Nick Reilly, GM Asia Pacific
Saab hopes to restart its plant in Trollhattan this week.
Struggling at the head of the collapse, the Swedish automaker Saab strapped fielded a pair of agreements that would allow the reopening of the seat assembly plant later this week.
Saab's Dutch parent company, Spyker Cars NV, plans to borrow 30 million euros 44 6000000 Gemini Investment Fund, the money will likely be used to pay suppliers who are boycotting the Swedish manufacturer for almost a month.
We hope to resume production next week, but it is dependent on our conversation with suppliers and the availability of parts, the spokesman U guard S Saab Michele Tinson.
Although the agreement Gemini could avoid a short-term disaster, the long-term news involves aspiring Chinese automaker Hawtai Automotive Group, which plans to announce a new partnership with Saab Tuesday at a Beijing news conference .
Sources say that Vladimir Antonov, the wealthy Russian businessman who had hoped to snatch a part of his own with Saab can still align with the manufacturer dealing in the context of the latest developments.
I would like to apologize to our dedicated employees, suppliers, dealers and customers for the disruptions of the past weeks, Victor Muller, Chairman of Saab and CEO of Spyker Cars said on Monday We will do everything in our power to restore confidence in our company as soon as possible.
Spyker purchased Saab in early 2010, after lengthy negotiations with General Motors but when the transaction closed, GM had closed the main plant of Saab in Trollhättan, Sweden, which lasted seven weeks to resume operations in terms, say Saab officials, which affected sales, thus greatly creating a liquidity crisis that has continued in 2011.
Nearly a month ago, several key suppliers refused to deliver parts to the factory until they are paid in an interview with during the New York Auto Show, Muller admits he tried call their bluff, a move that backfired leading to the boycott that has so far cost nearly 4,000 production units lost factory produces both the flagship 9-5, as well as the smallest, largest volume 9-3.
In a desperate attempt to raise funds, Saab tried unsuccessfully to ease access to a loan granted in 2010 by the European Investment Bank, but only for use in product development and related programs The manufacturer then turned to Antonov, one partner in Spyker Russia offered to buy the Saab factory and other states, then rent the Swedish manufacturer.
This proposal requires the approval of the EIB, however, and the bank has so far refused to agree, despite the support of the Swedish government, which endorsed the bank loan.
Last week, Muller said he would find other ways to support its business, and has hinted that he was negotiating with one of three possible Chinese partners Those initially be presented in the discussions included Great Wall Motor Co China Youngman Automobile group Co. and Jiangsu Yueda group Co. Thus, the tie-up with Hawtai is a surprise to observers.
Precisely this kind of alliance is in store is not disclosed before the announcement Tuesday that come mid-Tuesday afternoon Beijing time Hawtai is a relatively small manufacturer, who would in production under 100,000 units in 2010, it is one of perhaps 100 different Chinese manufacturers, as reports today, hoping to survive the shakeout expected crowded market for this story, click here.
Muller should participate in the news conference, as Hawtai vice president Richard Zhang There is no mention of Antonov, but it can still expand its role Antonov was forced to Spyker in late 2010, when GM said that it would not negotiate the sale of Saab if Russia were involved in the case last week, however, the US manufacturer said it would accept the Antonov back GM still has close ties to Saab, among others, producing new crossover Saab 9-4X to a plant in Mexico.
The loan from Gemini Investment matures in six months and is convertible into shares at a price 4 88 euros per share.
Ironically, Saab will charge Jan. 29 million loan from the EIB home next week, but this money can not be used for operations overnight This drawdown will leave about 154 million euros from 400 million Euro loan EIB origin for the future use of the product development and related efforts.
Coincidentally, another Swedish automaker, Volvo Cars was sold outright to the Chinese car company, Geely, in 2010.
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