Saab reconstruction: live from Vänersborg

The creditors' meeting is currently taking place in Vänersborg. Guy Lofalk reports to creditors and introduces Youngman and Pang Da's business plan. The NDRC has assured Guy Lofalk that the necessary funds are available for the next few years.

Lotus Youngman and Pang Da will immediately invest 50 million to complete the reconstruction. For 2012 and 2013, more than 600 million € will be invested in Saab. The approval of GM and the EIB should go to 30. November. The contracts with Lotus Youngman and Pang Da will be up to 15. November be binding.

An agreement with the creditors will be made until the 22. November. Until the 30. A final approval from the NDRC will be available by November.

Guy Loflak ends, hands over to Victor Muller.

It has been a difficult journey since we bought 2010 Saab, says Muller, which causes some amusement in the room. He sees a good solution for Saab with Lotus Youngman and Pang Da. Saab is a cult brand that deserves to survive.

After a few more sentences, he hands over to Martin Larsson.

Larsson emphasizes that the business plan is preliminary. Pang Da and Youngman will take Saab and Saab GB into 100%, as will the distribution and manufacturing company in China.

There are good reasons for Youngman and Pang Da and for us to believe in the future. Not only are we in the pipeline with the new 9-4x and Saab 9-5 sportswear. We have new distribution channels, such as in Russia. We are working on rejuvenating the product portfolio on the Phoenix platform.

The introduction of the new 9-3 successor includes 2013. We also expand with a k0mpakten crossover and an executive premium model.

Saab has a worldwide distribution network, except in China, world-class vehicle safety and the ability to develop new products. Saab is the last premium brand in the world to invest in.

From 2015 and 2016 we will not sell cars under 200.000. We will accomplish this with an employee base reduced to 500 persons. 2012 and 2013 are still going to be lost years.

Saab intends to pay the creditors in installments.

There is a short break now, Saab representatives and investor representatives leave the room.

The representatives of all parties are back in the room. Messrs. Pang from Lotus Youngman and Pang Da will speak. The speeches are translated from Chinese into English and then into Swedish.

First Mr. Pang from Pang Da. He says we will support the reconstruction with 50 million €. And we will make sure that all suppliers are paid. To restart the production, we will contribute 5.5 billion crowns to the company. This is shared by Louts Youngman and Pang Da.

To safeguard ongoing production, we will make another 20 billion kroner available to the company.

Due to the short time, Lofalk again assumes that Saab has a bright future ahead of him and stresses that creditors are being paid 100%.

He recommends accepting the plan for reconstruction. (Class

Now the question time of the creditors begins. A Union representative asks if the wages are safe.

Lofalk: Pang Da and Youngman cover wages with 50 million €.

Another issue concerns the approval process of EIB and NDRC.

Loflak: Whatever I say is probably wrong. But I'm optimistic.

Another question is the start of production.

Martin Larsson: 8-10 weeks after the agreement with the creditors.

Currently there is a break and I also finish the report, because I start immediately in terms of Saab to Upper Franconia. So far, it is going well for our brand and I think this day we end successfully.

Text: tom@saabblog.net

16 thoughts on "Saab reconstruction: live from Vänersborg"

  • blank

    Hello

    what's up with the stock?

  • blank

    Hello from Koblenz,

    why does GM (of all people) have to agree to the takeover?

    Peter

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    Hi, who can do something with the phrase "Saab as a distinctive, near premium brand"? Does that mean, for example, that SAAB should no longer be a premium brand in the long term? But is located just below that? In the business plan, I mean, it says that the cars should still be offered at premium prices…. ??????
    LG JoPe

    • blank

      Hi, that means "Saab is an unmistakable (distinctive) brand, close to the premium brands."

      It hits it well, via Opel, VW but not yet Mercedes, BMW, Audi - and to be honest with a stalked 9.5 six-cylinder there is still a gap.
      The distinctiveness makes it for me and I think it's nice to know that there is still a small distance that you might want to keep, almost like Volvo.

  • blank

    Hi,

    I also ask like NighPanel what then VM from the deal has.

    1) Does SWAN get the 100 millions, because PDYM will probably take over the debts of Saab?
    2) The investment company that has always bought up the shares therefore only owns SWAN shares?
    3) The entire production facilities are now probably no longer Saab but are only leased or the deal has not been completed?

    Thanks for an info in the voaus 🙂
    Greetings Frank

  • blank

    Sounds really very convincing. With the sums that PDYM wants to invest in SAAB, it gets really dizzy.
    I would like the "dude" to comment on this positive development ... 😉

  • blank

    Exactly, sincere thanks for your commitment over all the months, Tom
    If the existential issues dry up, then write about the aggresive
    Sales model and development policy. In addition, the anonymous
    Saab community also get closer and get to know each other. On Saturday at the SZ in Frankfurt, I happened to get to know some men who I usually know as "Turbosaab" or "Elchrakete" etc. from the forums. House work
    would be announced, if everything continues to run highly efficiently, we will
    Take a deep breath and the managers will not worry so much about us anymore.
    They should build good and affordable cars and listen to the clientele
    keep. The generation change will also take place among the Saab drivers, and the "new ones" will have no clue of how long we have feared, hoped and seen the slide every day.

    Because I do not know if any brand (Alfa, Lancia, Ferari, Maseratti, bentley, Rolls), etc., so much potential and
    To be able to provide use by the fans.

  • blank

    Hello Tom.
    This is quite good news and radiates total optimism for the SAAB automotive group.
    Now many critics will fall silent. There is already cooperation on deliveries of BMW engines next year.
    Everything fine. Thank you for your current reports and greetings from Switzerland ...
    Walter

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    Hello Tom, I have been following the whole drama on your blog for a few months now.

    It is overdue to write: Thank you so much for your dedication!

    Greetings from the far north!
    chris

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    Thanks for the live broadcast!

  • blank

    that sounds very good and since apparently all creditors should be paid, they have no reason to hinder a quick restart. with the approval of the NDRC
    I see no problem, they will give, otherwise would have been blocked much more. Here
    Youngman and Pang Da have already done the right lobbying

  • blank

    Do you know what that means for the stock / shareholders in an 100% takeover by the Chinese?

    • blank

      The current share price says it all? What is SWAN without Saab?

      • blank

        And, what did VM have from dat janze when his SWAN stock goes down after the deal? Does he have to live alone again from Spyker ?!

        • blank

          Spyker was also sold to North Street Capital. So there is nothing left but the empty envelope SWAN. The shareholders are probably unsure accordingly. Will be interesting how to agree with them.

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    Moin, that can only mean that the NDRC approves the deal. That also fits with a message from a few days ago, which I think I saw ;-), that Pang Da and Youngman are the only ones allowed to buy Saab. So, it seems to be going in the right direction….
    LG JoPe

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