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

Article by Christian A., 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

If you liked the article, share on:

Comments

Recommended

Hyundai Motor Group – including both Hyundai Motor and Kia Motors – has disclosed a wide-ranging plan to introduce 31 environment-friendly models in a new development roadmap that aims to...
by - August 22, 2017
Over a decade ago, Pagani took the Zonda to the Geneva Motor Show. The Zonda hypercar was then set to retire in 2013 together with the track-focused Revolucion. But here...
by - August 22, 2017
The newest Porsche Cayenne is scheduled be unwrapped by the end of the month after completing endurance tests worth 2.7 million miles. Since we are just a few weeks away...
by - August 22, 2017
This is the time of the year when automakers give us teasers and previews of their upcoming models. Now, it seems like BMW is ready to unveil the M5 (F90)...
by - August 22, 2017
It is quite common to revive classic cars if you have a lot of extra money. Models like the Jaguar XKSS and Aston Martin’s DB4 GT have been upgraded to...
by - August 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries