But Dagens Industri has also been in contact with their sources within Saab, which tells the newspaper that the EIB set some conditions to approve the deal and these conditions are highly unreasonable. One condition is that the whole loan of SEK 3.6 billion must be terminated within 90 days when the collateral in Saab's properties is handed back to Saab. Here's what the source says to the DI.se:
- An unreasonable demand for a company that must give the subcontractors predictable working conditions and confidence in Saab's ability to pay, says a source with connection to Saab and the Antonov group, who are upset about the fact that the EIB then gives Saab such a short time for such a large refinancing.The EIB also claims that General Motors must approve of the deal and that GM so far has not. But Dagens Industri's sources says that GM has approved and GM's management in Detroit has even sent a letter to the EIB about the issue. In the letter the following is said:
"GM will, if necessary, remove all restrictions about ownership in the agreement if it is necessary to complete the property sale"
"If necessary, we will be available to clarify any uncertainties in the sales transaction and participate in a teleconference with the EIB, the National Debt Office and Saab Automobile on Monday, April 25"
I will repeat what I wrote a few days ago: What's up with the EIB?
Is this an example how bureaucracy can virtually kill a company?
The EIB faces no risk with the loan to Saab. It is the Kingdom of Sweden through the National Debt Office and the Government that takes all the risk by guaranteeing the loan. So why set all these new and unreasonable conditions?
Saab really needs to get out of this mess of bureaucracy and politics!