SWEDEN: Debt Office holds fire as receivers seek Saab buyer
Sweden's National Debt Office (SNDO) says it is co-operating with Saab's receivers to see if a complete sale of the bankrupt automaker can be secured, rather than realising its pledges in the manufacturer.
The SNDO is now Saab's largest creditor having repaid a SEK2.2bn (US$324m) loan to the European Investment Bank, but is holding back from disposing of the tools and parts businesses in which it has an interest.
But even though it could realise slightly more than the debt owed through a disposal of Saab Automobile Parts and Saab Automotive Tools, the debt office is waiting until the receivers make a potential sale of the whole entity.
"Our valuation exceeds by a small amount our exposure," Saab guarantee project leader Daniel Barr at the SNDO told just-auto. "We have decided to cooperate with the receivers - we have not tried to realise our pledge [s] but cooperate.
"The receivers try to sell the entire group rather than bits and pieces. I don't think there is a firm timetable, but I think we are probably talking weeks rather than months."
The SNDO Saab guarantee leader added should any complete sale of Saab take place, the amount owed to the government body would be repaid in full.
"The buyer needs to specify the amount they buy the spare parts business and tools to the receivers," said Barr. "If that exceeds our credit, they will pay us back in full. If there is a surplus, that will go back to the other creditors.
The SNDO Saab leader added the organisation was talking to potential buyers of Saab, but declined to reveal any details.
Three parties have so far reportedly expressed an interest - Youngman, Brightwell Holdings and Mahindra & Mahindra - with reports in Sweden indicating a further two could be evaluating the bankrupt automaker.