schreef:
Debt Office angers EIBJune 30, 2011 at 22:39 - Jonas FröbergLet Antonov go into the Saab and avoid bankruptcy. Keep him off and Saab can fall. It is the core issue and the government is squashed between the Debt Office, which is positive and the EIB, which is negative to Antonov. At the same time resigned yesterday, the only Swede in the Bank's management, Eva Srejber.The issue if Vladimir Antonov may enter as a partner and put money in the heavily bleeding Saab has been in a long bench at the European Investment Bank, EIB. Now the question is scorching. Saab is struggling in its cash crisis. Yesterday the salaries were paid. But you have to get production going.
Yesterday, Saab is another little respite time with a loan of 25 million euro from the fund Gemini, which owns Saab and has close ties to the Antonov. But it is not enough.
If Antonov may enter as an owner, he has promised to invest up to 100 million euro that can provide additional respite.
Question of ownership requires approval of four parties: the National Debt Office, the Swedish government, GM and the EIB. All have veto power. It has turned into pure spin where Saab thrown around like a hot potato that nobody wants to take in. In the middle of the drama depart now EIB Swedish deputy director, Eva Srejber. She has served as one of eight deputy directors of the European Investment Bank since 2007. Her appointment expires today, last June. She is replaced by the former Austrian Finance Minister Wilhelm Molterer. Thus, Sweden is no longer representative of the EIB's management. SvD Näringsliv searched yesterday Eva Srejber, but she was reported busy to sit in the meeting.
Here's what's up with all the parties:1) Debt Office, which investigated the question of ownership to the government approved the Antonov as owner on 27 April.
2) The government did not want to say yes, despite the fact that the Debt Office investigated the issue for them, but say they wait for the EIB's and GM's stance. The reason is that the EIB earlier this spring proved that it had problems with Vladimir Antonov. That was when Antonov in April wanted to buy properties in the Saab to release capital for Saab. According to sources put the EIB, which demands that Saab would solve all their loans in the Bank, which became impossible.
3) From the EIB has been a resounding silence. According to SvD Business experience, the EIB has made its own investigations and had problems with Antonov. It is unclear whether this is due to the examination or if there are other reasons. They have also taken note of the Debt Office's investigations. New data says there is an irritation of the EIB's management of the Debt Office's investigation that they thought was not thorough enough. While the National Debt Office said to be irritated by the EIB's long processing times. EIB's approach to date, according to several sources, is that they prefer to leave the Saab with the EIB loan. Saab has now lifted over 217 million euro's in loans, which would have to be settled.
One reason is that the EIB loan would be given to projects in the "healthy" company. Now Saab has fallen out of its business plan and need big money to continue. The EIB can not give money to the routine operation of a liquidity crisis - what Saab needs right now. According to sources, it is because Bank failed to pay an installment of 29 million euro to Saab - which then need more money from other sources first.
Antonov's matter has been addressed in so-called credit committee - consisting of the EIB's eight deputy directors. They meet once a week. That was where Eva Srejber sat until yesterday. It is unclear what her departure means for Saab.
4) GM must also approve Antonov as owner and financier. There is concern in itself. GM has officially approved the Antonov comes into play.
But GM wants - like the EIB - to go from Saab and GM's conditions are, according to sources, the Antonov buy off their so-called preference shares (which is a kind of loan). They are worth around $326 million, but according to various sources Antonov buy them for around $123 million.
According to other sources to GM that the Swedish government, contact the GM and that together they approve Antonov.