Tag Archives: representative

SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

Posted on 08. Feb, 2010 by .

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This just in today from Spyker Cars.

SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

ZEEWOLDE, The Netherlands (8 February, 2010) – Spyker Cars N.V. announces today that Spyker has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each. This loan secures the funding necessary to close the Saab transaction as the first USD 25 million has already been paid to GM on January 26, 2010. The convertible loan is conditional on SAAB receiving the EIB loan. On July 15 of this year a final payment of USD 24 million is due to GM. Spyker is confident that it will secure the funding for this second installment.

The European Commission approved the Swedish state guarantee for Saab. With respect to the approval of the Swedish state guarantee, competition commissioner Neelie Kroes said: “The state guarantee will contribute to the implementation of Saab’s business plan without giving rise to any undue distortions of competition”.

Victor Muller, Spyker’s CEO said: “We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board”.

“The positive decision of the European Commission to approve the Swedish state guarantee is another major step towards closing of the Saab acquisition. We are grateful to the Commission of their willingness to work so hard on this decision within the limited time available.”

Pieter Heerema added: “Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the SAAB brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value. This value represents much more than money alone. We are confident that when the company’s management gets the opportunity to implement the business plan we will see a good financial return on our investment as well”.

-Ends-

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Swedish Govt Returns To GM HQ Next Week To Talk Saab

Posted on 07. Jan, 2010 by .

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Representatives from the Swedish Government will be arriving in Detroit on Saturday just prior to the NAIAS along with Saab and Volvo representatives to provide any remaining information the owners, GM & Ford respectivelyneed for the sale according to Reuters.

If I were the Swedish Government representative, I would prioritize Saab because it needs more care than Volvo’s non-dramatic sales process with Ford.

I hope all parties once and for all, get it done when they arrive in Detroit. I think all parties will be on the same physical location at the same time, so they best seal the deal.

Representatives from Sweden’s finance and industry ministries will meet in Detroit with Saab parent GM and Ford (F.N), currently in the process of selling its Swedish car unit Volvo Cars.

“As we understand it, GM has not closed the door to a sale (of Saab), even if the official line is a wind-down,” state secretary Joran Hagglund said.

“We want to make totally sure they (GM) have all the information they need.”

Dutch sports car maker Spyker Cars (SPYKR.AS), which wants to buy Saab, has said GM has set a deadline of Jan 7. for bids for the Swedish firm. [ID:nLDE603121]

Saab, which GM has controlled since 1989, posted a loss of $340 million in 2008 and is expected to have made a similar loss last year.

A deal with Swedish luxury car maker Koenigsegg to buy Saab fell through in late November and in December, GM said it would start winding down Saab’s operations though it would consider new bids for the firm.

Spyker’s CEO, Victor Muller, has said there are multiple parties still interested in buying Saab, which employs over 3,000 workers in Sweden.

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Saab History Arrives In Detroit Ready To "Save Saab"

Posted on 05. Jan, 2010 by .

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I finally arrived in Detroit late tonight, and will be resting up for a good day tomorrow where I plan to join others for the “Save Saab” gathering.

Some of the Saab enthusiasts will be traveling as far as Virginia, New Jersey, New York, Massachusetts, Wisconsin and Iowa to attend the “Save Saab” gathering. I want to sincerely thank all of the individuals that are attending, you are really showing your Saab spirit and now the whole world is watching!

For those are unable to attend, particularly here in the United States, please contact your state Senator or U.S. Representative as soon as possible. I managed to connect with my own State Senator, Susan Collins in Maine as she was passing by me in the Airport on my way to Detroit this morning. When I spoke with her, she said she already knows about the ongoing “Save Saab” campaign and said she’s doing all she can. That’s great that one of our Senators is well aware of the initiative, and here’s hoping the rest do too!

I also want to thank the press who are doing a continually outstanding and unprecedented job at reporting this Saab gathering as of late. Please keep up the great coverage and we hope to see many of you in Detroit tomorrow along with us!

