GM and Swedish Debt Office allow Antonov to invest in Saab

Posted on Friday, 29 April 2011 , 18:04:17 byLucia

Filed under saab-gmspyker-saabsaab-new-carsaab-antonovebiswedish-governmentSaab

GM and Swedish Debt Office allow Antonov to invest in Saab

Vladimir Antonov, the Russian banker who was forced by GM to sell his initial sharea in Spyker for the Saab sale to occur, influenced in a major way Saab's hopes for survival. But good news announces that Autonov received permission from the Swedish National Debt Office, to become a major shareholder in Spyker Cars, which is Saab's parent company. Victor Muller, CEO of Spyker and chairman of Saab automobile stated that it was a great day for the company and for himself for they had worked really hard for 11 months so that they could achieve the result of restoring the reputation of Vladimir Antonov, a person who has made considerable contributions to Spyker since 2007 as a shareholder. He also added that he was convinced of the fact that the contributions would be made again in the future and he was looking forward to the decisions of the Swedish Government, General Motors and the European Investment Bank. The recommendation of the NDO was to follow intense scrutinizing. The Detroit automaker concluded in a press release that GM continued to be active in discussions with both Saab and the European Investment Bank and, thus, they reached an agreement with Saab which allowed Vladimir Antonov's acquisition of a shareholder interest in Saab. He also stressed the idea that the agreement required certain specific actions to be taken by Saab, which have not been achieved yet, together with some formal consents, approvals and waivers which have not been yet obtained by Saab. Three weeks ago, production was halted at Saab plants because there was no money to pay the suppliers and informed that the production facilities would be sold to Antonov and lease them back, so that they could get money for restarting production. However, it is still necessary that Antonov should get the green light from the European Investment Bank, to which Saab owes EUR400 million, and the Swedish Government. Saab also announced in a statement that Spyker and Saab Automobile were negotiating equity and debt financing, as well as technology licensing with different strategic partners, including Chinese automakers.


GM and Swedish Debt Office allow Antonov to invest in Saab image GM and Swedish Debt Office allow Antonov to invest in Saab image
GM and Swedish Debt Office allow Antonov to invest in Saab image