• Sweden edition
 
SAAB CASH CRISIS
National Debt Office opens up for Saab loans
Production lines are still silent in Saab factories on Friday

National Debt Office opens up for Saab loans

Published: 15 Apr 2011 06:40 GMT+02:00
Updated: 15 Apr 2011 06:40 GMT+02:00

"This morning we received a final proposal from Saab dealing with solutions

for their financial problems. We have expedited it (to the government) ... and

by close of business today we will send a letter to the government with a

recommendation," NDO official Daniel Barr confirmed to AFP Thursday morning.

The application to the NDO was "about the release of its security with

respect to Saab property," Saab spokesman Eric Geers said.

By the end of the day it became clear that the office were willing to accept that the company receives a cash injection from another source than the EIB.

The National Debt Office has a say in Saab's financing because it guaranteed a EIB loan to Saab but a final decision must be made by the Swedish government itself.

Spyker said earlier this week it was "in discussion with a financial institution on the sale and lease back of Saab Automobile's real estate property," adding a decision was subject to the approval of the NDO.

The Dutch company rescued iconic Swedish brand Saab at the last minute in January 2010 by buying it from US auto giant General Motors.

But the company did not meet its sale objectives for the year and last month Saab started halting production amid conflicts with suppliers over unpaid bills.

Saab said last week production was stopped "until further notice."

Geers told AFP Thursday that Saab staff would stay home at least until the end of this week.

Swedish press reported Thursday that the application filed was between Saab and a foreign party, believed to be Russian businessman Vladimir Antonov.

At the time of Saab's sale, Antonov was blocked from taking a stake in the company by former owner GM, on concerns over its intellectual property rights in the carmaker.

Antonov said in March he was ready to invest 50 million euros ($70 million) in Saab and would want to take a 30-percent stake in the company and earlier this month, he filed an application to do so.

Bo Lundgren, head of NDO, told daily Dagens Nyheter that the office will receive more information on Antonov on Friday and that he hopes the office will be ready to present a final recommendation on Saab's proposal to the Swedish government before Easter.

Swedish spokesperson for the Antonov group, Lars Carlström is confident that the Russian financier will get the green light.

“There is nothing that could stand in the way,” he said to DN.

But even if Thursday’s application is approved and Antonov is allowed in as part owner, there is no guarantees that Saab will be saved.

Lars Holmqvist, CEO for the European Association of Automotive Suppliers (CLEPA), thinks that whatever is on the table now it is too little too late. The government should have stepped in as early as 2009, he told DN.

“It is too late now. Saab has lost too big a part of the market and no one places any trust in the company now,” he told DN.

Swedish Finance Minister Anders Borg said on Thursday that he did not want Saab's financial woes to become the government's problem.

"As the situation is now, we must conclude the negotiations but it is a

difficult situation where there are a lot of remaining complications and these must be resolved by those responsible for Saab," he told public television SVT.

AFP/The Local (news@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

12:57 April 15, 2011 by Arcticeric
its this easy -

1. take the Russian's money

2. freeze financial payments / transfers to anyone outside Sweden with the exception of suppliers and EU creditors that are not connected with the buyer/s

3. if the company is still alive 1-1-2012, allow the Russian and his friend to take only union and government approved payments from Saab.

4. if the company is still alive 1-1-2013 remove the restrictions.

or?
Today's headlines
Music
The five best Swedish songs of the month
Swedish singer Tove Lo. Photot: TT

The five best Swedish songs of the month

The summer may be (almost) over but the music will keep on playing here at The Local. Our resident music guru Paul Connolly will be selecting his top new Swedish tracks for us in a new monthly feature. READ  

Hedgehog pet craze sweeps Sweden

Hedgehog pet craze sweeps Sweden

African pygmy hedgehogs are being bought by growing numbers of Swedes, as a trend for keeping exotic pets sweeps the country, the Department for Animal Welfare and Health tells The Local. READ  

Poisonous mushrooms cause stir in Sweden
The mushroom in this picture is not the same as the one from the story. Photo: Shutterstock