I lastly want to thank my contacts recently at GM for being supportive of our initiative and I hope that we’re able to do our very best tomorrow in communicating our message in our gathering outside that Saab needs to be sold.

I look forward to seeing everyone tomorrow!

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Saab History Urges You To Contact Your State Senator & US House Representatives To Save Saab This Week

Posted on 03. Jan, 2010 by .

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As Saab Automobile’s fate is to be determined in 4 days (January 7th), it could be ultimately up to you in the United States that ensure that Saab is saved and here in the United States, the dealership network is preserved and all of the related business continue.

While some of us are able to make to Detroit to show our Saab spirit, others are gathering in Europe, you in the U.S. need to take action if you cannot make it to Detroit by contaacting your State Senator and U.S. House of Representative to tell them to Save Saab.

Saab History’s colleague Saabs United are also stating that you can make also help make a difference, so check out their site too for the additional talking points and letter.

I sincerely urge you to contact these people by e-mail today, and by phone on Monday. Each Senators and Representative’s office needs so many phone calls that it is overwhelming that they do something on Monday. Please take this initiative.

Here is the contact info and talking points.

Call Your US State Senators and US House Representatives TODAY!!!!!

Every US citizen who is concerned about Saab’s future needs to ACT TODAY! Time is running out. A decision by GM not to sell Saab is unethical, injurious, arbitrary and simply bad business. This needs to be made more public! We need to alert the media and our elected politicians about this while there is still time to prevent GM from injuring all of us. Please follow the links below to find the US Senator and House Representative for your State. For your Representative you will need your zip code +4. I have included the US Postal link for your convenience.

Contact Info for Officials from the President to State Legislators:
Phone, Email, and Snail Mail for Your Congressional Representative:
Phone, Email, and Snail Mail for Your Senators:
Send an Email to the White House:
http://zip4.usps.com/zip4/welcome.jsp

Saab Talking Points

* Important note! : Two deals exist (Spyker and Merbanco). Both match GM’s initial offer for sale as well as address all the additional concerns raised by GM!

* What’s At Stake?: As a result of GM’s decision to shut down Saab, about 5,000 jobs will be lost at the dealership level in the US. It is not a very large number, but each of those losses can be avoided.

* Additional Information: The US taxpayer currently owns 61% of GM via $30+ billion of bailout funds and outstanding loans of an additional $4.5 billion.

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Saab History Emphasizes That You Can Make A Difference!

Posted on 28. Dec, 2009 by .

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Saab History has just received the following information that from a colleague in the United States stating that you can make also help make a difference.

As Saab Automobile’s fate is to be determined in now less than 4 days, it could be ultimately up to you that ensure that Saab is saved and here in the United States, the dealership network is preserved and all of the related business continue.

Here is a writeup from a colleague below:

Call Your US State Senators and US House Representatives TODAY!!!!!

Every US citizen who is concerned about Saab’s future needs to ACT TODAY! Time is running out. A decision by GM not to sell Saab is unethical, injurious, arbitrary and simply bad business. This needs to be made more public! We need to alert the media and our elected politicians about this while there is still time to prevent GM from injuring all of us. Please follow the links below to find the US Senator and House Representative for your State. For your Representative you will need your zip code +4. I have included the US Postal link for your convenience.

U.S. Senate
House Of Representatives
Zip Codes

Saab Talking Points

* Important note! : Two deals exist (Spyker and Merbanco). Both match GM’s initial offer for sale as well as address all the additional concerns raised by GM!

* What’s At Stake?: As a result of GM’s decision to shut down Saab, about 5,000 jobs will be lost at the dealership level in the US. It is not a very large number, but each of those losses can be avoided.

* Additional Information: The US taxpayer currently owns 61% of GM via $30+ billion of bailout funds and outstanding loans of an additional $4.5 billion.

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Spyker Cars CEO, Victor Muller In Trollhattan Today

Posted on 22. Dec, 2009 by .

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TTELA reports, that Spyker Cars CEO, Victor Muller is in Trollhattan, Sweden today.

