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, January 27, 2012

Sweden has paid Saab's loan in the European Investment Bank

TTELA reports that Sweden's National Debt Office (NDO) has now paid back Saab's EUR 217 million loan in the European Investment Bank (EIB). For Saab to be approved this loan back in 2010, Sweden had to guarantee the loan. The Swedish government gave the NDO the task of guaranteeing the loan. When Saab went bankrupt the EIB called in the loan and thus made the NDO pay.

This means that Sweden through the NDO is now the biggest creditor in the bankruptcy estate. From earlier we also know that the NDO has made sure that they have security for the guarantee they gave. This security was amongst other thing pledged shares in Saab Automobile Parts AB, which is the very profitable Saab genuine spare parts company.

Now the NDO can if it wants, take over the ownership of Saab Automobile Parts AB. But so far it has not. The hope is still that a buyer will emerge and buy the complete Saab Automobile business. But it would probably require that the buyer pays much or maybe even all of the EUR 217 million (approx. SEK 2.2 billion) which the NDO now has paid to the EIB. Or else the NDO and Sweden may be better off taking control over Saab Automobile Parts.

The good thing about all this is that all ties to the bureaucratic EIB is now cut. Any buyer of Saab does not need to worry about the EIB anymore.