Poisonous mushrooms cause stir in Sweden

A person selling freshly-picked mushrooms in Gothenburg has come under fire after it turned out the delicacies were not only poisonous but also hallucinogenic. READ  

Pirate Bay founder case starts in confusion

Pirate Bay founder case starts in confusion

The largest hacking case in Danish history began in confusion on Tuesday, after lawyers representing Swedish Pirate Bay co-founder Gottfrid Svartholm Warg accused the prosecution of "unreasonable" tactics. READ  

Swedfund joins H&M in Ethiopia expansion

Swedfund joins H&M in Ethiopia expansion

As H&M expands into Ethiopia, Sweden's state venture capital unit Swedfund has announced that it will back the clothing giant, in a move hoped to create more jobs for local women. READ  

Elections 2014
Social Democrats reveal election manifesto
Photo: TT

Social Democrats reveal election manifesto

UPDATED: Sweden's main opposition party the Social Democrats has revealed its election manifesto at a press conference at a high school in Stockholm, with a key focus on education and welfare benefits. READ  

Teen run over by train after 'shoplifting' chase

Teen run over by train after 'shoplifting' chase

A teenage boy is in a critical condition after he was hit by a passing metro train in Stockholm. The accident ground rail traffic to a halt, and has police suspecting attempted murder. READ  

Swimrun
Record win at Sweden's tough island race
Photo: Jakob Edholm/ÖTILLÖ14

Record win at Sweden's tough island race

Two Swedes crushed last year's course record at the Swimrun world championship in Stockholm's archipelago on Monday. READ  

Sweden reveals Academy Award submission
Swedish director Ruben Östlund on set. Photo. TT

Sweden reveals Academy Award submission

The movie set to represent Sweden at the 2015 Academy Awards was revealed on Monday, a film that has already won awards abroad. READ  

Amphetamines
Hidden forest drug stash leads to prosecution

Hidden forest drug stash leads to prosecution

A 53-year-old man has been prosecuted after police in western Sweden made one of their largest drug seizures in the area. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Sponsored Article
Introducing… Insurance in Stockholm
National
Huge clear up underway after Skåne floods
Politics
Sweden's Alliance reveals full manifesto
Tech
Sweden's highest peak to lose title next year
Politics
How immigration became a key election issue
Blog updates

02 September

America night (Blogweiser) »

" There was an event this weekend for the ‘Americans in Sweden’ Facebook group. I’m a member, and I brought my girls to the evening. The gathering was at a Boston-themed sportsbar in a mall. There were loads of screens, a bowling alley, a game room and a jumbotron. It was as good a place as any to..." READ »

 

25 August

Hit och dit, här och där (The Swedish Teacher) »

" Hej igen! A common challenge for Swedish language students are the location adverbs hit/här, dit/där, hem/hemma etc. Some of the location adverbs come in two versions. We should use one type of location adverb when we use a verb describes where we are, and we should use the other type of location adverb when we the verb..." READ »

 
 
 
Society
Brit's life in Sweden becomes BBC radio show
Gallery
People-watching August 27
Gallery
Top ten false friends in Swedish
National
Roma advocate scoops Wallenberg prize
Society
Meet the man who made a Swedish store recall its high heels for kids
Business & Money
'How I came to run my own business in Sweden'
Politics
Expert explains why Sweden's election oozes uncertainty
National
City plays Schindler's List theme at Nazi rally
Society
For Stockholm Fashion Week, here's the A-Z of Swedish fashion
National
'Amnesiac' man avoids deportation for ten years
Gallery
Princess Estelle through the years
Business & Money
Swedish city all set for six-hour workday trial
Business & Money
Five golden rules for the Swedish job hunt
Sponsored Article
Graduates: Insure your income in Sweden with AEA
Gallery
People-watching August 22-24
National
Armed royal guards caught (very) drunk on the job
National
Sweden orders textbook on Roma discrimination
Gallery
Violent anti-Nazi demonstrations in Malmö
Society
A closer look at Sweden's five official minority languages
Gallery
See the destruction from the southern Sweden floods
Sponsored Article
Find out what gives this Swedish school executive appeal
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

746
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se