separated from GM. It was here where we learned about the “official talks” beginning with GM’s interest in selling Saab. This included everything from the company’s business plan to potential loans needed from the European Investment Bank in order for to become independent of GM.

In parallel, the 2010 Saab 9-3x and 9-4x official spy photos were released combined with those of the all new Saab 9-5 sedan. On the others side of the spectrum, GM was forced to sell the Pikes Peak heritage collection car.

At the end of this month, we learned that there was a significant date coming up of February 17th, which was the date that GM submitted their viability plan to the US Government.



At the first of the month, Saab Automobile began to update their global marketing strategy as they continued to work hard to develop their sustainable business plan.

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Christian Von Koenigsegg Interviewed About Saab Vision

Posted on 27. Oct, 2009 by .


Car Magazine has interviewed Christian Von Koenigsegg about his vision for Saab Automobile. If you have not learned much about CvK and his vision for Saab, please read this interview in addition to the on camera interview I did back in September.

What’s surprising in this interview is that CvK admits it was not his idea, but previous investor, Mark Bishop’s idea for Koenigsegg to buy Saab from GM.

Read the rest below.


Photo Credit: Getty Images

By Tim Pollard

27 October 2009 11:12

We meet Christian von Koenigsegg in Ãngelholm in the old flying squadron offices of Koenigsegg Automotive’s offices. A new supercar rolls out of the old Jas hangar every fortnight on average, each built by hand. The rolls of carbonfibre lying around serve as a reminder that life is about to become very different. Koenigsegg is leading the masterplan to buy Saab from GM, a deal which is dragging on as funding and legal loops are jumped through. A perfect time then, for CAR to interview Christian von Koenigsegg on his plans. He talks candidly about future product, the chances of reviving the Sonnet sports car brand, launching a sub-9-3 Mini rival and returning to rallying.

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Saab Automobile-Koenigsegg Deal Financing Complete

Posted on 08. Sep, 2009 by .


Reuters and the Associated Press have recently received indications from the Swedish Government’s Joran Hagglund that Saab Automobile & Koenigsegg’s financial plans have been completed and as we already have recently found out, as there was no funding needed from the government to secure the deal.

This confirms what we heard earlier so now we just need to get the confirmation that everything is a go either by the end of October from all accounts I am hearing.

Here are the pieces from both Reuters and the AP, stating that the the financing is complete and that the deal will be ready by October 31st. This is good news for the first day of the new week!

STOCKHOLM, Sept 7 (Reuters) – Luxury sportscar maker Koenigsegg has presented the Swedish government with a new plan for financing its purchase of Saab Automobile [GM.UL], a government official said on Monday.

State Secretary Joran Hagglund told Reuters the plan no longer involved any extra loan from the Swedish state on top of guarantees for funding from the European Investment Bank. He declined to comment on the details of the plan.

“They have presented us with a plan … we will look at it from our side and decide how credible it is,” Hagglund said.

“As I understand it, they will present information on the matter in the coming days.”

(Reporting by Victoria Klesty)

Koenigsegg secures financing for Saab deal


Koenigsegg Group AB has secured the extra financing needed to complete the acquisition of Saab Automobiles from General Motors Corp., the Swedish government said Monday.

Joran Hagglund, a senior official at Sweden’s Ministry of Enterprise, told Swedish Radio that the consortium headed by sports car maker Koenigsegg has presented a financing plan for the deal to the government.

Koenigsegg Group signed a deal to buy the troubled Swedish car brand from GM in August, but said about 3 billion kronor ($417 million) were missing before it could conclude the deal.

Around the same time, documents filed with the Swedish Companies Registration Office revealed that San Diego-based investor Mark Bishop had opted out of the deal. Bishop had initially been registered with a 22.2 percent ownership share in Koenigsegg Group.

Hagglund said the government is now reviewing the details of the financing plan, but didn’t reveal who was injecting the extra cash.

Saab spokesman Eric Geers said the company would present the new investor shortly and said it expects the acquisition to be completed before Oct. 31.

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Saab Automobile’s Investor Percentages Change Again

Posted on 05. Sep, 2009 by .



Saab Automobile’s new investor has changed within the last few days and the entire percentage of investors has also changed to what we see above.

