Saab Financial Control | finance struggle Time will show the final mass of the Saab, which is not built on a car April 1 onwards. And the hunt for new investors to step up this week, is worth much more than £ 100 million, the Chinese partner, collapsed.
Trollhättan plant has been idle since April 1, adopted by the liquidity problems experienced suppliers retain parts in response to unpaid bills. Unless the company has injected cash emergency analysts say the future is bleak.
Last week, it seemed that Saab had found a solution to its liquidity difficulties crisis, signing a cooperation agreement with a value of £ 132 Chinese manufacturer Hawt Motor Group. This follows an agreement proposed property lease-back with the former Spyker Cars NV shareholder and investor thwarted Saab Vladimir Antonov, a refinancing plan to repay loans from the EIB guaranteed by the Swedish debt, and a £ 26m term loan of Gemini Investment Fund.
However, the latest is that the Saab Hawtai cooperation agreement collapsed. Initially the contract was believed not to have a lack of approvals in China and fears of the offices of state in Sweden. But Hawtai Vice President Richard Zhang told Reuters in the night: "This situation was a complex business and economic realities, not government approval, which forced the separation of the May 2 agreement .."
Saab President Victor Muller, the means to pursue other opportunities for collaboration, and reports of Chinese media have linked SUV and commercial vehicle maker Great Wall Motor Saab.
When the burgeoning market for vehicles and production environment, which requires a local joint venture partnership in China seems to be the most likely place for an investor buys a new Saab. Since an obvious enthusiasm for cooperation are much more than the Saab Hawtai crashes? CAR said automotive analyst Max Warburton, and Sanford C. Bernstein in his situation Saab thoughts.
"China seems to be the last hope for bankruptcy or marginal European automakers - and arguably Saab has some attractions, given a new product, including sedans and SUVs - the two main segments of the Chinese taste" says Warburton CAR. "But nothing will happen without the approval of Chinese government and we see the Chinese slow down the decisions of the automobile. For example, a backlog of national decisions such as approval of the PSA-Chang a proposed joint venture, signed a year ago. "
Europe, the Russian businessman and banker Vladimir Antonov keeps his enthusiasm for investing in the Saab. Still, questions about his suitability to invest in Saab delay from the original sale of the company Spyker Cars NV, General Motors, the Antonov was specifically prevented the sale because of concerns of interested parties about its activities.
Antonov keeps its legitimate businesses are tested by independent investigation has been supported indirectly by buying sports cars Spyker Spyker Cars NV Saab division in early 2011. However, permission to invest directly Antonov have been followed long negotiations between the Swedish government, Spyker NV and General Motors.
The status quo continues. An officer of Spyker Cars NV has confirmed that talks continue with other potential partners in China, and the European Investment Bank to complete the collection of existing loans and meet the conditions for the proposed sale and leasing of assets to continue. Saab continues to market, sell and support its existing range of vehicles.
But Saab is not able to resume production until it resolves its financial problems. Most Saab continues without new production plus existing stocks of new vehicles for the decline of the distributors, and promoting impulse sales (sales in the UK increased from 73.5% in the first quarter of 2011, 2378 units) is lost.
During the past six weeks, Saab owners have explored various solutions that have failed to resolve the growing crisis. Valid until the inverter is that it can meet the needs of both Saab and its stakeholders, the company's future remains in limbo.
