Muller might ask for new administrator as Saab negotiates with Youngman

Last weekend we got reports that Saab will most likely ask the court to appoint a new administrator of the Saab reconstruction. Today Swedish newspaper Dagens Industri writes that Saab's CEO Victor Muller has had it with the current administrator Guy Lofalk.

"The Government has tricked Saab on wild-goose chases, for example with the real estate deal, when the intension has always been to ruin the company. Allowing Saab to burn money in order to go bankrupt. Victor is completely outraged," said a DI source with good insight.

According to the court it is possible to replace the administrator, but it is very unusual.

At the same time Saab is in negotiations with Youngman to secure the promised EUR 70 million loan. Svenska Dagbladet reports that Rachel Pang was in Stockholm yesterday to negotiate with Saab. Which all in all is a good sign given the previous claims about Youngman withdrawing from the whole deal.

According to sources of Svenska Dagbladet, the reconstruction can be stopped as early as today due to money shortage. Saab is in desperate need of the promised loan in order to pay among other things wages next week.

Also Svenska Dagbladet claims that Victor Muller is very upset with the administrator Guy Lofalk. Reason being the plan to let the Government pay back the loan to the European Investment Bank and convert collateral in Saab into shares and quickly sell these shares.

But according to Sweden's National Debt Office (NDO), there are no such plans.

"No, we have no plans to release the plegded collateral. But if the reconstruction is stopped and a bankruptcy administrator enters the scene, things can change," said Daniel Barr from the NDO.

The NDO also needs to approve Youngman and Pang Da as new owners of Saab. And earlier there has been some problems acquiring the needed information from Youngman. But on Monday a whole pile of documents from Youngman arrived at the NDO.