Shock therapy is the word of the week. So yesterday my friend from Stockholm called the events at the beginning of the week in Stockholm. For Youngman's delegation, he says, it was a shock to suddenly face the sheer bankruptcy risk.
In the bargaining marathon of the past few weeks, one had lost sight of reality over all the contracts and legal intricacies. Presumably, Youngman first thought of a new round of poker when the bad bankruptcy word came on the table.
The shock therapy seems to have been beneficial, says our Swedish friend. Because now everything could go very quickly and you could concentrate on the essential things. The climate of the negotiations has also changed noticeably, everything is more open and positive than in the past few days The construction for the Saab rescue has charm and opportunity. Because it, he says, does not require approval from any side. Not from General Motors, not from the EIB, the government in Stockholm, and not from the NDRC either. (Note: I'm still a little skeptical about that)
The confidence that the reconstruction could be carried on has increased significantly. This is of course due to the honorable departure of Lofalk, who still has to appear in court on Monday, and the entry of the new administrator at.
Today is Thursday. The deadline is Monday, 13: 00 clock. Victor Muller and Rachel Pang will appear before the court in Vänersborg and deliver their statements. The most important person of the next few days is Rachel Pang, everything is on her now. She and her delegation have to create facts by the time they go to court. Wages and salaries should be paid and Saab's account must be solvent.
Only then will the court judge the case of Saab sympathetically. A demolition of the reconstruction and a bankruptcy are otherwise likely. We'll see how Youngman will solve these problems.
Yesterday, the People's Republic of China took a step to symbolically strengthen the domestic auto industry. Maybe to send a small warning across the pond to the gentlemen in Detroit. Cars built in the US will be punished. BMW should pay for the US production 2.0%, Daimler 2.7% and Chrysler 8.8%. GM has come up with a whopping 12.9%.
The number is purely symbolic, because in the US GM does not produce anything that could somehow interest the world. Or does an attractive GM model with production location USA come to mind? Not me. The Saab 9-4x derivative from Cadillac is being rolled off the line in Mexico and is therefore not affected by the penalty.
Even so, it is a shot in front of the bow for the accountants in Detroit and maybe a return coach because it hinders and prevents Chinese investment in Sweden. Let's see if they interpret the characters correctly.