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.

Wednesday, December 14, 2011

Exit Lofalk, enter Andersson

The court appointed administrator of the Saab reconstruction, which on Wednesday last week applied to the court to end the reconstruction, has today requested to be relieved from his duties as administrator. That's according to Vänersborg District Court.

Guy Lofalk exits...

According to TTELA, in his request Lofalk writes that the new agreement being discussed between Swedish Automobile and Youngman regarding Saab deserves the attention of a new administrator.

Is this what they call to resign before you get sacked?

In his application to resign, Lofalk writes that he has been informed that Swedish Automobile and Youngman have come to an agreement on a new funding for Saab Automobile and its subsidiaries. He continues saying that the assessment he made prior to applying for a termination of the reconstruciton was based on the previous attempts at funding Saab. He has not had time to assess the new funding plan, but thinks that it deserves the attention of a new administrator.

Lofalk also writes that a new administrator should be appointed ASAP so that the new administrator can decide whether the reconstruction should continue or not.

Lofalk's application can be read here.

The legal counselor that has been suggested by Saab to replace Lofalk is Lars-Henrik Andersson from Lindahl's law firm. Andersson has already agreed to be administrator, but the court will have the final word on the matter on Monday.

Lars-Henrik Andersson enters?

TTELA reports that at the court hearing on Monday also Saab's CEO Victor Muller and CEO of Youngman Automotive Rachel Pang will be present, and both will of course argue that the reconstruction must continue.

One good thing one can read out of all this is that Lofalk now seems to believe that the latest deal between Swedish Automobile and Youngman might actually work.

One stakeholder that argues that the reconstruction must end is Platzer Fastigheter, which owns buildings in Gothenburg rented by Saab. Dagens Industri reports that the company requests that the reconstruction is ended since the company does not believe that Saab can raise enough funds to survive.