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Workers Union in the Saab Factor Unions want to replace the Saab bankruptcy management team
Sunday, 08 January 2012
The workers’ Unions of the Saab automobile factory are worried about the actions of those managing the company’s bankruptcy proceedings.

They are calling for the replacement of Saab Automobile's two bankruptcy lawyers -Gothenburg based lawyer, Ann-Marie Pouteaux of the Wistrand Law Firm and Hans L Bergqvist, of the Delphi law firm.

This is a serious demand because all the four unions at Saab Automobile are jointly requesting that they be replaces.

The request to replace the managers of the company’s bankruptcy operation was addressed in a submission that will reach the Vänersborg court on Monday. The request is supported by collective creditors.

Monday is the last day to appeal the district court's decision of December 19, 2011 to appoint Ann-Marie Pouteaux and Lars L Berggqvist to the bankruptcy trustee.

When Ann-Marie Pouteaux and Hans L Bergqvist were appointed last December 19 to head the operation, they received barrage of criticism from among others Leif Eriksson, a former senior  bankruptcy judges in the Stockholm City Court and Marie Karlsson, Tuula, associate professor of Civil Law, Gothenburg School of Economics and an expert in insolvency law.

They questioned the role played by the Swedish debt Enforcement Authority in the appointment of the liquidators.
In last week complain, the four unions at Saab Automobile, IF Metall, Unionen, Ledarna and the academic / Engineers association questioned their lack of information from the liquidators.

By law, the unions have the right to information and can, according to the rules seek to negotiations with the liquidators in the bankruptcy process.

Criticism of the managers has since 19 December been raging on. Independent sources say that the two managers of the Saab estate showed "great ignorance and did not realize the complexity of Saab Automobile's operations."

This is confirmed by the fact that according to report, the two bankruptcy trustees have not yet grasped the business. Inventory is far from complete.

As this happens, the managers are supposed to be in regular negotiations with the stakeholders who expressed interests to take over all or part of the activities of Saab Automobile.
Chinese automotive group, Youngman, Turkish investment company, Brightwell and Indian conglomerate, Mahindra, have officially gone out and announced their interest.
Sources within Saab Automobile characterized the two Swedish legal team overseeing the company’s transition as “adventurers".

Sources with insight into the ongoing process indicate that cash in the estate is sufficient for up to an additional week and a half, probably only a week.
"It may force panic selling. The nearest to the liquidators is to sell the remaining 49 percent of the property to Hemfosa Consortium, "says a source.
The properties in Trollhattan are made up of some 480,000 square meters, of which 20,000 square meters of office. The land is 120 hectares.

As of Hemfosa led consortium in June 2011 acquired 51 percent of Saab Automobile's property, then was the Russian financier's Vladimir Antonov had plans to acquire the property when it was stopped by the European Investment Bank, EIB.

Hemfosa consortium paid around Skr300 million for the 51 percent. The consortium includes among others, brothers Erik and Mats Paulsson - controlled construction company Peab and property companies Fabege and Brinova.

Reportedly, Hemfosa consortium under the contract from June 2011 was entitled, at a bankruptcy for Saab Automobile to acquire the remaining 49 percent for a fixed price. Anecdotal evidence indicates that it stands at approximately Skr25 million.
By Scancomark.se Team

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