Tag Archives: State Secretary

Saab Automobile’s Jan Ake Jonsson & Swedish Government’s Joran Hagglund Positive About GM Board Meeting

Posted on 01. Dec, 2009 by .

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Sweden’s Dagens Industry reports that the both Saab Automobile’s Jan-Ake Jonsson as well as the Swedish Government’s Joran Hagglund see the GM Board members as “responsive” and in a good mood with good conversations.

This is the first report from the results of the GM Board meeting. It seems clear that a decision will be made Tuesday, although we are unsure exactly what time that decision will be made.

Here is the article below, translated by google translate.

GM is actively seeking new owner

Released today. 01:12

GM is actively looking for new owners, revealing Saab’s CEO Jan Ake Jonsson, immediately after his and the Swedish government representatives’ meeting in GM’s headquarters in Detroit.

Absolutely, absolutely! We were all taken by surprise when Koenigsegg dropped out last week. But both I as the government and GM are working very hard to find an alternative, a quick solution.

Jonsson would not comment on what he believes GM’s board will make the decision, but he is confident that a decision will be on Tuesday.

– Now we are satisfied that all have the same information, that all the facts are on the table. Then we’ll see what proposals GM’s board presents, “he told TT in Detroit.

– Hope is not looking for Saab, just as there was out last week, says Joran Hagglund, State Secretary at the Ministry of Industry, to TT.

He was pleased with the meeting of GM’s board, but did not reveal whether he was more or less optimistic after the meeting than before.

– We have had good conversations. It was a very good mood. Now we see how far it is enough. It is GM, which owns Saab, and it is GM, which owns the process.

Hagglund described GM’s board members as “responsive”.

– We have carefully outlined what we have, the Swedish toolbox, “he says, and aimed primarily at loan guarantees and publicly funded programs for vehicle research in Sweden.

– We are working intensively to find a solution. But what GM’s board may believe you ask them.

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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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Swedish Government Still Prepared To Guarantee EIB Loan

Posted on 28. Nov, 2009 by .

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The Wall Street Journal indicates that the Swedish Government is still prepared to Guarantee EIB loans.

In addition, Jöran Hägglund, Sweden’s state secretary that has been fighting for Saab’s success since January, will be heading to Detroit again early this week to talk with GM prior to their board meeting on Tuesday.

Here’s hoping all is going to be positive early week as it sounds like support systems are in place short of a secured buyer.

STOCKHOLM (Dow Jones)-

A Swedish government delegation will travel to Detroit early next week to discuss Saab Automobile AB’s future with General Motors Co., an official said. State Secretary Joran Hagglund, the Swedish government’s main liaison to the auto industry, said Friday that Sweden was still prepared to act as Saab’s guarantor to loans from the European Investment Bank if required by the EIB. Hagglund himself will be part of the delegation to Detroit next week.
.

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Swedish Government Wants Additional Assurances On Koenigsegg & BAIC Agreement

Posted on 01. Oct, 2009 by .

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The Swedish Newspaper, Sydsvenskan reports that the Swedish Government wants to get some additional assurances between Koenigsegg & BAIC beyond their MOU agreement before they guarantee the EIB loan.

Here is the piece below, loosely translated by Google.

Swedish Government breathe some optimism about Saab’s chances of getting EIB loans, but Koenigsegg Group must develop closer ties with Chinese BAIC that not everything will fall.

GOTHENBURG. Joran Hagglund, State Secretary at the Ministry of Industry, has in recent days have not received any feedback from the European Investment Bank (EIB) on how to make themselves available for Saab Automobile loan of over four billion.

Should the EIB leaning toward saying no require immediate information, he believes.
– A ‘no’ means any kind of change. If they say yes, it is nothing strange, “he said.

TT: Do you expect a yes?
– You have a loan application and a process to properly granted and we have not counted on anything else. Then we have our process of negotiating government guarantees, “he says.

Joran Hagglund notes that Saab’s business plan is better since it has been a private investor. He then aimed at the Saab’s potential new owners Koenigsegg Group has signed a letter of intent, known as a MOU with the Chinese Beijing Auto, BAIC, which will inject the money missing.

But it takes more.
– The fact that there is an MOU with a Chinese investor is not enough. There must be more ready agreement that shows that money really will.

Before that, the government will not go to the commission and make a so-called notification formally launch the Commission’s evaluation. Without authorization from there, no loan money is paid. A clear agreement with BAIC is essential also for the State to be able to provide the necessary loan guarantees.

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Dagens Industri Reports Saab May Not Get Full EIB Loan

Posted on 30. Sep, 2009 by .

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Swedish Newspaper, Dagens Industi reports that Saab may not get the full EIB loan as syndicated on Reuters today.

There are conditions apparently that may not exactly fit the loan lending rules, but this is from an unnamed source, so take this news lightly until we hear otherwise from official channels.

Saab may not get full EIB loan – paper
Tue Sep 29, 2009 5:16pm EDT

* $612 mln loan is key to Koenigsegg acquisition plans

* Questions whether some projects fit EIB lending rules

* Concerns remain over Koenigsegg’s ability to buy Saab

STOCKHOLM, Sept 29 (Reuters) – Ailing Swedish car firm Saab, being sold by General Motors [GM.UL], may not get the full 4.3 billion Swedish crown ($612 million) loan it has asked for from the European Investment Bank (EIB), daily Dagens Industri wrote on Tuesday, quoting an unnamed source.

