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Saab CEO Victor Muller reveals next aggressive plan to not let Saab goes bankrupt

Monday, 19 September 2011
Saab automobile’s owner is planning a next aggressive risky plan to make the company forward should the court of appeal reject its application to restructure Saab.
Today the court of Court of Appeal of Western Sweden will meet to determine whether to look into Saab Automobile's reconstruction appeal or not. In the day, the court will give notice if the court will leave the appeal to go ahead.
But if the Court of Appeal reject Saab’s application, Saab's CEO Victor Muller, has an alternative plan to avert the threat of bankruptcy according to Swedish business Dagens Industri.
Saab plans to use the approximately Skr640 million it borrows from China company, Youngman to pay staff salaries and part of accounts payables.
“I think there is a reasonable chance that we can decide whether to appeal this afternoon. Otherwise it will be tomorrow,” says a court official Peter Islande .
 He, together with two other judges will determine whether there are sufficient grounds for the Court of Appeal to consider whether Saab will have to undergo a reconstruction. The Court of Appeal president, Gunnel Wennberg, is one of the three.


Youngman will have promised to bring over Skr640 million by the end of the week. Half the amount according to Dagens Industri will be used to pay the Saab Employee salaries for the period August-October. A first payment of wages is supposed to take place on September 26. It is the day the District Court in Vänersborg has called for a bankruptcy hearing, then workers Union Unionen requested Saab bankruptcy.
The Saab 800 suppliers, which together are owed some Skr1.3 billion, will then share the remaining Skr320 million. This represents 25 percent of the receivables, compared with 10 percent in the last offer from Saab.
The rest of the debts are reported to be settled in November. Then it is hoped that Saab Chinese authorities would approve Youngman and Pang Das investment in Saab of Skr2.2 billion, writes the paper.
By Scancomark.se Team

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