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.

Tuesday, April 10, 2012

Saab valued to SEK 3.6 billion

Today the bankruptcy administrators handed in the assessment of the Saab bankrupotcy estate to the Vänarsborg Distriuct Court. Local Trollhättan newspaper TTELA has skimmed through the assessment and here is what they write.

According to the assessment, the estates assets are valued to SEK 3.6 billion. Saab's assets are bank deposits, accounts receivable, tools, cars, parts, components, materials, shares in subsidiaries and intellectual property right. The value of the intellectual property right is however affected by agreements with General Motors and Chinese Bejing Automotive.

The debt of the estate has been calculated to SEK 13 billion. In addition to this, General Motors (GM) has SEK 2.2 billion outstanding due to the preference shares GM had in Saab. So in total you can say that the debt is actually SEK 15.2 billion.

Saab's debt concerning their emplyees amount to SEK 1.4 billion. Of this SEK 870 million concern the salaries paid by the Swedish state during the reconstruction and the bankruptcy (under the wage guarantee scheme). In addition, the employees themselves have SEK 513 million outstanding from Saab.

"Those who were employeed by Saab Automolbile AB can not expect to receive any payment," the administrators says in the document. But the former employees of Saab Automobile Powertrain AB can "expect payment to a some degree".

Sweden's National Debt Office (NDO) is also a large creditor with SEK 2.2 billion outstanding after the NDO paid back Saab's loan in the European Investment Bank. The NDO can expect to be fully paid.

The forementioned debt amounts to SEK 3.6 billion, which means that Saab owes other creditors SEK 9.4 billion. Other creditors cover suppliers, subcontractors, property owners, municipalities, etc etc.

The largest creditors of Saab Automobile:

Sweden's National Debt Office: 2.169 billion
Saab Tools: 1.014 billion
GMAC Financial Services AB: 904 million
GM companies: 820 million
Wages paid by the state guarantee: 531 million
Saab Parts: 519 million
Employees: 473 million
Pang Da: 404 million
State taxes etc: 373 million
Saab Powertrain: 366 million
GM Powertrain-Germany: 327 million
Saab Great Britain: 204 million
Försäkringsbolaget PRI pensionsgaranti: 179 million
CN Zhejiang International Trade Co. Ltd: 138 million
Mega Earn International Limited: 69 million
DHL: 53 million
Zheijang Youngman Lotus Car Co. Ltd: 49 million
Saab Italy: 43 million
Saab Spain: 36 million
Dukelevel Holdings Ltd: 31 million
Swedish Automobile: 25 million
CN Jinhua Youngman companies: 10 million
Suppliers (about 1,700 different companies): 2.3 billion

The largest creditors of Saab Automobile Powertrain AB:

GMAC Financial Services: 904 million
Vicura: 40 million
Employees: 40 million
Wages paid by the state guarantee: 40 million
State taxes etc: 34 million
Försäkringsbolaget PRI Pensiongaranti: 22 million
Suppliers: 116 million

The largest creditors of Saab Automobile Tools AB:

Adam Opel: 187 million
State taxes etc: 10 million
Suppliers: 228 million

Some of these creditors have preferential rights. Some can expect to get paid in full and some in parts. But most will lose everything.

More to follow.