National Debt Office intends to release Saab security
(Thomson Reuters ONE) -
The Swedish National Debt Office, the SNDO, concluded its discussions with Saab
Automobile AB regarding the financing proposal presented by Saab already on
Tuesday of this week.
An agreement on principles had been finalized during the course of Sunday
evening, with Saab drafting the necessary agreements on Monday and some final
adjustments being made on Tuesday. The agreements are now ready to be executed,
pending the approval of the European Investment Bank, the EIB.
The SNDO intends to release the shares in PropCo, a property company owned by
Saab. The intention is to enable Saab Automobile AB to enter into a sale-lease-
back arrangement in order to strengthen the company's liquidity. The transaction
needs the EIB's approval.
The SNDO has security in respect of Saab's counter-indemnity for a state
guarantee which was issued in order for Saab to obtain a loan for a maximum of
EUR 400 million from the EIB. To date Saab has drawn EUR 217 million on that
facility.
The SNDO intends to release a part of the security not required to cover Saab's
present obligations. Concurrently, the maximum loan amount with the EIB is
reduced from EUR 400 million to EUR 280 million.
The agreement made by Saab with its counterparties fulfills the requirements set
by the SNDO and the Swedish Government - the transaction will secure reasonable
consideration for Saab, integrity issues regarding the buyer have been
adequately addressed, and the payment to Saab will be made from a bank licensed
within the European Union.
The Swedish taxpayers will also after the release have adequate security
covering the current exposure under Saab's counter-indemnity, as the maximum
amount that can be drawn from the EIB facility has been reduced.
Acceptance of new owners
The release of security does not change the ownership structure in Saab
Automobile AB. The question of accepting Mr. Vladimir Antonov as a new owner in
Saab is thus a separate issue.
The SNDO's and the Swedish Government's ownership assessment of Mr Antonov
arises from a separate, already existing agreement between Saab Automobile AB
and the SNDO. The EIB and General Motors will also have to take an independent
view on the matter, in a process separate from that of the SNDO.
The SNDO's assessment of Mr Vladimir Antonov as a possible owner of Saab is
delayed as Mr Antonov has not been available for a meeting with the SNDO.
Media contacts: Unni Jerndal, Head of Communication Dept. +46 8 613 45 96
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Source: Riksgälden via Thomson Reuters ONE
[HUG#1508463]
Unternehmensinformation / Kurzprofil:
Datum: 21.04.2011 - 12:05 Uhr
Sprache: Deutsch
News-ID 53803
Anzahl Zeichen: 3336
contact information:
Town:
Stockholm
Kategorie:
Business News
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