According to SVT, this new investor is known as “Sunshine”, a company owned by Augie Fabela who already has a stake in the company with another one of his businesses known as Alpraaz. Together, this means he will own 66% of the company, effectively 2/3rd of the entire company. That’s a huge stake.

It will be very interesting to see if this percentage continues and also more about what this new Sunshine company is all about as SVT and other media sources cannot find anything about it other than it being based in Amsterdam. It sounds like Mr. Augie Fabela really wants this deal to go through now putting two companies on the table to ensure the financing is complete.

I wonder what’s going to become of this additional loan that GM gave Saab Automobile? Is GM now off the table as an investor, just offering a loan not a seat at the table? This may be getting confusing, so I hope we hear all of the details when the deal is complete.

Perhaps this new investor was the “ray of light” that Saab Automobile needed? We’ll see if this ownership structure stays until the deal is complete, otherwise the percentages and even another investor may come into the picture again. Time will time of course.

In the meantime, here’s the piece by SVT about this recent news.

Playing on the Saab Automobile continues. Now comes evidence that Koenigsegg Group is about to get into the three billion taken to cope with your purchase. While the state requires the company to rung 75 million kronor in the autumn.

ownership structure has changed a lot in the Koenigsegg Group since its inception in late May. American Mark Bishop transferred June 25 its shareholding to 22 per cent to Alpraaz, Christian von Koenigsegg own company, and Spoke Group, Norwegian Bard Ekers company is the largest shareholder in Koenigsegg Automotive.

• In mid-July, the Dutch company Sunshine In. Behind the company is Augie K Fabel, chairman of the Koenigsegg Group.
• To see ownership in accordance with the share register:

Sunshine 42 percent
Alpraaz 24 percent
Eker Group 24 percent
Koenigsegg Automotive 10 percent.

Just two weeks ago claimed Koenigsegg Group that it required a kind of bridging loan from the Swedish government for the deal would go through. The government refused to cross.

Now, new funders as the input. Unclear which.

“Koenigsegg Group no longer need any additional loans from Swedish state but is capable of financing with the help of GM and the new investors,” said a source familiar with the negotiations as Dagens Industri quoted.

“Feels good thing ‘
The new agreement may be ready to be presented next week.

“We can confirm that negotiations proceed and that it feels positively. We work to a conclusion as soon as possible, “says Halldóra von Koenigsegg at Koenigsegg Automotive to TT.

Nowadays the largest shareholder in Group Koenigsegg American businessman Augie K Fabel, who is also chairman of the board. He stands behind the fact the Dutch company with the cryptic Swedish sounding name of Sunshine, which according to the share register was over 42 percent of the shares in mid-July. Sunshine has an address in Amsterdam that is shared with many other companies. But no website or phone number.

Halldóra von Koenigsegg confirms that it is Fabel company.

-Yes, that’s it, “she says.

Saab require millions
Overall, the Koenigsegg Group expects to require about 11 billion to get Saab back onto the road.

Current owner GM has already provided 2.8 billion kronor in the form of a loan and by paying for the production equipment for the new Saab 9-5. Koenigsegg Group has entered 720 million. In addition, the company hopes on a loan from the European Investment Bank (EIB) of approximately 5 billion. For the loan guarantees are required from the Swedish government.

A setback for Saab is that the state will require the company to around 75 million crowns in the autumn. The money is part of the pay security paid to the employees when reconstruction began.

Tax and the County Administrative Board of Västra Götaland believe that the money is not included in the composition and therefore should not be written off by 75 percent as other liabilities.

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Did GM Fill The 22% Financial Hole In the Saab Deal?

Posted on 03. Sep, 2009 by .



The local reports that it was not an anonymous investor, but solely the work of Government Motors that filled the remaining 22% hole that previous U.S. investor, Mark Bishop backed out of.

What seriously concerns me about this deal is that I honestly feel that this “loan” won’t be without a significant amount of strings from GM to Saab. Furthermore, this means that the newly “independent Saab” will have nearly a quarter ownership by the company that they are working so hard to be a part of, GM. How is that going to work in Saab’s favor when a huge percentage of the ownership is status quo as we know it well circa 1989-Present?

I have deep concerns about the independent nature of this new company still referred to by GM as a brand, which I maintain should be referred to as an independent company. I guess Saab won’t be independent until they are literally independent of GM, correct?

