Tag Archives: representative

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

Posted on 11. Aug, 2009 by .

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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 The request was under DI later withdrawn after discussions between the parties.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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Saab Dealerships In U.S. Need Secured Floor Plan Funding Now, In Order To Survive Throughout The Reconstruction.

Posted on 19. May, 2009 by .

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I have been talking with many Saab Dealerships In United States as of late and all them have agreed on their number one priority, Floor Planning.

Floor planning is the ability to have lending through a bank for their cars which are now all stored at their dealership as there is no more port storage.

It has been suggested from these Saab dealerships that with the relaunch of Saab in the United States, a Saab Financial Services be reconstructed and managed all 225 Saab dealerships with a new secured loan for floor planning as way to save the dealerships and thank them for sticking it out as long as they have.

If I was Saab Automobile AB at this time, I would work with whomever you can to get Saab relaunched in the United States, with a new financial services division to handle ensuring that each of these 225 remaining Saab dealerships continue on.

Here are more details on what floor planning is all about from a great source on the U.S. Department of Treasury website.

For the direct link to the entire PDF (which I suggest all Saab dealerships read), click here.

Floor plan, or wholesale, lending is a form of retail goods inventory financing in which each loan advance is made against a specific piece of collateral. As
each piece of collateral is sold by the dealer, the loan advance against that piece of collateral is repaid. Items commonly subject to floor plan debt are automobiles, large home appliances, furniture, television and stereo equipment, boats, mobile homes, and other types of merchandise usually sold under a sales
finance contract.

This type of financing involves all the basic risks inherent in any form of inventory financing. However, because of the banker’s inability to exercise full control over the floored items, the exposure to loss is generally greater than in other similar types of financing. Most dealers have minimal capital bases relative to debt. As a result, close and frequent review of the dealer’s financial information is necessary. In analyzing that data, it is important to review the number of units sold and the profitability of those sales. A comparison should be made between the number of units sold and the number financed to ensure that inventory levels are not excessive. As with all inventory financing, collateral value is of prime importance. Control over that requires the bank to determine the collateral value at the time the loan is placed on the books, to continuously inspect the collateral to determine its condition, and to impose a curtailment requirement sufficient to keep collateral values in line with loan balances.
[…]

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Saab Automobile AB Allowed To Continue Reconstruction Until May 20th

Posted on 06. Apr, 2009 by .

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Photo Credit: Roger Larch/ TTELA

TTELA Reports that at the judge, Cecilia Tisell of the Vänersborgs District Court has given the go ahead for Saab Automobile AB to continue their reconstruction process until May 20th.

This is good news, please read the translated version below:

April 6, 2009

Session Hall in Vänersborgs kommunshus was well-filled, but the 250 seats was enough well to. The massive anstormingen of creditors did not happen. Photo: Roger Larch
The reconstruction can continue

Vänersborgs District Court announced BY twelve o’clock that Saab’s reorganization will continue, but only until the May 20. A creditors’ committee is appointed, and this included the representatives of the creditors are General Motors, IAC Sweden, Tax and a staff included.

On Monday the creditors’ meeting will take place from the floor in Vänersborgs town hall.

The media interest was very high and reporters and photographers took up several rows from the floor in Vänersborgs kommunhus when the creditors’ meeting took place during Monday morning. The representative of the creditors took up a handful of rows with ten seats on each. The massive influx of over 1 300 creditors did not happen.

President of the Court of Cecilia Tisell started to go through what is applicable to today’s meeting. That creditors may request that a creditor committee is appointed. Creditors can also make a requirement that it be terminated, if they do not believe in the new reorganization plan.

When the creditors’ meeting was closed after just one hours, none of the creditors’ representatives demanded that the reconstruction would cease. In contrast, the number who felt that a creditors’ committee should be formed.

The administrator Guy Lofalk explained that there are several stakeholders who want to invest in Saab. The next step is now a long presentation of the company for these stakeholders.

Saab introduced its timetable, which the company intends to request an extension on the construction of three months when the time expires May 20. Saab will also require negotiation chords which calls for creditors write down the debt by about 75 percent. Such thinking Saab to June 17.

GM has promised to write-down of debt, and that Saab will get access to the necessary tools to build the new cars.

Saab Jan Ã…ke Jonsson’s main argument for Saab to be alive is that there are several new models which in principle is clear. With them he thinks Saab before 2013 can reach volumes of 130 000 cars a year.

Marcus Nyman, CEO of IAC Sweden, a major subcontractor to the automotive industry, was one of the creditors who gave the reorganization continued its support. He believes in Saab’s plan:

– That I have been able to see the operational and financial here today it is an extremely positive plan. With a new owner can take this further and create a profitable Saab and a profitable sub-clusters, “he says.

