Way back at the beginning of Saab's struggle for life after General Motors, exotic car firm Spyker was granted a €400-million loan ($527M U.S.) from the European Investment Bank. The loan was approved after it was guaranteed by Sweden's Debt Office, and Saab's recent bankruptcy filing forced the Debt Office to back up the guarantee with a €217-million payment ($286M) to the EIB – the portion of the loan that Saab actually drew upon.

It's not exactly bad news for the government, since the government's stake in Saab Automobile Parts and Saab Automobile Tools – used to guarantee its own guarantee of the EIB loan – is understood to be worth more than €217 million.

In the next couple of weeks, bids are expected from both China's Zhejiang Youngman Lotus and Turkey's Brightwell Holdings private equity group for the purchase of Saab in its entirety. No one can predict the outcome, but it this last-ditch situation might have the best chance: the European auto supplier organization CLEPA is assisting Youngman, the numbers being hinted at would indicate sane and motivated buyers, GM's intellectual property concerns appear to have been addressed, and it's certain that the sellers would love to see a bit of sun after a long spell of gloom for the hard luck brand.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 8 Comments
      Saabsdivided
      • 2 Years Ago
      For similar discussions visit www.saabsdivided.com thanks.
      guyverfanboy
      • 2 Years Ago
      I hope Turkey's Brightwell Holdings acquires SAAB. That would a) rescue this beleaguered automaker and b) sate GM's concern over Chinese acquisition of their IP.
        • 2 Years Ago
        @guyverfanboy
        [blocked]
      kevsflanagan
      • 2 Years Ago
      I'm still curious as to what Youngman has up its sleeve since GM has been pretty adamant about not allowing their IP to fall into their hands in a purchase of Saab. The reason I bring that up is if Youngman does purchase Saab they'd have to use the new platform and even that would take a year if not longer to get certified and tested in both the EU and US markets and months after that before it coud be sold. Beyond that the main problem staring them in the face is brand recovery in the eyes of the consumer. Right now to the majority of consumers Saab is dead and gone and the vultures (if you will) are picking at the scraps of cars left. If Saab does come back it will be a extreme uphill battle for them to become a legit mass produced car manufacturer again. They'd have to attempt a quasi small time come back like Fiat is doing with the 500 and well we've seen how well (unwell) that has been going.
      Toneron
      • 2 Years Ago
      Man give it up already!
        • 2 Years Ago
        @Toneron
        [blocked]
      FoxJ30
      • 2 Years Ago
      If Saab had 183-million Euro remaining in their loan, why didn't they use it to pay their suppliers and workers? On the surface that sounds much more logical...
        Saabsdivided
        • 2 Years Ago
        @FoxJ30
        Muller had restrictions on the use of the funds, most of it had to be used in support of environmental friendly products, he had yet to produce. Otherwise it would have all been used, and then some.