The National Debt Office also mention that the decision if Antonov can become part owner of Saab is not yet finished because Antonov so far has not been available for a meeting. Here's the press release translated to English:
The National Debt Office will free parts of the Saab collateral
The National Debt Office on Tuesday completet the work to examine the financial solution presented by Saab Automobile AB.
An agreement on the principle was ready on Sunday night. Saab drafted an agreement on Monday and on Tuesday there were made minor adjustments in the contracts.
Now the National Debt Office and Saab await the approval from the European Investment Bank, EIB.
In order to enable the financing solution, the National Debt Office will releasing parts of its collateral in the form of shares in Saab's real estate company. The aim is that Saab will be able to sell shares in order to thus obtain liquidity to the company. The deal also requires the EIB's approval.
The National Debt Office has previously secured collateral for the entire loan facility of EUR 400 million, which Saab has in the EIB. To date Saab has made use of 217 million.
The National Debt Office intends to release a portion of the collateral for the portion of the facility that Saab has not yet exercised. At the same time the amount Saab can borrow from the EIB will be reduced from EUR 400 million to 280 million.
The examination shows that the funding solution satisfies the condition that the Government and the National Debt Office have set, that is to say that Saab will get a fair price for their properties, that the issues related to the purchasing company has been handled, and that the payment is done through a bank in Europe.
The taxpayers will continue to have full security for the governmnetal guarantee to Saab, even after parts of the collateral has been freed. The reason is that Saab's total borrowing facilities in the EIB is reduced accordingly.
Owners' review
The owners' review of Vladimir Antonov is handled separately and is governed by the agreement that already exist between Saab and the National Debt Office. The National Debt Office and the Government will take individual decision in the question of ownership. In addition, the European Investment Bank and General Motors will make their own ownership reviews.
The National Debt Office's work with the ownership assessment is not yet finished, since Vladimir Antonov so far has not been available for meetings.
