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.