If you are a U.S. taxpayer, this means you are part owner of a Swedish, Norwegian, Russian automobile company due to the 60% U.S. Treasury owned GM.

I leave you with the article from the local today that does not need any translation.

GM to fill Saab funding hole: report


The prospective purchaser of the ailing Saab Automobile company – the Koenigsegg Group – has found new investors to enable it to complete the deal, according to reports in the Dagens Industri business daily.

Saab’s current owner, General Motors, will also stump up three billion kronor ($412 million) to fill the funding hole.

The paper’s information reportedly came from a source close to the deal. Koenigsegg Group, which has been pressing the Swedish Government over the last two weeks for top-up funding in order to save the company, has stated that it can now complete the deal without government assistance.

“Koenigsegg Group no longer needs additional financing from the Swedish state due to securing financing with the help of GM and new investors,” said the source.

The new settlement may be presented as soon as next week. Saab requires approximately 11 billion kronor ($1.5 billion) before the company can begin to operate profitably, according to the Koenigsegg Group. Current owner GM has already contributed 2.8 billion kronor ($385 million) in the form of a loan and through paying for production equipment for the new Saab 9-5. The Koenigsegg Group has contributed 720 million kronor.

The company also hopes to secure a loan from the European Investment Bank of around 5 billion kronor. In order to secure that loan the company will require a guarantee from the Swedish Government.

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Koenigsegg Submits Business Plan & Loan Application To The Swedish Government & European Investment Bank.

Posted on 12. Aug, 2009 by .



The leader of the Koenigsegg Investment team, Augi K. Fabela has met with the Swedish Government today and has submitted the Koenigsegg-Saab Automobile business plan according to Sweden’s Dagens Industri. In addition, the application for the loan to the European Investment Bank has also been submitted today.

Now the ball is in the court of the Swedish Government to accept the business plan as they requested earlier this month and endorse the loan application as a guarantor for the $600 Million dollar European Investment Bank loan.

Once both parties agree on the business plan and the loan application, the Koenigsegg-Saab arrangement will be ready to go by September 30th.

Koenigsegg has met with government

Published 2009-08-11 22:03

Representatives of Koenigsegg Group has today met with the government to convince the business plan for Saab is that the consortium and actually have the money required.

Ministry of Industry would like to officially neither confirm or deny today’s meeting between Secretary of State Jöran Hägglund and representatives of Koenigsegg Group. But a meeting has taken place, the government wanted to clear up the uncertainties surrounding the ownership and financing.

– We had a need to get a grip on what they think and what there is of money behind this, “says a centrally placed source at the Industry Ministry to TT.

The data in the media that one of the owners of Koenigsegg Group should have sold its shares will now be fully investigated. Now the government has a clear idea of who is behind the consortium. The source would, however, not confirm details of the dropoff he would be the American businessman Mark Bishop.

Jöran Hägglund has previously asked for a “credible financing” to the state should put up guarantees for the deal between Koenigsegg Group and Saab-owner GM.

HÃ¥kan Lind, Head of Department, says that the work of investigating the question of possible state guarantee for Saab’s loan application from the European Investment Bank (EIB) of 4.3 billion goes as planned.

– We have the ambition to have all decisions clear to the Bank Board meeting September 22, “says Lind.

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Koenigsegg’s Augi K Fabel To Meet With Swedish Government Today To Submit Business Plan

Posted on 11. Aug, 2009 by .


TTELA & E24 report that the Koenigsegg group‘s leading investor, Augi K Fabel, is meeting with the Swedish Government’s Jöran Hägglund today in Stockholm to convince them that their business plan is financially sustainable.

I really hope that this business plan is now bulletproof and the Swedish government accept it and then turn around and immediately act as guarantor’s of the European Investment Bank loan for Saab Automobile.

Here’s the piece below loosely translated.

Koenigsegg hits Government Tried dark their name at Saab-purchase

Trollhättan Today should Koenigseggs President aUgi K Fabel meet government representative Jöran Hägglund and try to convince that the business plan for the Saab and agree that the consortium has the financial muscle needed, writes web E 24.

It provide a central source for the magazine. Jöran Hägglund has previously asked for a “credible funding” before the government provides the state guarantees.

Håkan Lind, Head of Department, would not confirm details of the Koenigseggs President Augi K Fabel visits the government representative Jöran Hägglund on Tuesday to discuss Saab affair.

