Saab News: Dark clouds over the reconstruction

Plans can be that easy. But plans can fail if an important building block is missing. An almost legendary component of the reconstruction are the 70 millions of royalties that should come from Lotus Youngman from China.

The license payments for the non-exclusive use of the PhoeniX platform was one of the rabbits that conjures up Victor Muller from time to time from his hat. Since no payment from China has arrived at Saab to this day, the reconstruction could be canceled or interrupted today.

During a reconstruction, the company is not allowed to build up new debts, the reconstruction business must be covered by the current revenues. These trickle sparse to our car manufacturer in the stablebacka. Another date is the 20. October. On this day ends the state wage guarantee, from the 21.10 Saab must pay the wages themselves. Without the money from China impossible, the reconstruction would be a farce.

That's why Guy Loflak, the court-appointed administrator, thinks about ending the reconstruction today. And he thinks quite loudly, publicly in the press. Stop, out, over. The consequences would be fatal.

Rachel Pang of Lotus Youngman was in Stockholm yesterday to discuss the contracts. There seems to be some passages in the agreements that our Chinese friends do not like. Either way, either the money comes or it just does not come.

A new administrator?

At Saab, dissatisfaction with Guy Lofalk increases. Supposedly one is not happy with the attempt to replace the EIB loan, instead of waiting for the money from China. Apparently you do not want the state as a shareholder. Therefore, Saab today wants to apply to the local court for a replacement of the administrator.

Brisant only, the administrator you would like to dispose of, was a prime candidate of the car maker. Christina Geers had suggested Guy Lofalk, the court had accepted the proposal.

In principle, it is possible to replace the administrator, in the misery in Trollhättan changes little. Everything depends on the money from China. Even if there should be more interesting, deadline is 20. October.

There is a lot of politics and a lot of self-interest in this drama. I think so too, a test of power by various parties, including Victor Muller. The bill in this game pays, as always, Saab. The last porcelain is now smashed by force and Saab dominated again the negative headlines. Currently in Sweden, until the evening it goes around the world again.

Maybe it's just a lot of smoke and little fire. If and how we, rather Saab, come out of this story, well, that is not even known the famous crystal ball.

Positive thinking is difficult for a blogger in month X of the crisis itself. Anyway, we stay tuned.

Text: tom@saabblog.net

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F-RU xxxx from Frankfurt
F-RU xxxx from Frankfurt
12 years earlier

Some things are very incomprehensible. Is there no short-time working in Sweden? Here in the country
Every 10th company was affected by short-time work, forced vacation or something similar. Saab sells belongings to pay full wages, even though the 3700 don't lift a finger. I also can't understand why owners, managers and potential buyers can't come to an agreement. What kind of wind contracts have they concluded with the Chinese, which are still “unclear”. Then you shouldn't call them “contracts”, they are not worth the paper. In the last 25 years, strange fringe phenomena have disappeared from the scene, such as Talbot, Simca, NSU, some English, Daf and Russian junk. Nobody else and not a tear was shed. And Saab is now a candidate in this glorious list. Skoda, Seat and the Italos have done it. Maybe it's not for nothing that alcohol is so expensive in Sweden, who knows whether they'll have any damage. If someone suggested that every Saab driver from Germany should contribute to the Saab aid, I would be the first to give a thousand euros, in exchange for shares or as humanitarian aid. If a sad end actually comes, then I'll proceed like Leif, towards the Volvo.

Leif
Leif
12 years earlier

Yes, it sucks. It breaks all the good work from the blog. Always new strokes from Sweden. It is probably the egoisms of Muller and Lofalk that collide. Solves Lofalk with state aid the EIB loan Saab is a state owned company because stock majority and Muller and friends are rid of their toys.

My personal deadline is the end of October. Got the gentlemen in Sweden it was not regulated that was for me the end of the Saab dream.Then in the future Volvo.

mac9-5
mac9-5
12 years earlier

Good morning.

Man, it's annoying.

Now we're thinking again about whether it might be possible to order a station wagon this year (question to the readers here: is it advisable to have a good time or should it be better to wait, what about the down payment and its security? “Higher” discounts are to be expected this year or next year, etc.?) and now bad news is coming from Sweden/China again. 🙁

With every new "bad" news, my trust in Saab is waning ... and good news can hardly "push it back".

Julie
Julie
12 years earlier

Not only I would be very interested in what passages in the negotiated contracts Mrs Pang lately no longer appease.

In addition, one should not wait too long to negotiate with other interested parties (investors) - due to the well-known financial situation of SAAB-Automobile, financially strong companies / groups etc. are likely to “knock” here.

Perhaps another administrator would be more suited to such weighty tasks than Mr. Lofalk. However, this can only be recognized in Trollhättan itself and implemented accordingly.

After the fight of the last months (years) really all still available possibilities should be fully exhausted!

Greetings from Schleswig-Holstein
Julie