A few pieces from the web that I think people should check out as they try to digest the news from today……..
Firstly, there’s an interview with Saab CEO Victor Muller on Radio P4 West, from Sweden. It’s in English.
From the observer/enthusiast point of view, Life with Saab has summarised the day’s events quite well. It’s a piece of reasoned and measured analysis that I personally think sums up the situation nicely.
If I can provide a rather basic summary of what’s transpired:
- Saab had agreements in place with Youngman and Pang Da for the distribution of vehicles in China and the formation of a manufacturing joint venture. Some of these agreements were binding and some still in development. These involved Youngman and PangDa taking an ownership stake in Saab totalling just over 50%. The agreements were subject to approval to the NDRC and this process was progressing well, having passed provincial and local approval with national approval very close to being decided.
- Mr Lofalk is reported in newspapers as having investigated a 100% takeover of Saab by Youngman and PangDa. This is in spite of the aforementioned agreements, and regardless of the fact that Saab’s reorganisation submission was based on the above agreements, and also without Saab’s knowledge.
- Saab had a bridge financing agreement in place with Youngman for an amount of 70mil Euros, however there seem to have been complications with this agreement, to the point where Saab could not count on the full amount of the agreement being received in a timely manner. An instalment has been paid.
- Saab sought and found alternative bridge financing arrangements in the United States, announced yesterday.
- Despite this deal, Guy Lofalk has indicated that funding is not sufficient to continue reorganisation and has submitted an application for the reorganisation to be stopped. Saab will seek to appeal this and have Guy Lofalk replaced as administrator.
That’s not comprehensive by any means, and does not include all the side shows such as Geely, etc, but I think you should get the picture.
Some further resources:
- Reuters report on developments
- Wall Street Journal report on developments
- Dagens Industri report on developments (Swedish)
- TTELA report on developments
- Saabs United have ongoing discussions about various press reports