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, November 18, 2011

Saab wants to postpone creditors meeting, as head honchos meet in Stockholm

The intense negotiations continue between Swedish Automobile and Saab and the Chinese companies Youngman and Pang Da over the sale of Saab. Now Swedish press has picked up the same piece of news presented here on Life with Saab on Wednesday, that CEO of Pang Da is on his way to Sweden, possibly already arrived. Also CEO of Saab and Swedish Auto, Victor Muller, is present in Stockholm and taking part of the negotiations, according to Swedish Radio P4 Väst.

P4 Väst writes that their sources say that the negotiations have made progress the last days. Now the Chinese are more open to rethinking the ownership structure for Saab. Which probably is necessary for General Motors to still supply Saab with technology to build cars.

The CEO and Chairman of Pang Da was reported saying that GM's attitude had "eased up" the past days. Which could be connected to Saab last week sending GM in-depth information with answers to GM's questions regarding the sale of Saab.

But time is an issue. Or too little time is an issue to be exact. And now the parties want to postpone the creditors meeting planned on Tuesday November 22. At this meeting Saab is supposed to present a payment plan to its creditors. The question is if the court appointed administrator of the reconstruction is willing to apply for a postponement of the creditors meeting and if the court will allow it.

The thriller continues... 

PS: Swedish Automobile has released a trading update today. Nothing new there, but those who are interested can download it from Saab.