– Saab is an extremely important customer for IAC. We are dependent on their future employment and activities in Sweden. It is important for the region and the whole of Sweden that Saab is on the market.

– We support the further reconstruction to one hundred percent.

While he expressed concern about what happens to the tools to build the new models of General Motors’s insolvency.

IAC, which has done away with many of the staff because of the current crisis, still has a claim on the Saab in the multi-millions as Marcus Nyman. Although GM has said that it paid the majority of providers who had claims on the Saab before reconstruction.

– We have not received the full amount from GM that was said from the beginning, “he says.

What do you think of that it looks as if GM treats subcontractors different?

– It may be GM answer. It can be an administrative error that has occurred.

He understands the requirement of chords, but hope to avoid.

– We hope that GM solves the remaining claim. Otherwise, it will be difficult for us to take such a blow, “he says.

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The Outcomes Of Saab Dealerships In Saab’s Transition Towards Independence From General Motors

Posted on 26. Jan, 2009 by .

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Photo Credit: Saab Automobile USA

There have been a number of Saab dealerships that have been asking questions about this transition period towards independence for Saab Automobile as of late.

In particular, the dealerships here in the United States have an interesting situation perhaps not too far unlike those in Sweden and elsewhere. As you know that in Sweden, basically most Saab dealerships are partnered with Opel, totalling 128. In the United States, however there are as of my most recent calculations 34.47% (79) that are exclusive, leaving the rest as a non-exclusive 65% (149) totalling 229 dealerships.

So this situation as it stands in the United States is an interesting one. What is the plan during this process of independence for Saab Automobile for existing Saab dealerships? I would say right off the bat, that all 79 exclusive Saab dealerships would be in the best possible position, so what happens to the other 149 dealerships that are either coupled with other brands and/or are part of that GM “premium” channel (Saab/hummer/cadillac) dealership configuration? One dealership in the United States planned to build one of these premium brand facilities this spring and has totally held off until there is some solid plan as to what is happening with not only hummer and Saab, but the dealership channel as well. What if you were a prospective business looking to start an exclusive Saab dealership today, hypothetically, where would you go, who would you talk to? There needs to be a source to answer these questions regardless of what is taking place with General Motors today.

In addition, there has been lot of money spent all over the country on new dealership facility designs resulting in exclusive, exclusive variable and satellite dealerships, so will these continue once Saab Automobile becomes fully independent?

I hear that from these dealerships, in lieu of getting any straight answers from General Motors (no surprise), many have hoped to pose these questions at the recent National Automobile Dealership Association conference that goes from January 24th to the 27th. I suggest that if Saab dealerships don’t get any straight answers there, nor from their General Motors rep (who aren’t getting any info from the top), they contact their representative within their Saab dealership council.

I would look at the Saab dealership council in any country as the transition team and colleagues that are working as hard as they can to seek out the best outcomes for their fellow dealership constituents.

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Saab Automobile To Receive European Bank Loan?

Posted on 09. Jan, 2009 by .

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Saab Automobile AB has already received the ability to apply for the $3.14 billion dollar loan that the Swedish Government has indicated back on December 11th, 2008.

According to Ola Kinnander at Dow Jones in Sweden, Saab Automobile AB is going to be possibly receiving another loan from the European Investment Bank. The European Investment Bank has a current list of recipients for loans, so this will be a good place to keep checking for the details of this loan, should it come to fruition for Saab Automobile’s sake. At this time, Saab is not yet listed.

Hagglund, a representative of the the state ministry indicated that he along with many members of the Swedish Government will be in Detroit during the Auto Show to meet with executives of General Motors to discuss the future of the Saab Automobile brand as well as the other Swedish brand and their owner.

This news dialog about Saab Automobile’s future is getting pretty substantial with a lot at stake. Wouldn’t it be nice to be present at that meeting with heads of the Swedish Government, Saab Automobile Sweden & General Motors next week. That would be some interesting dialog to say the least.

By Ola Kinnander

Of DOW JONES NEWSWIRES

STOCKHOLM -(Dow Jones)- Ford Motor Co. Swedish unit Volvo Cars is seeking a loan with the European Investment Bank, backed by Sweden’s government, and is likely to get the funds approved by March, a senior Swedish government official told Dow Jones Newswires.

Saab Automobile AB, a unit of General Motors Corp. (GM), is also discussing a potential EIB loan with the Swedish government, though it’s further behind in the process, the official said in an interview.
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