Update 10: 51
The responsible district court for Saab Automobile is in the neighboring municipality Vänersborg. There were delivered today to 9.30 two large boxes. The content is the listing of Saab liabilities and enterprise value. The value of Saab Automobile AB and its subsidiaries Saab Tools AB and Saab Powertrain is said to be 3.6 billion.
Liabilities are many times higher, at 13 billions of crowns. Unless Sweden is the country of transparency where it is possible to know the income and tax liability of its neighbor on the Internet, there is also a summary of the situation on the Web. The Saab administrators of Wistrand have made a listing online.
The liabilities of old owner GM amount to 2.2 billion kroner. Americans are given priority over all other creditors as the claims are based on preferred stock. If that were really so, then GM would be well out of the matter. A mountain of non-voting preference shares that were long-term unsellable would bring a nice little profit.
Non-real goodwill included is Saab Parts AB, which is also not affected by bankruptcy. Saab Parts AB in Nyköping is under state custody, but should be sold in a complete package with the rest of the group. Insiders report that the Parts AB should bring at least once again 2.5 to 3 billion crowns. Which is also above the stated book value, which is set very low. Thus, the Swedish state would have come out well from its guarantee for the EIB loan and the entire company would be worth about 6 billion crowns.
Still a bargain price for the traditional Swedish brand. The events in Vänersborg are the result of a turbulent past with an irresponsible owner. But as I said, past, so over.
More important are the commandments that must be made today binding. An era comes to an end in Vänersborg. In a law office in Stockholm could start new. Maybe you hear more at the end of the day. We stay tuned.