Saab Location: What's going on in Sweden?
Yesterday evening I deliberately kept silent about the Saab situation to await the development, fueled by much speculation. As always, we remain calm today until we have first-hand information. Because in Sweden rages behind the scenes a power struggle for Saab, as he runs out is uncertain.
The events so far: The administrator, Guy Lofalk, wants to cancel the reconstruction, which he probably will do today. Because, the situation seems to have turned.
Pang Da and Lotus Youngman want to take over Saab completely, which was to be expected somehow. Swedish Automobile would then no longer be possible. Muller rejected this offer. Muller sees North Street Capital as “promising” and please speak of a plan “B”.
The offer of the American investor, however, Guy Lofalk seems to be too low to successfully lead Saab through the reconstruction. North Street yesterday offered to raise funds totaling 70 million US dollars.
As we know, Geely wanted to buy complete Saab, now Pang Da and Youngman. The Chinese administration has already assured Guy Lofalk that investors have enough financial muscle to lead Saab successfully into the future. Comments on the development, I spare myself, for the time being.
Yes, we will experience a lot today. That is to be feared. As soon as something changes, an update follows.
Until then, stay cool.
Text: tom@saabblog.net
I think it shouldn't be about the Chinese, any “financial jugglers… uh… investors”, influence, posts, Lofalk or Muller.
It was all about the car brand Saab (and thousands of dependent employees).
And for this, individual people should reduce their personal interests a little and interested “companies” take a step forward.
In general, I now prefer Saab in the hands of 1-2 Chinese than in free float of various individual people, investors and other “companies”.
As Tom already wrote it, this “financial juggling” is slowly getting on my nerves.
I would like to finally read only good, quite critical Saab news with tests, driving reports and other car-related topics!
I may speculate
Muller and Administrator Lofalk have finally broken up.
Lofalk probably held quite quickly after assuming the Mullersche concept of a majority stake of Pang Da / Lotus Youngman for unsustainable.
This led without Muller's knowledge to the acquisition negotiations with Geeley (no interest). Now Lofalk seems to have agreed with Pang Da / Youngman that Saab should be taken over completely. This would certainly facilitate agreement with the NDRC.
Of course, Muller can not like all this; He is now following his "Plan B". He wants to get funds from the investor North Street Capital and the investor to Saab participate (a first smaller share package was already at Capital). Muller would retain his influence in a successful involvement of Capital.
Obviously, the Swedish state, which was never particularly positive towards Muller, is now ready to go into bridge financing until Pang Da / Youngman can take over Saab.
I know too little about Swedish reconstruction legislation, but it seems that Lafolk is now ready to end the reconstruction to allow Pang Da / Youngman to fully take over Saab, which Muller rejects. Under the reconstruction he can not enforce this against Muller.
However, Saab would now come back into the focus of the creditors, as the creditor protection would be omitted. Therefore, the claims filed with Kronofogden would have to be settled quickly. Which brings us back to the role of the Swedish state ....
Should it come as expected, it would be important for Saab that the contractual basis with Pang Da / Youngman be laid quickly and the decision of the NDRC quickly.
Muller is likely to struggle with his American investor against the suspected Allianz Lofalk and the Swedish state, as well as Chinese companies that are still interested in Saab, but are tired of the long back-and-forth and probably have now moved away from Muller.
Despite Muller's merits in saving Saab, especially in 2009, Saab needs to be well-established in the long term. This can only succeed with the Chinese and not against them. Muller would of course lose his influence.
We wish Saab, that finally everything may turn out for the good!
The whole affair indeed seems to be completely different than it was a few days ago.
A complete takeover by Youngman-Lotus seems to be the most promising solution for SAAB - the “financial muscles” demanded again and again are likely to be bigger than those of North Street Capital.
Muller should finally understand that it is primarily about SAAB automobiles and only secondly about his person (this is obviously very difficult for him). The court is unlikely to go along with its latest plan and therefore cancel the reconstruction. A complete takeover by Youngman-Lotus or whoever should come close by and finally come to rest!
Greetings from the Hanseatic city of Hamburg
Joachim
So somehow I'm not looking forward to Saab in Chinese hands, I would prefer any other plan if it works.
Saab with China Spirit, hmm, just think of the Saab that are being made in China with a different logo and what the design has done.
The fear I have somehow too.
I'm curious, definitely.
Are we back to Plan B? VM should pack his bags, drive to his tax haven and leave SAAB alone. LOfalk should sell SAAB to Youngman and finally everything would be in butter.
That's not how it works and what's going on is a shame. No money the gentleman from Holland, but SAAB hostage.
LG
Leif
I can't stay cool anymore….
He'll let the brand die ... I can already see ... = '(
Very good Tom.
Therefore, you are usually my first or most trustworthy source !!! 🙂
Not always being the first to add your mustard is exactly the right thing to do, but if so, then please also “document” the information!
At the besc ...... .. situation unfortunately does not change at the moment.
Man, that one does not get Saab into calm waters ... sch .... Haggling!
join me for 100%.