The loan is key to plans by luxury car maker Koenigsegg to buy Saab, but the EIB is doubtful whether some of the group’s projects to develop environmentally friendly technology are within its remit for lending.

The EIB could lend Saab much less than the car maker wants, the paper wrote.

“There are questions about whether a number of development projects fit with the EIB’s rules for lending,” the paper quoted a source with insight into the process saying.

Koenigsegg, backed by U.S. and Norwegian investors, struck a preliminary acquisition deal earlier this year, but concerns have continued to surface over whether it had the financial muscle to buy and run Saab.

Koenigsegg is in talks with Sweden to secure state guarantees for the EIB loans.

But Dagens Industri said that questions had also been raised regarding the value of collateral that would be placed with Sweden’s Debt Office to secure a guarantee from the
government.

“There is a discussion as to whether Saab’s assets shouldn’t be valued at their worth in the event of insolvency rather at market value,” the source said.

“In that case, the collateral would not be enough security for a loan of 4.3 billion crowns.”

Koenigsegg Chief Executive and part owner Christian von Koenigsegg told Reuters on Saturday there was good progress in talks to secure the guarantees and the group aimed to finalise Saab’s acquisition by the end of October. [ID:nLQ720794]

He played down a report that Koenigsegg could pull out of the deal unless there was progress on securing loans by Wednesday.

This month, Koenigsegg said state-run Beijing Automotive Industry Holdings would take a minority stake in the luxury carmaker as part of its planned purchase, easing funding
worries.

Swedish state secretary Joran Hagglund told Reuters on Tuesday he hoped the EIB would decide on the loan on Oct. 21 or the day after.

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Saab Automobile-Koenigsegg Deal Financing Complete

Posted on 08. Sep, 2009 by .

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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

STOCKHOLM

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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TTELA Indicates That Over 50% Of Saab Automobile’s Creditors Have Accepted The Debt Reduction Of 75%

Posted on 20. May, 2009 by .

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Trollhattan, Sweden’s TTELA now reports that Saab Automobile’s creditors, over 50% of the 600 creditors that I provided a brief list earlier, have approved that their Saab Automobile’s debts to them, get reduced by as much as 75%!.

Here is the piece again loosely translated from Google translate.

Saab supports shrinking liabilities for piecework hearing June 17

A majority of Trollhättan Saab Automobile creditors agree to forgive 75 percent of their debts. But not the government, which is the second largest creditor.

It becomes a chord negotiating for Saab’s part. It decided alderman Cecilia Tisell on Vänersborgs District Court this afternoon.

More than half of Saab Automobile’s creditors have said yes to Saab chords proposal. This means that over 300 creditors supports Saab.

Quarter four left because Guy Lofalk applied for piecework bargaining Vänersborgs to district court. And now it is thus clear that there will be a negotiation, which will take place June 17.

Of about 600 creditors have more than half expressed support for Saab – among them the largest creditor GM. Now celebrating Saab of support from creditors.

Things begin for Saab’s road.

– We are very glad for the support we have received. It continues to flow into proxies in which the creditors say yes, “says Gunilla Gustavs at Saab Information.
[…]

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Swedish Government’s Jöran Hgglund Optimistic About Saab Automobile’s Future

Posted on 20. May, 2009 by .

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The Swedish Government’s State Secretary Jöran Hägglund, who has been fighting for Saab Automobile since late December of last year, has more optimism for Saab Automobile as mentioned with an interview with Reuters recently.

This is my best quote of the day from Jöran Hägglund’s colleague Frank Nilsson as a follow-up on Reuters to the piece below.

“If Saab finds a new owner there may be a bit of a gap (in financing),” enterprise ministry spokesman Frank Nilsson said.

“So we are prepared to go in during that period.”

I am glad to say that it looks like Saab Automobile will finally have a buyer for the Swedish Government to also chip in, but if there’s a gap like Mr. Nilsson said, the Swedish Government will help anyways!


STOCKHOLM (Reuters) – The Swedish government is optimistic about the future of carmaker Saab after recent meetings with potential buyers of the loss-making General Motors (GM.N) unit, a senior government official said on Wednesday.

State Secretary Joran Hagglund told Reuters the center-right government had recently met with “a few” suitors who had presented their plans for the Swedish brand, but declined to say if it had held any meetings this week.

Saab said on Tuesday it had selected three suitors with whom it will continue take-over talks.

“Overall, we are more optimistic now than we have been for a long time regarding their future,” Hagglund said. He declined to reveal the identity of the suitors.

“They (potential buyers) have described who they are, how their plans look, and their thoughts and philosophies on both leadership and long-term considerations and really have wanted us to understand their intentions,” he added.

The comments come as GM said separately that it expects at least three offers for its German unit Opel by Wednesday’s deadline, with Italy’s Fiat eyeing plans to form Europe’s biggest automaker.

SAAB this week sought an extension to a period of creditor protection granted earlier this year during which it can restructure and look for a new owner. GM has said it would cut ties with the brand by the turn of the year.

Saab said negotiations would be carried out during the remainder of this month to select a final candidate.

Hagglund said the government would not provide financial support in the form of state loan guarantees until Saab had secured an owner committed to the brand.

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