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SAAB

Antonov ready to be an owner of Saab

Russian financier Vladimir Antonov expressed his doubts about sales goals for Saab Automobile on Thursday, adding that the Swedish automaker may need an extra buffer.

Antonov ready to be an owner of Saab

“If the goal isn’t reached it would be nice for Saab to have €50-70 million ($69-97 million) as a little something extra to lean on. We’re ready to provide that money if we’re allowed to do so by the EIB,” Antonov told the TT news agency, referring to the European Investment Bank.

He added that he doesn’t see any risk that the EIB would withdraw its loan to Saab if he is brought in as a financial backer for the company.

“The EIB has fantastic security and a fantastic interest rate for the Saab loan. Why would they take it back? For the moment, everything is working well,” said Antonov.

However, he still wants to put pressure on the EIB to let him be a financier of Saab, which he claims that bank isn’t prepared to do.

“Toward the end of the year, there’s a risk that Saab will need another financial partner and it’s not easy to find one. But we want to because we think Saab is a good investment,” he said.

When Spyker Cars bought Saab from US carmaker General Motors (GM) last year, the business model stipulated that GM would pay for equipment and remaining debt and that Saab would also receive a loan from the EIB worth €400 million.

The Swedish government also provided state guarantees for the loan, with Saab assets serving as collateral.

The loan is paid out in several parts and runs through 2016. Saab pays interest to the EIB and a guarantee premium to the Swedish state.

According to Antonov, Saab would go bankrupt “in a few days” if the EIB withdrew the loan.

“But that’s never going to happen. There’s no reason for it. I don’t see any risk that the Swedish state would need to go in and take over the loan,” he said.

The specific agreement between Saab, the EIB, and the Swedish state, remains confidential, according to Daniel Barr of the Swedish Debt Office (Riksgälden).

“In the agreement, just as in any other major loan agreement, there is a ‘change of control’ clause, which means that the loan provider must approve all major ownership changes. We haven’t received any inquiries about any large ownership changes,” he told TT.

He added that he was familiar with press reports about Antonov’s interest in investing in Saab, but his agency hasn’t been approached about the matter.

“That’s something for Saab or Spyker to inquire about,” he said.

Antonov was force out as a major owner in Spyker Cars in order for the Saab deal to go through. In reality, he lent most of the roughly $100 million to Saab board chair Victor Muller’s company – money which was used in part to purchase Saab and in part to resolve Antonov’s ownership stake in Spyker.

The Russian financier has already agreed to by Spyker Car’s heavily-indebted sports car operations, and has also expressed his interest in owning Saab.

He believes the business plan can work and that Saab can be profitable, but he thinks that 2011 sales forecasts are a bit optimistic.

“I’m not involved in how the company is run so I don’t have access to the numbers. But according to earlier versions of the business plan, they have to sell 80,000 cars this year to stay with the plan. From my point of view, I think that’s a bit too optimistic,” he said.

In order to invest in Saab, he and Muller are working to find other financing so that the EIB loan could be paid back.

According to Antonov, they are speaking with several different groups, including banks.

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CARS

Former Swedish Saab bosses appear in court

Swedish car maker Saab's former CEO Jan Åke Jonsson and the firm's former head lawyer Kristina Geers have appeared in court in Vänersborg in west Sweden, accused of falsifying financial documents shortly before the company went bankrupt in 2011.

Former Swedish Saab bosses appear in court
Saab's former CEO Jan Åke Jonsson. Photo: Karin Olander/TT
The pair are accused of falsifying the paperwork at the height of the Swedish company's financial difficulties at the start of the decade.
 
A third person – who has not been named in the Swedish media – is accused of assisting them by issuing false invoices adding up to a total of 30 million kronor ($3.55m).
 
According to court documents, the charges relate to the firm's business in Ukraine and the paperwork in question was signed just before former CEO Jan Åke Jonsson resigned.
 
Both Jonsson and Saab's former head lawyer Kristina Geers have admitted signing the papers but denied knowledge of the Ukranian firm implicated in the case.
 
All three suspects deny all the charges against them.
 

Saab's former head lawyer Kristina Geers. Photo:  Björn Larsson Rosvall/TT
 
Saab filed for bankruptcy at the end of 2011, after teetering on the edge of collapse for nearly two years.
 
Chief prosecutor Olof Sahlgren told the court in Vänersborg on Wednesday that the alleged crimes took place in March 2011, when Saab was briefly owned by the Dutch company Spyker Cars.
  
It was eventually bought by National Electric Vehicle Sweden (Nevs), a Chinese-owned company after hundreds of staff lost their jobs.
 
The car maker, which is based in west Sweden, has struggled to resolve serious financial difficulties by attracting new investors since the takeover.
 
In October 2014 it announced it had axed 155 workers, close to a third of its workforce.
 
Since 2000, Saab automobile has had no connection with the defence and aeronautics firm with the same name. It only produces one model today, the electric 9-3 Aero Sedan, mainly targeting the Chinese market.