– We are constantly meeting with all involved and chose not to comment on with whom and when, “says Lind to TT.

HÃ¥kan Lind also says that the process of investigating the question of possible state guarantee for Saab’s loan application from the European Investment Bank (EIB) of 4.3 billion goes as planned.

– We have the ambition to have all decisions clear to the Bank Board meeting September 22, “says Lind.

Saab-speculators of the Koenigsegg Group tried to keep confidential the names of two of the people who would inject capital for the purchase.

It writes Daily Industri.Koenigsegg Group tried to classify both Mark Bishops and aUgi K Fabel name when the information on the company’s directors submitted to the Swedish Companies Registration Office in early June. The report DI.

“Privacy in this case should apply to the Agency when such persons may be exposed to violence or other serious but on disclosure,” wrote Koenigseggs representatives, the consultancy company law to Bolagsverket in connection with the Koenigsegg Group registered. The request was under DI later withdrawn after discussions between the parties.

According to the DI has now hidden ghost Mark Bishop dropped out of and replaced by another owner.

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Koenigsegg’s Investment Team Looses 22.2% Investor, Mark Bishop, Citing Exposure Hindering His Anonymity

Posted on 10. Aug, 2009 by .


Koenigsegg’s investment group that involves Mark Bishop, who held 22.2 % of the investment, is now reportedly leaving the group citing massive attention to this transaction from the media according to TTELA, the Swedish Wire & Dagens Industry and others. Not only has this attention been a mention of who he is, but apparently there have been journalists from Sweden and elsewhere visiting where he lives in San Diego and doing more investigative snooping that he has had about enough of. It has also been said that his previous track record in business lending in sub-prime mortgages was also possibly going to create problems in the long run as that has also been exposed during this process. Apparently, Mark Bishop thought that investing in an international automobile company could be completely anonymous, so clearly he underestimated what he was getting into.

This leaves a financing hole in the Koenigsegg Investment group that was exposed last month, that the Saab Automobile’s Reconstruction Team needs to fill quickly. We understand that this team has been working diligently for 12-18 hour days trying to resolve this and also wrap up the Koenigsegg-Saab sale process.

What’s so surprising in this revelation for Saab Automobile and their Koenigsegg investment team is that their appointed lawyer for reconstruction, Guy Lofalk is surprised of this recent development as of late and was apparently in the dark about it according to TTELA’s interview with him.

Here’s a writeup from the Swedish Wire.

bishop.jpgAmerican investor Mark Bishop is said to be leaving the Koenigsegg Group and the acquisition of General Motor’s luxury brand Saab.

Mark Bishop, called the “Saab ghost” in Swedish media because of his withdrawn manners, are said to be leaving the Koenigsegg Group and the planned purchase of General Motor’s Sweden-based car brand Saab.

The American investor holds 22.2 percent of Koenigsegg Group. But according to business daily Dagens Industri Mark Bishop has gotten “cold feet” due to massive attention the deal has brought upon and the presumptuous demand for information about his private finances.

“There are those who do not like to be seen. Apparently they think what happened so far has been too much. So it’s going to be some changes [in the Koenigsegg Group]”, Jöran Hägglund, the Ministry of Industry’s chief negotiator in the automobile industry, said to daily Göteborgs-Posten last week.

During the acquisition process, Mark Bishop has consequently refused to talk with the media. A former colleague to the San Diego-based investor said to Dagens Industri: “He is like a ghost”.

Still, Jöran Hägglund wants to make it clear that the acquisition is not likely to crack just because one investors steps down. The government has promised to clarify the situation for the public within soon – and has urged Koenigsegg to do the same.

There are many loose ends to the deal. The investors backing up Koenigsegg Group are still unknown to the public, the government is in the dark on how much the Koenigsegg Group would invest in Saab and the group has been criticized for probably not having enough capital to run a loss-making company in Saab’s size.

Saab is currently under creditor protection. The reorganisation will be allowed to continue until August 20.

According to official data Koenigsegg Group has five executives: American Augie K Fabela (Chairman), Norwegian BÃ¥rd Eker and Mark Bishop. American Melissa Schwartz is Deputy Director and Christian von Koenigsegg, who founded the sports-car maker in 1994, is President.

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