IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Friday, April 15, 2011

Saab short-term funding is secured

In a press conference a few minutes ago, Minster of Enterprise Maud Olofsson told the press that the Swedish Government has decided that Saab Automobile AB can sell it's properties.

The Swedish National Debt Office and the Swedish Government got a request from Saab Automobile AB yesterday asking if Saab can sell the subsidiary Saab Automobile Property AB.

Today the Swedish Government has concluded that the National Debt Office can let Saab sell the subsidiary if Saab's loan in the European Investment Bank is reduced from EUR 400 million to EUR 280 million. There are also three other conditions:

1. The deal must secure that Saab Automobile AB gets paid a fair value for the properties and that Saab gets access to the facilities after the sale.
2. The National Debt Office must eliminate questions that remain about the buyer.
3. The payment is to be made through a European bank that is not connected to the buyer. 

Maud Olofsson confirmed that the buyer is a company linked to Vladimir Antonov.

The Swedish Government has not discussed the question of new shareholders in Saab. General Motors, the European Investment Bank, the Swedish National Debt Office and the Swedish Government must all agree before a new shareholder can get into Saab.

As far as I can tell, this means that Saab short-term funding is secured and that the factory can resume production as soon as possible. But the question of the long-term funding remains.