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, December 16, 2011

CLEPA to support any attempt to restart Saab

TTELA reports that Vänersborg District Court has decided that Guy Lofalk will stay as administrator of the Saab reconstruction until Monday. Saab's creditors will have the chance to air their opinion about the proposed new administrator Lars Söderqvist, before the court makes its decision after the Monday hearing.

The head of the European Association of Automotive Suppliers (CLEPA), Lars Holmqvist, tells just-auto that they will do everything to support Saab:

"We will support any attempt to try to restart Saab. We are just waiting for the green light," Holmqvist told just-auto.

Which most likely means that CLEPA will have no objections against Lars Söderqvist as new administrator and also will support a continued reconstruction.
According to Holmqvist of CLEPA, the bankruptcy rumors on Monday was due to people around Victor Muller trying to pressure Muller into filing for bankruptcy. But Muller did not let those people impact his firm belief in Saab's future.

"We have been up and down listening to Victor Muller. On Friday I was quite pessimistic and on Friday night he [Muller] sent a copy of the statement slip that the money had been sent by Youngman," Holmqvist said to just-auto and continued:

"Then, on Monday, he was pressed by people around him to file for bankruptcy. They were afraid they would be personally responsible for debts. But he refused and he was right because the money arrived and he got a respite again. Another rabbit hopped up from the hat - I knew what was going on, but I did not think it was going to be in time."

Holmqvist also said that under the current plan the Chinese will supply enough funds to restart Saab.

"That means they [Youngman] will provide EUR 200 million and a financial investor will provide EUR 500 million - that will be enough to restart and give Saab a chance. Youngman has already spent a lot of money, if nothing else to protect the investment they have already made."

But for the court to rule that the reconstruction can continue, money to pay running costs like salaries must be present on Monday, or at least a binding promise of immediate funds must be presented.

Today Victor Muller said to TTELA that the salaries to the Saab employees will be paid as soon as possible. The goal is to have secured funding to pay salaries and other due costs incurred during the reconstruction on Monday. Muller and Rachel Pang from Youngman will continue the discussions about the deal to fund Saab in Stockholm during the weekend.

So I guess there will be one more weekend of hard work in Stockholm while the rest of us enjoy a couple of days off work!