If this were a movie, it would have more sequels than Rocky, Rambo and Mission Impossible together. However, it is not: It is the story of the survival of Saab.
And the last chapter may be the last. According to the Swedish newspaper Svenska Dagbladet, is Guy Lofalk, the administrator appointed by the court to oversee the implementation of Saab's restructuring plan, ready to stop the process, remove the protection of company creditors and, indeed automaker said bankruptcy.
The reason is that Saab did not receive the € 70 million ($ 95.4 million) bridge loan pledged by the Chinese partner Youngman Pang DA, as it plays a crucial role in desperate need of the company for financing the short term.
Lofalk not be reached while the automaker has Victor Muller declined to comment. Saab declined by 7.2% this morning, while the spokeswoman Gunilla Gustavs automaker said: "We are still waiting to get the loan Youngman." She could not say when that would happen or how long the company may proceed without the loan.
Local Judge Cecilia Tisell told Reuters it is possible that the same Saab, rather than an administrator, ask the judge to remove the protection from creditors when it comes to the conclusion that the restructuring process will not succeed.
He added, however, that no such request has not yet been filed, "No, we have not heard anything like it in all companies Lofalk Saab Guy".
Can the Swedish government in the relief phase and Saab, to pay his debts to the European Investment Bank and effectively acquire the company, as some reports suggest?
"No, the Debt Office has no such mandate," said a spokesman for the Swedish Debt Office in the newspaper when asked to comment.
No help from the government then. Last chance to Saab for the administrator can be expected until at least Friday when the National Development Reform Commisssion China and is expected to decide on Saab Pang Da-Youngman loans.
Story References: The Guardian
Tuesday, October 11, 2011
Delays in Chinese Loan May Spell the End for Saab
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