Back in the office. From Saab is now the press release on the announced demolition of the reconstruction before. But it is still too early to give up hope. I'm not talking about a third party that could buy Saab out of bankruptcy. I'm talking about current negotiations in Sweden.
The request for demolition of the reconstruction will be made in Vänersborg today. The court will not decide immediately, it usually takes a few days. Maybe even a week. This is a free time that hopefully will benefit the Saab management. Now Victor Muller can prove that he can save automobiles without Lofalk Saab.
There are several ways of thinking about this in Sweden. The partners from China, Pang Da and Youngman, will remain minority owners, both acquiring less than 20% of the shares. If I understand the contracts correctly, the deal would not require approval. Neither from the government nor from GM nor from the EIB, whose loan is still to be redeemed. The license agreements could continue to be used and production would be secured.
The liquid funds are to flow as venture capital, the investors could receive non-voting preference shares. After the end of license production, these papers could be converted into ordinary shares.
That's just one of the possibilities and time is pressing. For the suppliers in Sweden the demolition would be a disaster. Many small and medium-sized businesses would lose a lot of money on a Saab bankruptcy and some would go bankrupt as well. It would also be a big blow for the Swedish auto industry. Volvo alone could not secure the location, branches of foreign suppliers would close.
Amazing is the passivity of the Stockholm administration. A national icon threatens to disappear and it does not seem to matter in the capital.
The blog, as I once wrote, writes until the factory gates finally close. It stays that way. We are close. But it is not so far yet.