Tag Archives: the Wall Street Journal

Saab Automobile’s Spokesperson Says Koenigsegg-Saab Deal Will Be Done At End Of Third Quarter

Posted on 10. Aug, 2009 by .

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Saab Automobile’s spokesperson, Gunilla Gustavs says that the Koenigsegg-Saab deal will be done at the end of the third quarter according to the Wall Street Journal.

I guess this information certainly coincides with the news last week by TTELA that September 30th would be the date of completion due to the European Investment Bank (EIB) Loans dispersed.

I must say that I object to this decision to wait until then, as a decision should be made by or at the end of reconstruction, preferably sooner because the EIB loans are earmarked for future research & development and products, not current operating expenses which should be coming from the investors at Koenigsegg.

STOCKHOLM (Dow Jones)–General Motors Corp (GM) is on track with its plans to complete the sale of its Swedish unit Saab Automobile AB by the end of September, representatives for Saab and the buyer, Koenigsegg Group, said Monday.

“Everything’s proceeding, we’re still looking to be done by the end of the third quarter,” Saab spokeswoman Gunilla Gustavs said.

Speculation has been increasing in Sweden that the deal may be in jeopardy since last week, when the government’s main laision to the …

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Swedish Media Say Saab Is Part Of The New GM

Posted on 07. Jul, 2009 by .

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The Goteborg Post, a newspaper in Goteborg, Sweden the same city where Saab Automobile’s 125 person marketing, sales & design office is located, was quoted stating that Saab Automobile is actually part of the “new GM” citing their need for funding, regardless of their interest of becoming independent.

Saab is part of the “New GM”

The federal Judge Robert E Gerber has approved U.S. Government, and GM’s plan to split the GM of a healthy and a sick part. Contrary to all the tips ended Saab in the healthy part.

Saab needs more money

– We have just received notice that Saab is located in the “New GM”, until the sale is completed. That we did not before, “says Saab’s Gunilla Gustavs for GP.
Otherwise, Saab’s attitude to what happens in the bankruptcy court does not affect Saab.

– We speak with the same people, “says Gunilla Gustavs.

The plan approved in American law on Sunday night means that the government takes about 61 percent of GM’s assets after having borrowed the car maker to 50 billion dollars.

In the 95-page ruling, sales to proceed. There are a few days the right to appeal, but Judge Gerber was very clear in his writing.

Several players tried to stop segregation. According to Gerber would be the only option A discontinued the liquidation of the Group which would mean that the complainant did not receive any money at all ..

In writing to the conviction, he called this “a disaster for GM’s creditors, its employees, suppliers who depend on GM for their own survival and the communities in which GM operates.”
[…]

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GM Funding Cut After July 10th, How Will This Affect Saab?

Posted on 02. Jul, 2009 by .

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The Wall Street Journal & MSN report that there will be no funding for General Motors from the U.S. Treasury or elsewhere after July 10th.

The question now is, since Saab Automobile’s funding as of today, continues to come from General Motors, what will this mean for them in lieu of any more funding?

We originally heard that Saab Automobile will be funded until the end of December of GM, but now that GM is in bankruptcy court, will that change?

Official: No Funding for GM After July 10

WNEW YORK – Warning that the demise of General Motors Corp. would have a disastrous ripple effect over the entire U.S. economy, an attorney for the automaker called Wednesday for the speedy approval of GM’s plan to sell the bulk of its assets and emerge from court oversight as a new company.

GM attorney Harvey Miller said in a bankruptcy court hearing that the automaker’s only option to the sale is liquidation. He noted the Treasury Department will cut off funding for the company’s operations after July 10 if the sale is not approved by then.

No other investors have stepped forward with an alternate plan or to supply the more than $50 billion in financing the Treasury will have put into GM before all is said and done, Miller said.
Story continues below ↓advertisement | your ad here

“The economics in this case don’t change if this sale doesn’t get approved, they just get worse,” Miller said, adding that the resulting liquidation would place the future of GM’s hundreds of suppliers in danger, as well as send the U.S. into an even deeper economic crisis.

Detroit-based GM’s government-backed plan for a quick exit from Chapter 11 hinges on the sale plan, which would allow the automaker to leave behind many of the costs and liabilities that have made it unprofitable.

But hundreds of parties including bondholders, unions, state officials, consumer groups and individuals have filed objections to the sale, threatening to hold up the process.

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Saab Automobile Receives Court Ok For Debt Reduction

Posted on 17. Jun, 2009 by .

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TTELA & the Wall Street Journal have confirmed that Saab Automobile’s creditors have approved their proposal for settling their debts by paying 25% of what is owed.

