Brief van Victor Muller aan de werknemers
The events of the past couple of days demands an explanation on our part since I can imagine that you are very worried and probably have a lot of questions. I am very aware of the worry that this new situation contributes to, not to say the least regarding your employment and coming salary. Please trust me when I say that these things have the highest priority now that we are dealing with the situation.
So what happened? After winning the appeal to go into the reconstruction a month ago we started working on preparations for the creditors’ meeting on 31 October. However, it was fairly soon clear that some individuals in the reconstruction process were working with a different agenda, which led to undue media attention. After a visit by the administrator, Guy Lofalk, in China spread news that Geely submitted a bid for Saab, with our partner Youngman basically been eliminated. The situation came under control relatively quick when Geely withdrew and Youngman and Pang Da’s financial commitment to the Saab was renewed last week.
Since reorganization requires some funding and it was uncertain whether Youngman and Pang Da would finance Saab as last week agreed was planned, Swans management decided to approach North Street Capital, a US-based private financing company that was willing to provide $ 70 million in funding. We are of the opinion that this sum is more than sufficient to continue the reconstruction, pending a response from Youngman and Pang Da. Lofalk, however, was of a different opinion and decided, despite the funding commitment from North Street Capital, to cancel the reconstruction to the district court in Vanersborg. We will contest this application to terminate reorganization and ask to replace Lofalk.
Court will decide by the end of next week and we will keep you informed of developments, such as SWAN secure additional funding.
CEO & Chairman, Saab Automobile AB