Saab Lives, For Now
A Lithuanian bank owned by Russian investor Vladimir Antonov intends to loan the Swedish automaker $48 million, enough to pay suppliers and continue production.
http://www.saabsunited.com/2011/04/weekend-loan-update.html
A recap of events over the weekend:
- According to Lars Carlstrom in an interview with TTELA (english version),”Yes, (the NDO) have given the green light to Vladimir Antonov can lend money, but he wants to come in as a shareholder. And it’ll continue to negotiate on this issue over the weekend.” Vladimir Antonov himself and Victor Muller have been negotiating with representatives of government and Riskgälden since Friday.
- According to Ola Kinnander at Bloomberg (a very trusted source of SU) , a source who didn’t wish to be identified since the talks are private indicated that the loan will come from Bankas Snoras in Lithuania (which is controlled by Vladimir Antonov). Lawyers are working on the loan deal today (Sunday April 10), which may be approved as early as tomorrow, two of Kinnander’s sources said.
- Saab would likely borrow around 300 million kronor (€33.4 million) from Bankas Snoras, one of the people said, which will get production started ASAP. At the same time, Antonov and Spyker will wait for clearance to bring in Antonov from the EIB. Antonov is ready to invest at least €50 million in Saab, Lars Carlstrom said April 8, when he also said Antonov has agreed to cap his stake in Saab at 30 (29.9) percent.
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