By Gustav Sandstrom

Of DOW JONES NEWSWIRES

STOCKHOLM (Dow Jones)–Saab Automobile AB’s creditors Wednesday approved the automaker’s proposal for settling its debts by paying 25% of what was owed.

Court secretary Ingrid Lund at Vanersborg District Court in Sweden, which is handling the case, told Dow Jones Newswires that all creditors apart from the Swedish Tax Agency had ..

TTELA

VÄNERSBORG After a brief deliberation the district court announced its decision at 10.45: Saab may reconsider its desired composition.

This means that only 25 percent of the debts due.
[…]

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Saab Automobile AB Wants Swedish Government To Show Support Prior to GM Submitting Business Plan

Posted on 16. Feb, 2009 by .

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According to Eric Geers, Saab Automobile AB’s Global Communication’s director who spoke with TTELA today, Saab wants the Swedish Government to show their financial support prior to GM submitting their business plan on February 17th, 2009

We know back in early December, the financial support plan was offered by the Swedish Government to the industry itself, but has not been signed off in terms of the monies specifically available to Saab Automobile AB.

It looks like almost a game of chicken, as-in what happens if the Swedish Government does not pony up the support prior to General Motors submitting their business plan to the U.S. Treasury?

As I have always said, I am looking forward to an optimistic outcome tomorrow, February 17th, 2009.

Here is this recent TTELA report below:

TROLLHÄTTAN Nothing indicates that Saab-issue reached a solution this weekend. The question is whether even GM ride out the storm. And as soon as tomorrow lands consolidated plan to the Congress table.

The signals TTELA got on Sunday was that no substantial discussions had been held this weekend between GM and the Swedish government to resolve the Saab-issue.
The same image gave last night SVT’s Rapport, which even claimed that negotiations had broken down.

It would mean that it is now only a little over one days to resolve the issue. If the will exist.

IF Metall club chairman Paul Ã…kerlund following the crisis of rising concern.

– It is quiet. And it is tricky, as it is not much time left. It is time for government to step up from the sandbox now, “he says.
Saab information director Eric Geer is the same view, even if he puts it more diplomatically.

– It must take a stand on what you want with Saab and Swedish automotive industry. And it is better to do it now, than later, “he says.
[…]

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Swedish Government Denies Sweden’s SVT Reports

Posted on 16. Feb, 2009 by .

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Sweden’s SVT television reports that GM & the Swedish Government’s Negotiations have collapsed however, just as they wrote this, the Swedish Government responded immediately through Reuters, adamantly denying this report from SVT.

I almost feel like I want to trust the Swedish Government & Reuters on this one, possibly because I am only thinking positively about the outcome this Tuesday between General Motors & the U.S. Government as to what it will mean for Saab Automobile.

Sweden denies report that GM,Saab talks break down
Sun Feb 15, 2009 4:57pm EST

STOCKHOLM, Feb 15 (Reuters) – Sweden’s government on Sunday dismissed a Swedish television report that negotiations between struggling U.S. car maker General Motors Corp (GM.N) (GM) and Sweden over GM’s loss-making car maker Saab have broken down.

GM and the Swedish government were not able to agree on the terms of 5 billion Swedish crowns ($599 million) in loan guarantees to create an independent company of Saab, public service broadcaster SVT said, citing sources.

Lisa Warn, spokeswoman for Swedish Industry Minister Maud Olofsson, denied talks with GM had been halted.

“Discussions are ongoing. This (report) is something we don’t recognise at all,” Warn said.
[…]

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Wall Street Journal Says Saab Must Be Carved Out Of GM

Posted on 13. Jan, 2009 by .

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The Wall Street Journal says today that Saab must be carved out of GM in order to receive state aid from the Swedish government.

I am liking where this news dialog is going today, especially after Saab Automobile AB’s own Jan-Ã…ke Jonsson has said that in order for Saab Automobile to succeed, they need to be separated from GM.

DETROIT (Dow Jones)–Ford Motor Co. (F) and General Motors Corp. (GM) will have to “carve out” Volvo and Saab to secure any state aid from Sweden, a senior Swedish official said Monday.

“Sweden also plans to synchronize approval for any aid with the March timetable laid out by U.S. authorities monitoring loans granted to GM and Chrysler LLC.”

We know that the “carving out” of Saab from GM will be challenging, but certainly not impossible given the integration between them.

It will be interesting to see how this de-integration process begins with Saab Automobile and General Motors. I hope it yields the same positive results as it did with Daimler after departing from the DaimlerChrysler split I mentioned earlier.

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