Fresh money for wages at Saab
Updated 2011-10-12 22:54
While the rumor carousel on Saab Automobile spinning ever wilder on Wednesday came late reports that Chinese Youngman already paid about 100 million to Saab.
Saab Automobile confirms that Chinese Youngman paid a first portion of the loan was announced on 12 September. Further payments are expected later in the week and until 22 October, according to a press release from the owner's company Swan.
Saab would not say how much money is involved.
- We will not go into any amount, says Gunilla Gustavs at Saab Automobile's information department.
The new money, paid in installments of which the last item on Wednesday, is part of the approximately 640 million as Youngman through a German bank would put up in a so-called bridge financing in anticipation of the 2.2 billion which, according to sketches will be invested together with Pang Da.
The 640 million would have been a Saab provided on September 26.
Now, says Dagens Industri that there is a new plan to save Saab and Saab chief Victor Muller during the meetings that took place in Stockholm made it clear to the Chinese that Saab does not need 640 million, but well around 100 million to pay salaries.
These are going out on Friday next week when the government payroll money ceases.
- We met with Pang Da and Youngman as late as on Tuesday and everything is proceeding according to plan. Our cooperation will continue and there is no problem with it, said Ms Gustav.
The safety of the 640 million would be a license for Saab's new base plate to the 9-3 model. Youngman get under the new solution to part of a defined part of the technology against their invested less money, writes DI.
Exactly what they may have access to is unclear.
It is now intended that the money should be enough until the Chinese authorities in November is clear about the trials of the letter of intent that Youngman and Pang Da signed with Saab Automobile.
- Even if you do not have all the details completed on schedule, they had coordinated objectives and what to do, said an optimistic Peter Hallberg, president of Saab återförsäljarförening, the TT news agency on Wednesday after a meeting with Victor Muller and Chinese.
Saab's owner company Swedish Automobiles shares go roller-coaster stock market in Amsterdam. After Wednesday's steep slide, it was a hefty rise on Thursday after the company confirmed that it received money from Youngman. At half-past the increase was 19.5 percent and its shares were traded for 1.04 euros.
It is far from this year's peak in January at 7.65 euros.
The share price has never been so low that day after Vänersborg rejected the reorganization application. On 9 September, the share was down to 0.35 euros.
The stock has dropped since the beginning of over 70 percent in value.
Saab's basic plan was that the Chinese NDRC, National Development and Reform Commission, would decide on Youngman and Pang Da allowed to become partners and injecting capital in the morning on 14 October. But apparently it takes longer than this.
A source within Saab says that it is unlikely a decision on Friday, but next week.
The schedule was based on that Saab received information that it usually takes around one month to become the go-ahead on the provincial level until a decision is taken at the national level. Provincial Authority said yes, 13 September. No explanation for the delay seems not able to provide, over the weekend closure last week has affected.
Meanwhile, Saab administrator Guy Lofalk to get to a reorganization plan that will convince creditors to allow reconstruction to continue when the creditors' meeting for almost two weeks. Without the green light from China are the Saab plain and reconstruction might be interrupted.
The turmoil of recent days with delayed cash payments and crisis negotiations with Youngman and Pang Da, the rivet work.
- We have lost a lot of time. Now we must focus on the reorganization plan. There remains much work, said an informed source.
The reorganization plan must have a business plan for the future. It is also expected to indicate what debts to suppliers to be paid. According to Muller, it is about SEK 1.4 billion in arrears.
Saab currently has not announced any plans for a composition in which the debt is written down as the company did at the last reorganization 2009th
- We have said we will pay one hundred percent, but we can not say when. We keep on working on a plan for it now, says Saab's CIO Eric Geers.
Frederick Sidahl, president of FKG, notes that there is a realization of the suppliers that Saab will not be able to pay everything on a board.
- The fact that Muller has said that all debts be paid, but not when, it sounds like a payment plan. It'll be a negotiation with every supplier, he says.
The money from Youngman, who now has started to roll in, should be enough to get through the Saab reorganization under Eric Geers. Until next Saturday, October 22, to 70 million, approximately SEK 640 million have been paid.
- The money is a good signal to employees, suppliers and dealers that future owners are serious, says Eric Geers.
TT DN.se
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