SAAB News: Facts about current developments in Sweden
The Saab administrators are silent and the national press is using the media freedom to fuel speculation. Not helpful and it would be nice to hear a few words from the official side. About the facts. Lotus Youngman should be eliminated. Information, only from the press, not from the lawyers. But believable because in the last 24 hours no immediate denial came from China.
The electric car consortium has emerged and the background is unclear. The local newspaper does investigative journalism, but doesn't get anywhere either. The only thing that is certain is that there are two shareholders. 255 shares are owned by National Modern Holding Energy Ltd and 245 are owned by Sun Investment LLC. The former is owned by Mikael Kabu, a bankruptcy lawyer. Who is really behind it is the subject of speculation.
This is not sure if there is only one E-Mobility consortium or two.
The administrators themselves do the splits. In order to maximize the purchase price, you have split Saab into several packages. On the other hand, they see their mission to completely sell the group. A difficult task.
The Indians are still there and are still considered the buyers par excellence. Now that it comes to the purchase amount is a poker game. Mahindra does not seem to want to pay the desired price, the negotiations are in a critical phase. A quick solution, a few days ago still in sight, away from us. Yesterday another expert group was on the factory premises in Trollhättan on the way. To give an opinion as an independent third party on behalf of the administrators.
Anyway. Let's stay calm and wait.
Text: tom@saabblog.net
Well, there are only a few clues, but you can put together with additional speculation that it will give any message.
Maybe it's just a coincidence that this company was founded just now and because of the nervousness around SAAB then such rumors arise. The following points are not logical for me, why grad NEVS should be awarded the contract:
1.
Youngman was rejected because payments to the Chinese government are too uncertain. The same is true for NEVS, because here are mainly Chinese involved.
2.
Mahindra was rejected for political reasons. The insolvency administrators are not allowed to do that, because they have to accept the interests of the creditors in the first place. This means completing the financially best possible realization of the insolvent company.
3.
Can this newly established consortium and the company, now registered in Sweden, credibly guarantee financing at all? That means NEVS should already be equipped with a very high share capital; say purchase price plus investment for the future. Otherwise, the insolvency administrator would have to rely on any uncertain commitments, which are then often not even worth the paper on which they are made. For this (capital equipment and agreements) there is no information.
So it remains to be seen. Maybe there is still a bidder unknown to us, to whom such rumors are not inconvenient.
Well If only it all goes well. The matter of license and trademark rights is / is probably more complicated than we can imagine. Let's just hope for the best and be confident. And the big brothers in the USA may also have a say ...
The day before yesterday I thought it was probably through when Lotus / Youngman threw in the towel. After (according to sources) two remaining bidders, there was only one left - provided that there were really two and not three bidders left.
It is understandable that Mahindra is not willing to pay any price - or how the money is distributed (immediate purchase price, investments). But you shouldn't overstrain your hand either - to prevent this, the administrators apparently deliberately leave the door open for further bidders, and also leave the option of a division in the room.
However, it is also quite possible that the review group was a smoke candle from Mahindra to keep the purchase price down - or one of the administrators to increase it.
Hi Tom,
Now, after months, was a panel of experts in the factory?
That's a deliberate delay - how stupid do Bergqvist & Co. actually think the entire SAAB community is?
Unfortunately, I can only refer to my comment from 12.44 clock (refer to your penultimate news).
Sad sad…
Dear Joachim. It is an independent review team that should mediate between the parties.
For about 3 weeks now, based on the information I have read, I have been of the opinion that the lid is on there and is only being sorted. The fact that new bidders or consortia keep coming up (with increasingly dubious concepts) and obviously being listened to is dubious and incalculable for me on the part of the insolvency administrator. I fear that we will experience more of a disappointment here. But maybe that's what you want ...... ..
At the beginning of May, the insolvency administrators declared that the press conferences were suspended until further notice. So either the solution is within reach, or something happened in April that completely upset the planned sales process and is difficult to convey to the public.
Thanks to Tom for this summary of the facts about the current situation. These speculations about NEVS as a favorite buyer just cause trouble and bring nothing. But in any case, it would be really time for the administrators to comment on the situation again. Otherwise, further unpleasant speculations are opened the door.