Muller met with the folks for the Saab Automobile union, IF Metall and discussed the deal with them. Evidently, all that is needed are the contracts to be completed by December 31st according to Muller.

Here’s hoping all contracts are completed and the sale is finalized. I’m sure there will be more updates today.

In the meantime, here is the article below:

Spykers president in Trollhattan

IF Metall’s chairman Stefan Löfven met Spykers president and founder Victor Muller in Trollhättan, Sweden on Tuesday and discussed the possible deal between GM and Spyker. [updated 15:40]

The meeting took place with local Metall Chairman Paul Akerlund and Union Anette Hellgren.

– We met him for a good half hour and he reported thoughts about the business plan, including financing, and how they see the production and development in Sweden. It was a good conversation and we were clear to us that it is a most serious buyers who want to do business. And now it’s hurry, “says Löfven.

– GM needs to show that they want to do business, then it also depends on the government and the Debt Office makes what is for them.

Do you consider that Spyker is a good buyer?

– Yes, with the funding is available. We want the production and development in Sweden with the Swedish management and business plan is the same as the Koenigsegg and the Saab-developed. And it was tested on the length and breadth of both the Debt Office and the Bank and the Government’s own consultants, so it is sustainable.

There is much speculation about the financing. Muller gave no information about it?

– They have, after GM broke off last week, made on the parts that GM had questions about. With it may be considered that the funding is resolved enough.

Muller reported the people behind the funding?

– I will not go into details, but now it’s between the GM and Spyker. It is important to us that GM really wants to sell because there is speculation in another direction. If all parties are now working quickly and concentrated so it may look good, “
says Löfven.

Although the Union representative Anette Hellgren was cautiously optimistic after meeting with Victor Muller.

– My perception is that he seemed to be a very enthusiastic and committed person who is eager to buy Saab.

Anette Hellgren says he is confident that much will be ready before 31 December.
[…]

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Saab Automobile AB Management & Swedish Government Delegates Arrive In Detroit Prior to GM Board Meeting

Posted on 30. Nov, 2009 by .

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The Saab Automobile management board along with delegates from the Swedish Government will be in Detroit Monday, a day prior to the GM board meeting on Tuesday, December 1st where the fate of Saab will be determined.

It will be at GM’s HQ where Jan-Ã…ke Jonsson and others from Saab Automobile will be giving a presentation on the future of the company.

Here’s the article from Sweden’s The Local

Swedish officials in last ditch Saab rescue plea

A Swedish government representative is due to land shortly in Detroit to provide input to the General Motors (GM) board ahead of a Tuesday meeting where it is expected to decide the fate of Saab Automobile.

State secretary Jöran Hägglund of the Ministry of Enterprise, Energy and Communications (Näringsdepartamentet) is set to meet the GM top brass on Monday in what is viewed as a last ditch effort to convince the US automaker to pick a solution other than shuttering Saab for good.

Hägglund traveled to Detroit on short notice as part of a delegation from both his ministry and the Swedish Ministry of Finance.

When the GM board meets on Tuesday to formulate its decision, it will hold the future of roughly 4,000 residents of Trollhättan in western Sweden in its hands, as well as the fates of an additional 4,000 workers throughout Västra Götaland.

Saab CEO Jan Ã…ke Jonsson criticized the government last week for not doing enough to save Saab, which unions also charged in even more pointed language.

Hägglund’s meeting with the GM leadership is an effort to sort out any remaining questions and give the Detroit bosses insights into the facts following the drawn out and now collapsed process with Koeningsegg.

“Another important mission to also to try to determine what sort of financial muscle the prospective buyers have,” Hägglund told Svergies Televsion (SVT) in a pre-taped segment which broadcast on Sunday night.

Hägglund has previously confirmed that there is interest in taking over Saab from several potential suitors, but he refused to divulge any names.

In the meantime, one name has emerged – that of the American investment group Merbanco.

But the interest remains only if it’s possible to avoid a new, six-month long process, Merbanco CEO Christopher Johnston told the Reuters news agency.

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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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