Saab asked by Sweden’s debt office to fill in gaps in its latest rescue plan

Article by Christian Andrei, on May 9, 2011

The Debt Office of Sweden is awaiting the response of Saab with regard to the company’s latest rescue plan that will produce the much-needed finances through a proposed change of ownership.

The Debt Office has asked questions about the company and the new owners, Daniel Barr, Debt Office head of bank support and project leader for Saab, disclosed to Reuters.

According to the latest rescue plan, Hawtai, a privately owned Chinese group, will take a 29.9 percent ownership in the company, pending approval from the government of China.

In addition, the plan reveals a potentially bigger share for Gemini Investment Fund, which currently owns 8 percent of Saab’s parent company Spyker.

To bring Saab to normal production once again, Gemini has offered the automaker a 30 million euro convertible loan. As reported by Swedish media, Spyker chief executive Viktor Muller has said that the money was already in the bank.

With regards to how long Saab will get approval of the plan, it will depend on when the Debt Office will receive an answer from the company, the quality of the response and the quantity of follow-up questions that the responses could raise, Barr stated.

Saab has previously halted its production more than a month ago because of cash flow problems. Due to an outstanding loan, the company will need the approval of the Debt Office and the European Investment Bank for any change in ownership. Barr did not disclose further details on the matter.

Topics: saab, sweden

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