Muller in Stockholm for the emergency meeting of Saab
Tuesday, 11 October 2011
Saab has an extremely short time to solve the immediate crisis that engulfs its throat. Various Swedish news networks reports that the Chinese company, Youngman that was suppose to pair with the company has withdrawn and there is no further funding for the company’s reorganisation bid.
There is trouble in the house of Saab automobile and the boss Muller is giving his last dash of energy to see if water can come out of stone.
In the vein, Victor Muller was in Stockholm on Tuesday and in an energy meeting with virtually everyone involved in the Saab automobile sag to try and get to the bottom of the crisis resolution.
According to Swedish business daily, Dagens Industri the scenes around Saab Automobile is becoming cluttered. The paper claimed that Saab would seek the resignation or dismissal of Guy Lofalk, the man responsible for the reconstruction of the Saab. Although he was proposed by Saab when the application was lodged, report held that Saab lost confidence in him.
But conflicting reports now hold that the company has so far denied the request for change him. Saab's CEO and chairman Victor Muller, who, since June is the only one director, answering the telephone calls is said to be neither confirming nor denying latest information.
AdvertisementAdministrator Guy Lofalk and representatives from the Chinese partners Youngman and Pang Da are said to be part of the Stockholm meeting. But if there would not be any money, then Saab cannot continue the re-organisation, which began three weeks ago. The company would be in trouble as new debt may not be built up while a company should be in re-organisation.
To cancel the re-organisation is an option that is discussed according to a source. But there are more options.
"With the leadership that Saab has there are always solutions. No one wins when the reorganisation stops, "said the source, according to Dagen Industri.
Meanwhile, negotiations with Youngman, who would have paid Skr640 million on the 26 of sept is reported to resume. The parties met in Stockholm on Monday, according to Swedish newspaper Svenska Dagbladet.
At today's meeting, Youngman must convince Saab's management that it has not pull or will not pull out of the deal. Saab has already launched its new platform a pledge to advance from Youngman, but Youngman but wants additional assurance.
In particular, there is information that that the government could sold the problem of its bail out interest limits for the government loan guarantee, that is, including Saab's production equipments and spare parts company, and then sell them to who so ever, This is why Youngman hesitated. They are therefore within the agreed advance payment of Skr640 million.
When Saab was at the Court of Appeal to be granted the right to reorganisation it was said that the money would have been paid by 26 September.
Guy Lofalk should, according to information from a source, has gone on to seek that the sole discretion to present the idea that the state would bail out the interest limits of the EIB bailout and in the case, Geely, which last year bought Volvo Cars, was approached.
Geely listened to the presentation, but has clearly denied that the company is not interested in buying the Saab.
There are those within Geely who think that Saab has destroyed his reputation by negotiating with several parties, according to news agency TT. If there is interest in buying parts of Saab in the event of bankruptcy, Geely has not ruled that, said a senior source within the company.
By Scancomark.se Team
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