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February 14, 2012
Sweden agrees to guarantee Saab loan
Published: 6 Oct 09 07:05 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22482/20091006/
The Swedish government notified the European Commission on Monday that it was prepared to guarantee the 4 billion kronor ($570 million) loan that troubled automaker Saab is seeking from the European Investment Bank (EIB).
- Koenigsegg countdown to seal Saab deal (26 Sep 09)
- GM set to pump billions into Saab deal (15 Sep 09)
- Chinese automaker signs on to Saab deal (9 Sep 09)
“It’s now up to the Commission to assess Saab’s prospects for borrowing money. Just because we notified them doesn’t mean the deal is done,” said Jöran Hägglund, state secretary with the Ministry of Enterprise, Energy and Communications (Näringsdepartementet), to the TT news agency.
But Hägglund added that the notification means that the government hopes the deal will go through.
“The deal is still alive for us. If we hadn’t believed in it, we wouldn’t have chosen to notify the Commission,” he said.
Saab wants to borrow 4 billion kronor from the EIB, but before it can, the European Commission must make sure the government’s guarantees don’t run afoul of EU rules on state supports for industry, and that the carmaker’s business isn’t at risk for insolvency, the Göteborgs-Posten (GP) newspaper reports.
If all is in order, the Commission will then signal its approval for the loan through a statement of “no objection”.
Saab is now awaiting the Commission’s decision.
“This is an important step along the way,” Saab’s state agency liaison Anne Petre told the newspaper.
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On the other hand, the government has the responsibility to secure the jobs, no problem with that. However, knowing that there will be more than 80-90% of chance to loose money, why not the government spends this lost sum to creat new jobs.
SAAB's biggest problem was being shackled to GM where cars are designed by accountants not engineers. Unfortunately GM's accountants only know the cost of things but not their worth.
With an intrinsically independant SAAB being able to refocus on their real products, there is a good chance they can regain their status as a premium car maker.
This is good news for SAAB, Sweden (Scandinavia) and the enthusiast car owner. Like me.
Every new SAAB I bought from 1976 to 1994 was better than the last. Since then every one has become more of an Opel than the last. SAAB's are not a mass market car. they have a niche market that GM could never understand. Now there is some hope that my next SAAB will be better than my current 9-5 Aero.