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May 25, 2012
GM to fill Saab funding hole: report
Published: 2 Sep 09 10:37 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/21830/20090902/
The prospective purchaser of the ailing Saab Automobile company – the Koenigsegg Group – has found new investors to enable it to complete the deal, according to reports in the Dagens Industri business daily.
- Reinfeldt fobs off Koenigsegg Saab plea (20 Aug 09)
- Sweden refuses to fill capital hole in Saab deal (19 Aug 09)
- GM confirms Saab sale (18 Aug 09)
The paper’s information reportedly came from a source close to the deal. Koenigsegg Group, which has been pressing the Swedish Government over the last two weeks for top-up funding in order to save the company, has stated that it can now complete the deal without government assistance.
"Koenigsegg Group no longer needs additional financing from the Swedish state due to securing financing with the help of GM and new investors,” said the source.
The new settlement may be presented as soon as next week. Saab requires approximately 11 billion kronor ($1.5 billion) before the company can begin to operate profitably, according to the Koenigsegg Group. Current owner GM has already contributed 2.8 billion kronor ($385 million) in the form of a loan and through paying for production equipment for the new Saab 9-5. The Koenigsegg Group has contributed 720 million kronor.
The company also hopes to secure a loan from the European Investment Bank of around 5 billion kronor. In order to secure that loan the company will require a guarantee from the Swedish Government.
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First I disliked >GM because of the numerous screw ups with Saab. Selling it to KG made me overlook that but this makes me really really like that company. I hope the Trollhättan factory will raise an American flag for a while.
GM has probably just calculated that injecting another USD385m is cheaper than the full costs (including negative PR) of closing SAAB for good
GM should have sold Saab to someone with money + experience who could make it work and give comfort to the government. This would be hilarious if it wasn't a disaster.
Not every crook wears a mask. Some are very neat dressers.