A spokesman for Swedish Enterprise Minister Maud Olofsson said yesterday that the carmaker would be eligible for a bridge loan from the government to help it transfer its assets to a new owner – assuming it finds a suitor. Saab says it has letters of intent from three seriously interested parties and that it expects to make an announcement soon.
“If Saab finds a new owner there may be a bit of a gap (in financing),” enterprise ministry spokesman Frank Nilsson told Reuters.
“So we are prepared to go in during that period.”
The main stipulation for the government loan, which had not been offered to Saab until now, is that it find a new, non-General Motors owner. No specific sum has been discussed, according to Nilsson, but the government did set aside about $650 million for emergency loans to the country’s flailing auto industry. Ford has also been quietly shopping around Volvo, but with no buyer news of late, it seems that Saab would be first eligible for the loan.
05/21, 11:39 AM
posted by:
Borat
Should we feel better because Swedish government will be screwed out of loan? Or they will not? Then I’ll really loose faith current leadership (this is complete bullsh!t I have nothing to loose)
05/21, 11:52 AM
posted by:
Mutant@DCX
I am certain that usually, when one lends, one makes money to a certain percentage of return. It’s all good mate!
05/21, 11:58 AM
posted by:
Go Saab
@Borat: It’s the Swedish Government that has screwed GM because they don’t act like the coward U.S. Government.
05/21, 12:12 PM
posted by:
spg900
My 20 yr. old 900 spg was a technical marvel when it came out. It shamed some pretty expensive cars back then. I can only hope they’ll be doing some of that again.
05/21, 1:27 PM
posted by:
Madcapp
That wagon is uglier than homemade sin.
05/21, 2:33 PM
posted by:
Borat
madcapp, what do you have against homemade sin to compare it with this?
05/22, 3:54 AM
posted by:
maxcar
once saab relieves itself of gm, it will prosper. they have some extremely talented engineers that are highly marketable with other auto makers interested in quality, and willing to share the load on r+d without compromising the end product.